@Anonymous wrote:
We were approved with WF for an auto loan BUT I dont like the interest rate. If I try other companies, how bad of a hit will my scores take??
With thanks to fused for first posting this.
FICO scoring has a "de-duplicationwindow" and it looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan it will ignore all but one of them as far as scoring is concerned. If the lender is using an older FICO scoring model the window is 14 days, if they are using the newest model it can be up to 45 days. Also keep in mind that even though the multiple inqs count as one in FICO scoring, all of the inqs will continue to show on your reports (that is, reports pulled from sites other than myfico) for up to 2 years.
So in other words it shouldn't be too bad of a ding depending on what else is on your reports.
