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So I went in pre-qualified with Cap One (what a joke Pre-qual is to begin with -- no HP until you get to the dealer) for up to $35K. Thinking that would be that, I went in, bought a vehicle, yay, in and out of the dealership in an HOUR! This was yesterday. I get to work today, and damned if that finance lady (bless her heart) didn't generate FIVE NEW INQUIRIES while "trying to find me a better deal" (bless her heart). There goes the rest of my year.
@Anonymous wrote:So I went in pre-qualified with Cap One (what a joke Pre-qual is to begin with -- no HP until you get to the dealer) for up to $35K. Thinking that would be that, I went in, bought a vehicle, yay, in and out of the dealership in an HOUR! This was yesterday. I get to work today, and damned if that finance lady (bless her heart) didn't generate FIVE NEW INQUIRIES while "trying to find me a better deal" (bless her heart). There goes the rest of my year.
"Trying to make themselves more money"
They really need to streamline the app process so that one app causes one pull, and it can be shared with all those potential lenders. It seems really unfair to penalize the consumer for that.
Although all those went through my Equifax here on MyFICO and my score went UP two points. Not sure I understand that logic, but I know, correlation isn't causation.
How does it know to do that? Proximity in time?
@Chris679 wrote:
This is why FICO only scores them as one inquiry.
So I wasn't screwed on inquiries after all. That's good to know. Probably screwed elsewhere in the deal.
@Anonymous wrote:So I went in pre-qualified with Cap One (what a joke Pre-qual is to begin with -- no HP until you get to the dealer) for up to $35K. Thinking that would be that, I went in, bought a vehicle, yay, in and out of the dealership in an HOUR! This was yesterday. I get to work today, and damned if that finance lady (bless her heart) didn't generate FIVE NEW INQUIRIES while "trying to find me a better deal" (bless her heart). There goes the rest of my year.
These 5 inquiries will have little to no impact on your credit rating and no impact whatsoever on your life. 5 INQ , across 3 bureaus, for a car purchase sounds fairly typical, and will be scored in a very minor way by FICO.
Enjoy your new car, and enjoy that it only took an hour. Be happy.