I was just wondering, upon buying this new car last week, The Finance Dept. ran my credit through all the big 3 atleast 3 times each being Hard Inquirys that stay on record for 2 years and lower my overall score drastically. Some people tell me not to worry though, that when the loan gets on record and secured it will all count as one hit and not look as had been out shopping for credit! Is this true?
It's true for mortgages--I'm not sure about auto loans. According to Fair Isaac, inquiries only account for 10% of your score.
You shouldn't be penalized for shopping around when purchasing your car, and even if your score does drop a bit, it won't be "drastic". It should also recover within a few months barring any other changes. I wouldn't worry too much about it.
