My question is this: Will applying for an auto loan lower ones credit score by loading it up with inquiries?
The cra's claim that several inq's in a 30 day period for the purposes of buying a car or house, will be scored as 1 inq. From what I have seen, that is bunk. Just don't let everybody pull your credit.
I did mine. I have 6 in a 30 month period, four in the same day. It sure seems like they are counted seperately, although they say they do not.
I have to apply for a car loan now and I don't want to sabotage my already questionable credit score. EQ 637 EX 603 TU 602 Any advice would be appreciated greatly. Including some ideas for who's good for auto loans, Lending Tree...etc.
I just bought a car a couple of weeks ago and used LendingTree. I was very happy with the experience. However, it was kind of strange... I received offers from 4 different companies that ranged from an approval for up to $45k @ 6.9% to an offer for up to $20k @ 13.49%... which seened odd considering they were all looking at the same credit reports. Needless to say I ended up going with the 6.9% rate which was through Capital One Auto Finance. Kirk
When I purchased a new car for my wife at the end of June, Maroone Honda pulled an inquiry on TU r along with 4 other lenders so I could get the best deal. I wound up with 4.9% APR through Honda finance and yes I was told by the finance manager that those 5 inquiries would count as 1. However, I agree with LKH regarding thats a bunch of BS. When Chase originally pulled my report in Sept. my application was denied due to excessive inquiries. I had two for the mortgage refinance, 2 for the homeowner's insurance (duplicate) and the 5 for the car and these were suppose to total 3 inquiries. Luckily I called Chase and explained it to them and they approved my application.
Regarding multiple auto/mortgage apps. counting only once.... I noticed the following sentence on MyFICO the other day... "The scores can identify "rate shopping" in the mortgage- and auto-lending environment, so that one credit search involving multiple inquiries is usually only counted as a single inquiry." wonder what would cause it to count them as a single inquiry sometimes and not others... another fico mystery I guess. Kirk
c5kirk and Miami I would really like to know what your FICA score was when you applied for these loans. I'm a little nervous being at 603, 602, and 637.
When I applied for the loan back in June per the dealer my TU was 626. I was approved by Honda Finance @4.9%. Keep in mind that at that time I still had a Cap 1 charge off reporting. Now my TU report is spotless and the fake TU score I got last week was 727. Too bad almost no one uses TU in South FL. Hope this helps.
That is a bummer. What do you mean by fake TU score? I'm fighting 2 charge offs. One I foolishly paid before negotiating down to removal, the other I am going to handle the right way thanks to the good people here like yourself. I hope to have them both cleared within 6 months but necessity requires me to get am auto loan so I can't wait. I just hate the idea of racking up the hard inquiries on my CR. Thanks for your help. Roby
Another question in the same vein: Assuming your scores are decent, how much documentation do auto lenders require; ie. Paystubs, tax returns, etc.? It's been so long since I've applied for an auto loan, I don't remember...
I ended up going through Capital One and all they required was proof of insurance (with a deductible of no more than $500), and a faxed copy of my drivers license. The other 3 lenders who approved me asked for most recent paycheck stub also. All 4 approvals had the same insurance requirements as Capital One. Kirk
