Want to App 3 CC's - better to do it before or after Applying for New Auto Loan?

[Anonymous]

Birdman 7 -   Thank You for the clarification

Was just researching a link someone else sent me on how to format my signature so my pertinent info is better displayed and easily accessible.   Will try to put info in a more concise manner for instant consumption.  Appreciate your time tonight.

[Anonymous]

Looks great! My fault multi-tasking, I should've re-read before I composed.

GL2U. If you can get the financing outta the way, just do your apps before 30 days from the 1st financing app. Hopefully you'll only need 1!

[Anonymous]

I screwed up, your AoYA is 7 months? The award is at 12 months. You would have to wait 5 months for the boost, so if you're good enough now, your call.

[Anonymous]

What I mean by buffered is they do not affect score for 30 days, to allow rate-shopping. They will appear, but the scoring algorithm will not score them until 30 days after the first one. Well documented. The de-duplication window is 45 days, except EX2 which is 14 days.

Well documented? I cannot find anything to support this. Also I know from personal experience this is not the case. I recently shopped for car. You take the hit from the first hard pull immediately. While subsequent pulls if coded correctly are grouped together, I have never experienced a 30 day "buffer" where the first pull does not drop your score. This is my experience based on 7 auto loans since the rate shopping protection.

[Brian_Earl_Spilner]

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@Anonymous wrote:

What I mean by buffered is they do not affect score for 30 days, to allow rate-shopping. They will appear, but the scoring algorithm will not score them until 30 days after the first one. Well documented. The de-duplication window is 45 days, except EX2 which is 14 days.

Well documented? I cannot find anything to support this. Also I know from personal experience this is not the case. I recently shopped for car. You take the hit from the first hard pull immediately. While subsequent pulls if coded correctly are grouped together, I have never experienced a 30 day "buffer" where the first pull does not drop your score. This is my experience based on 7 auto loans since the rate shopping protection.

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Agreed. I received the hit with my first pulls and nothing for the second. The loan not resetting AoYA is interesting though.

[Anonymous]

Was my understanding all installment loan inquires are buffered, IF CODED CORRECTLY. Otherwise, you'd have a lower score at each lender and it would kill the purpose of rate-shopping.

I've read it here, and I've experienced it. I'll find some threads and come back and link. If I find otherwise, I'll report that too.

[Anonymous]

OK, straight from the horse's mouth, not any Contributors opinion:

https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries

If that doesn't prove it, I can cite numerous threads.

[Anonymous]

So, if you got any hits for your first one immediately, either it was coded wrong or you misattributed the loss.

[mikesonthemend]

Regardless, it is best to secure your own financing. The dealership's F&I person is not shopping for lowest rate, they are looking for highest commission.

[Anonymous]

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@mikesonthemend wrote:

Regardless, it is best to secure your own financing. The dealership's F&I person is not shopping for lowest rate, they are looking for highest commission.

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The the OP's case this is probably true. That said, if there is a special financing promo going on (0% for 48 months or something of the like) only the dealer is going to be able to secure that with their lender. Do your homeowork; if there is a special financing offer and you'd qualify for it, there is no sense in adding a bunch of inquiries while rate shopping your own financing.