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How big a ding for auto loan

credit08
Frequent Contributor

How big a ding for auto loan

When you apply for a new car loan how many points do you usually lose by applying I have heard up to 25-30 points off your FICO"s is this true or hear say. Does having a higher FICO VS lower FICO  mean there less points taken for higher FICO or more for lower FICO"s are is there any correlation between the two.
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fused
Moderator Emeritus

Re: How big a ding for auto loan



credit08 wrote:
When you apply for a new car loan how many points do you usually lose by applying I have heard up to 25-30 points off your FICO"s is this true or hear say. Does having a higher FICO VS lower FICO  mean there less points taken for higher FICO or more for lower FICO"s are is there any correlation between the two.


It's different for everyone. Apping for anything will result in a hard inq(s) (a score hit) and it re-ages your credit file (another score hit). In general, folks with higher FICO scores (720+) tend to take a bigger hit when apping than those in the lower 600 club.
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credit08
Frequent Contributor

Re: How big a ding for auto loan

Thanks fused that suxx what a way to be rewarded for having a good FICO score I guess in order to keep it they don"t want you to use it or you"ll lose it. lol!!!!!!!!Insert Smileys
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