TIMING QUESTION??

[Anonymous]

I am looking at purchasing a new vehicle next month.  I will most likely be working with Consumers Credit Union in Michigan being that they work with my dealer.  I am not a member yet and they do a hard pull to join.  The question is do I have the dealer pull my report first and then allow Consumers to do their hard pull.  My score is marginal for the loan I want, and a few points can cost a lot of money.  Does your score go down instantly after a hard pull, or do I have the day to complete my business without worrying about a score drop?  Thanks!

[Jnbmom]

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@Anonymous wrote:

I am looking at purchasing a new vehicle next month.  I will most likely be working with Consumers Credit Union in Michigan being that they work with my dealer.  I am not a member yet and they do a hard pull to join.  The question is do I have the dealer pull my report first and then allow Consumers to do their hard pull.  My score is marginal for the loan I want, and a few points can cost a lot of money.  Does your score go down instantly after a hard pull, or do I have the day to complete my business without worrying about a score drop?  Thanks!

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I would join the credit union first and see if they can finance it. If you let the dealer pull they will pull multiple times trying to get you a deal.

[Anonymous]

Thanks.  Do the hard pulls show up instantly?  If the credit union does the hard pull, will I lose the five or so points in real time?

[SouthJamaica]

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@Anonymous wrote:

Thanks.  Do the hard pulls show up instantly?  If the credit union does the hard pull, will I lose the five or so points in real time?

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It might. But I believe they defer the score impact of hard pulls from car loans for 2 weeks, since the algorithm combines 2 weeks of auto loan hard pulls into a single  inquiry.

[Anonymous]

It depends on how they code the pull. If it is coded for an installment loan, the point loss is delayed by 30 days (like at the dealer). The credit union pull may be an instant point loss, if it’s not coded for an installment loan and if it is not binned.

All installment inquiries done within 45 days count as one, except under EX2, where there’s a 14 day de-duplication timeframe.

For detailed information see the following thread:

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Inquiry-Master-Thread-understanding-inqu...

[Anonymous]

Nevertheless I would recommend financing through the credit union and never financing through the dealer unless it’s a 0% deal for a new car.

[Anonymous]

Thanks everyone!

[Anonymous]

And welcome to the forum by the way.

[Remedios]

Anecdotal "evidence"..

I applied for a loan on 03/19, no points loss from HP. 

I was *yay*, then 15 days later -4, aka *booo*. 

[Anonymous]

@RemediosProbably AAOA hit, did it report by then?

Surely shouldn't have been the installment HP, as they are documented to have a 30 day buffer, which I've experienced, assuming it was coded correctly; otherwise would've been immediate, as you know.

Did you look for any other changes?