I'm car shopping and so far I've only been to one dealership who swears they only ran my credit twice but on my myfico account theres four inquirys. My question is: how many inquiries can you have before it negatively affects your credit?
I was thinking of checking out a different make of car but now I'm worried if I do that will make my credit score drop.
So when they pull you your credit, you automatically get 3 inquiries, 1 on each bureau. Now if they submit a loan application structure with one of their many lenders then you get 1 more inquiry on whatever bureau that lender pulls. Sometimes your score might not be enough on the lender's preferred bureau and the dealer might suggest the analyst to look at a different bureau to supplement your score and bump you to a higher tier of approval and in that case you get another inquiry.
The good news is that credit checks while searching for a new car are generally lumped together and count as one inquiry if done in a 2 week period.. So your scores will be affected very little.
It is a very good reason to go to a credit union rather than a dealership. First reason, you get better rates and better terms. Second, you have your approval in your hand so you can negotiate a better deal on the purchase and third, you only get one inq from the CU and not a bunch. Everytime you go to a dealer they add a bunch of inq's and they don't necessarily code them the right way (as auto inquiry).
The whole grouping the auto inquiries is only for score purposes - but other types of lenders (credit card, etc) will see all of them and may decline you based on too many inquiries...
The whole grouping the auto inquiries is only for score purposes - but other types of lenders (credit card, etc) will see all of them and may decline you based on too many inquiries...
True but that's why you an always call up and have them reconsider if you are denied for a credit card and too many inquiries is given as a reason.
The whole grouping the auto inquiries is only for score purposes - but other types of lenders (credit card, etc) will see all of them and may decline you based on too many inquiries...
True but that's why you an always call up and have them reconsider if you are denied for a credit card and too many inquiries is given as a reason.
Or you get your credit cards out the way before you apply for car loan. as im looking for new benz in 6 months. my scores good so no worry. but im shooting for no money down period.
but if i must it will only be about 2k down. no need to worry of that. all the CCs i ever need. now just need good deal on benzo.
