08-23-2013 06:09 AM
When buying a car, the dealership will pull your credit first, then the finance companies will pull your credit. So you will always have at least 2 pulls when buying a car (one from the dealer and one from the financial institution).
Well here's my question......If the dealership pulls the report first, and then the finance companies pull the report second, do the finance companies pull a slightly lower score than what the dealership pulled because of the inquiry by the dealership......???
I don't mind multiple inquiries as long as the scores are the same between them all.
08-23-2013 06:23 AM
I do not think so because the dealership pulled 9 times for me and only got one approval because I got rejection letters or decline of credit letters from all the banks listed in the INQs for the bureau that approval was in the middle of the inquiries so I have had at least 5 before that approving bank
08-23-2013 09:29 AM - edited 08-23-2013 09:30 AM
When I bought my car...I left with 11 inquires. Dealership pulled my credit and then I got pulled by several banks. I already had financing but I wanted to see if they could beat my rate. I wasn't worried about inquires but I wanted to know what rate I deserved. They matched my rate. I wanted in-house financing for the car I bought (Hyundai car--Hyundai finance). It was simple. So now I'll have good credit tier with Hyundai if I ever traded up.
08-30-2013 07:57 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO