topic Re: Should I just keep applying? in Auto Loans

Should I just keep applying?

pritchardhallhokie — Thu, 28 Apr 2011 18:00:11 GMT

Well, I have gotten an approved loan from Cap 1 auto for around 5.74%. I don't know that I can do better, but I might be able to. Should I keep applying to different places for a good rate? Is there a website that I can go to that will shop for me? I just got approved today and by my understanding, I can get my CR pulled as many times as I want for 14 days and it wont count against me (only 1 hard pull because it's all under an auto loan pull). Is this correct?

Thanks!

Re: Should I just keep applying?

marty56 — Thu, 28 Apr 2011 18:30:34 GMT

I have found the best place to get an autoloan is with a local CU. They don't play games and you can buy anything you want from any dealer once approved.

Re: Should I just keep applying?

pritchardhallhokie — Thu, 28 Apr 2011 23:11:33 GMT

Thanks,

But again, I can keep applying as much as I want and this will all only count as one pull, correct?

THANKS!!!!

Re: Should I just keep applying?

Noctilum — Thu, 28 Apr 2011 23:49:30 GMT

I believe the pulls have to be within 7 days of your first pull for it to count as one inquery though I'd like to have someone confirm that.

Re: Should I just keep applying?

MarineVietVet — Fri, 29 Apr 2011 03:54:25 GMT

@Corvidae wrote:
I believe the pulls have to be within 7 days of your first pull for it to count as one inquery though I'd like to have someone confirm that.

(With thanks to moderator fused):

FICO scoring has a "de-duplicationwindow" and it looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan it will ignore all but one of them as far as scoring is concerned. If the lender is using an older FICO scoring model the window is 14 days, if they are using the newest model it can be up to 45 days. Also keep in mind that even though the multiple inqs count as one in FICO scoring, all of the inqs will continue to show on your reports (that is, reports pulled from sites other than myfico) for up to 2 years.