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Yep. You're likely to get a handful at once, once your dealer begins the financing process.
The good news is, collectively they won't have any more effect on your score than one would. And is is possible that the result will be financing that wil beat your Captal One offer, but even if not, you'll get the offer made to you by Capital One in the end.
The dealership cannot run your credit until you provide a SSN and such, so if you're just looking, simply refuse to provide that information until you've chosen your vehicle.
But to close your deal - using Capital One or not - they have to run your credit, which will generate the muiltiple hard pulls. These should all be coded as "auto lending" inquiries, though, which means that all together they have a single-pull impact (you won't have the same sort of score impact as you would if, for example, you applied for seven different credit cards).
I financed a car a few hours ago...told the rep to NOT shotgun my credit file and that I have to-the-seconds update.
Checked my credit once and sent the scores to 3 banks/credit unions.
@Anonymous wrote:I financed a car a few hours ago...told the rep to NOT shotgun my credit file and that I have to-the-seconds update.
Checked my credit once and sent the scores to 3 banks/credit unions.
Yea and the 3 banks/ credit union will do their own pull too
@Anonymous wrote:
@Anonymous wrote:I financed a car a few hours ago...told the rep to NOT shotgun my credit file and that I have to-the-seconds update.
Checked my credit once and sent the scores to 3 banks/credit unions.
Yea and the 3 banks/ credit union will do their own pull too
Well that sucks...turns out the dealership pulled 1, and the 2 CU they sent my score to pulled their own... so 3 EX pull.
Looking on the bright side, at least I didn't end up with 10 inquires and still needing a Co-Signer this time around. I still have much to learn about credit.
Even with the Having the Cap One Pre Qual and if that's what you choose to use, the dealer itself will run you and Cap One will hard-pull at that time. I went in with the Pre Qual. Finance manager asked first, if I'd allow him to run me through other banks because after the dealer ran me, he said "your credit isn't as bad as you think". Experian was 650 at the moment so I assumed Auto-FICO was higher than that. He came back with Hyundai Financial at 4.9% and $4000 more than Cap One's Pre Qual. SInce I have fraud alerts, the following morning I got calls from: Hyudai Financial, Chase and one other I can't remember. When I checked, there were pulls from: Cap One, the dealer, Hyundai FInancial, Compass, Barclay's, Ally, Citizen's One,and Chase.
Just a suggestion .. join PenFed Credit Union .. you are preapproved for 45 days.
Its like going with cash in hand.. then when you find what you want - go back to PenFed and they will send you paperwork to close on the vehicle.
No plethora of hard pulls and gives you the opportunity to haggle with dealer.
PS low interest rates.