Re: Auto Credit and Scoring[ Edited ]
05-16-2007 10:55 PM - edited 05-16-2007 10:57 PM
So, I only have 14 days from my original inquiry? I'm going to see another dealer this Friday, so it should fall within that time, but I don't know if I'll take their offer or look at other places. I've spoken with a rep for this other dealership and he suggested that I try credit unions for the loan if they couldn't get me a student break, but my write off was to a credit union.
Tuscani wrote:Message Edited by Tuscani on 05-12-2007 06:05 PMSo then it's not like applying for credit cards then? But it does count as one point? Is that for each request? I only ask because my regular scores are just on the margin; two were a few points above and one was just below (last time I checked).The only difference between home\auto and CCs is FICO calculates all auto\home Inqs as one. For a CC your score gets dinged for every Inq.Here are some examples...Auto or Home Shopping:01-01-2007 -- AUTO1 Inq01-01-2007 -- AUTO2 Inq01-02-2007-- AUTO3 Inq01-10-2007 -- AUTO4 InqTotal Inqs: 4Total Inqs Counting Against Score: 1Est Points Lost: 2-901-16-2007 -- AUTO5 InqWhoops.. you just got dinged again for AUTO5 since the 14 days from your orginal inq is up.Credit Cards:01-01-2007 -- CC1 Inq01-01-2007 -- CC2 Inq01-02-2007-- CC3 InqTotal Inqs: 3Total Inqs Counting against Score: 3Est Points Lost: 2-9 PER INQAs you can see, Inqs generally cost you 2-9pts each (YMMV). Remember, with any inq your total number of inqs still increases. So while scorewise you only get dinged once with auto\home, all the inqs still show up, and you total Inq count still increases.There is a chance that the auto\home creditor pulling your reports could incorretly code the Inq. If this happens, you could get dinged for all just like any other Inq. That is why it is important to compare your scores before and after rate shopping. I know I am being paranoid, but depending on how much comparing you do, incorrectly coded Inqs could add up start to hurt you real quick.Make sense?
I tried 5 years ago to get just a savings account with a local c/u, but they denied me because of my defaulted loan, so I'm very leery of what might happen. Would I possibly have to open an account with one in order to get the loan?
I know, I'm asking a lot of questions, but this is a big step for me financially.
Message Edited by breakingthecode on 05-16-2007 10:57 PM