Credit Inquiries

[Anonymous]

I thought when you are applying for financing for a car it only shows up as one inquiry if you are within a two week or 45 day window.  I am showing multiple inquiries.  I have applied at two different dealers and my credit union within the last couple of days.   Any ideas?

[MarineVietVet]

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@Anonymous wrote:

I thought when you are applying for financing for a car it only shows up as one inquiry if you are within a two week or 45 day window.  I am showing multiple inquiries.  I have applied at two different dealers and my credit union within the last couple of days.   Any ideas?

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It only scores as one inquiry but all the actual inquiries will be shown on your report.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Thanks that made my really nervous.  But now if someone looks at my report they will see all those inquiries?

[MarineVietVet]

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@Anonymous wrote:

Thanks that made my really nervous.  But now if someone looks at my report they will see all those inquiries?

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Yes they will but any lender worth their salt will be able to tell the inquiries were done while car shopping.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Oh, good!! Because I just applied at 5 different places since yesterday. Maybe more depending on who myautoloan.com shopped my application out to...

[Anonymous]

please post some feedback for myautoloan.com when you can.  I'm looking at them for financing as well.  Thanks!

[Anonymous]

Well, I applied at myautoloan.com yesterday and got an offer from RoadLoans within a minute (you could also apply directly with RoadLoans, but using myautoloan.com you might get more offers with just one application). This was after I applied at up2drive.com and got denied (I think because they only approve qualified people who have had previous auto loans and I'm a first-time car buyer, but I'll know for sure once I get the formal letter with the reason for the denial).

Since they seem to offer similar type services, I'm not sure what are the benefits or disadvantages of using myautoloan.com instead LendingTree. I just went with myautoloan.com because it was recommended on another website that I found (carbuyingtips.com). Maybe other people can jump in with the reasons why. But using myautoloan.com, I didn't get any other offers other than from RoadLoans. I didn't and don't plan on applying at LendingTree because...

Just for the heck of it since I had already applied at several other places anyway and to get all of my apps/inquiries done within a 14-day window, I then applied online with CapitalOne Auto Finance and got an even better offer than the one from RoadLoans! So I won't be using RoadLoans after all and probably could have done without applying at myautoloan.com entirely.

All in all, as numerous people on here have said, if you belong to a credit union or can join one, I would check for financing through a credit union first since they seem to offer the lowest interest rate. My credit union that I just joined two days ago gave me a rate of 3.99% but not as much as I wanted to finance. Applying with them first, though, gave me the courage to apply at other places and to have something for comparison in terms of rate, etc.

This may be information than you wanted or needed to know, but I hope it helped in some way. Not sure what else to say about myautoloan.com unless you had some specific questions, but good luck to you!

[asanch12]

I have about 6-7 inquiries,  4 from shopping for a mortgage and 2 from CC's and a school loan consolidation.  Do auto lenders look at those inquiries like credit cards companies do? or do they just care about score?

thanks!

[creditchild]

hey jane keep a eye on your score! believe me when i tell you the inqs

will hurt you at some point. i've been there. i had the same problem,and then

when i finally got someone to look at it, the issue was the inqs. its a shame

the inqs even come into play when shopping for a loan. but thats the way these

people have this set up. they figure if the other 5 people didn't give you a loan

why should they? so at some point the inqs will affect you. and at some point

too many will drop the score i'm a witness to that. so be careful,these online

apps can hurt.

 Good Luck!!!!!!!!

[haulingthescoreup]

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@creditchild wrote:

hey jane keep a eye on your score! believe me when i tell you the inqs

will hurt you at some point. i've been there. i had the same problem,and then

when i finally got someone to look at it, the issue was the inqs. its a shame

the inqs even come into play when shopping for a loan. but thats the way these

people have this set up. they figure if the other 5 people didn't give you a loan

why should they? so at some point the inqs will affect you. and at some point

too many will drop the score i'm a witness to that. so be careful,these online

apps can hurt.

 Good Luck!!!!!!!!

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Inqs generally don't hurt the score that much, and after 5 or 6 or so on one report, the score formula just gives up and doesn't hit you any more.

But lenders often take a different view, and you've supplied a good example of how this can happen.