@teenastie wrote:
@UpNComing wrote:
@currentlywinning wrote:I did an online application with my CU for an auto loan. Would you say its ok to keep going (apply with say Cap One or whoever else I see online) or chill and wait to hear back from the bank?
Thanks a lot guys, Im nervous and unsure of what to do which equals LOTS of questions
It's ok to keep applying. For 30 days multiple inquiries will count as one. Banks know savvy buyers will shop their options for the best rate.Though this information is correct ~Fico does not score multiple inq within an allotted time frame *be careful*. As if you are in the market for any other credit product the inq's could be looked at individually (especially under manual review) and could hurt your chances of getting approved due to excessive inqs. I would recommend waiting to hear back from the CU and if the loan is pre approved and the apr is competitive... take that info with you to the dealership and allow the dealer to attempt to beat your rate. it doesn't make sense for you to get 8 inq's shopping at home then subsequently the dealer shops you to 5 banks now you have a mess on your hands (unless you know your not getting any new cards, homes, personal loans, etc for the next 2 years).
I have to disagree with this one 
.
Don't wait, make the inquiries now: you cannot guaruntee that the risk analysis algorithms on the back-end for any creditor are accurate, even FICO implementations have been buggy before, corners are cut, etc ad naseum: it happens with virtually any business out there.
Sure, you may get denied on a credit application for "excessive inquiries;" however, that's what a recon number is for... this is probably the absolute easiest thing to justify as it's so ludicrously common. Applying to one, waiting to hear back, applying to another, waiting to hear back, not the way to go about it... not all models use 30 days as a period, and you lose the advantage of comparison shopping if you're not talking to multiple anyway.
Added to the fact that it's beyond expected you're going to let the dealership run your credit unless your CU gives you an astonishingly good deal (in which case take it without hesitation), so the extra inquiry with either Cap One or Roadloans or any of the other traditional subprime lenders in either of our cases isn't a big deal.
@UpNComing wrote:
@teenastie wrote:I would consider myself one of the good apples but if I detected any sense of venerability I would definitely pounce on your phyche and make decisions for you! It's the nature of the business sell the car Today~ Tomorrow is not promised
You sell cars?
I sold cars about 12 years ago. I got out the business with the prevalence of the internet. I consult auto deals with friends and family and I've noticed not much has changed over the last decade. Like you I too worked for VW as well as a myriad of others
@Revelate wrote:I have to disagree with this one
Don't wait, make the inquiries now: you cannot guaruntee that the risk analysis algorithms on the back-end for any creditor are accurate, even FICO implementations have been buggy before, corners are cut, etc ad naseum: it happens with virtually any business out there.
Sure, you may get denied on a credit application for "excessive inquiries;" however, that's what a recon number is for... this is probably the absolute easiest thing to justify as it's so ludicrously common. Applying to one, waiting to hear back, applying to another, waiting to hear back, not the way to go about it... not all models use 30 days as a period, and you lose the advantage of comparison shopping if you're not talking to multiple anyway.
Added to the fact that it's beyond expected you're going to let the dealership run your credit unless your CU gives you an astonishingly good deal (in which case take it without hesitation), so the extra inquiry with either Cap One or Roadloans or any of the other traditional subprime lenders in either of our cases isn't a big deal.
My post was only to convey caution,
I guess it depends on if your shopping your credit to get the best rate or if your shopping to gain an approval. Of course there's at least a million and a half scenarios we can describe to defend each other's position. In the case of posters who are on the cusp of being approved the best rate will generally come from the CU and not the big banks.