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Hello all,
I have been lurking around for a bit, but have yet to post anything. Tons of useful information here. I do have a question at this point. I have searched, but can't seem to find the answer I am looking for. I was approved by two lenders, Cap One and RoadLoans, 8.475% & 17.95% respectively, but at this point, I have decided to extend the lease I am in for another year. I started shopping with LendingTree on the 1st of Sept and was only approved by Cars.com but w/out a custom offer. Ended up that Cars.com changed their minds as per LT.
Now that I will be extending my current lease for a year, will those two approved loans, that will not be executed, affect my score drastically or how will it lower it or show in my CR? I applied with Lending tree(no approvals), Chase (no answer), CapOne (see above) and RoadLoans (see above). I'm still within the 14 day "shoping" period, so I should only see one Inq?
Any feedback would be greatly appreciated.
Pre-approved loans that are not actually executed do not appear on your credit report and do not affect your credit score. The only hit that you might experience to your credit score would come from the inquiries, and that effect should be relatively small (a handful of points, typically).
You'll see all the inquiries on your credit report, but for scoring purposes they will be counted as a single inquiry.