Last summer I was approved for an auto loan from NFCU... Went to the dealership told them I have a check ready at hand, I want to trade my car... we chatted and sales guy said - why don't we try Toyota for a better rate.. and since I'm already approve by a bank, I have a good chance I might get a better rate using their own bank.. So I went ahead and told them ok run my name ..
So, they ran my name and when the guy came back I was told Toyota denied me, but I was told to not worry because they work with a lot of bank.. and I shouldn't worry about having a lot of inquiries because it will only count as 1 when you are shopping for a loan. I waited in the lobby for a while but turns out that they could not find a lender that would approve without no money down, let alone a better rate.. (lesson learned!) Well here's the damages.. I know most of it are my own fault that I racked all these inquiries.. mostly because I wanted to increase my credit line.. (another lesson learned).
Anyway - I ended up just refinancing my current car to my CU for a better rate than what I have with Prestige Financial.
How long does these inquiries stay in my report?
In TU I only have 3 inquiries why?
