Yesterday I went to buy a car. I told the guy that my transunion score should be a real low 600. I also told him that I'm trying to repair my credit so if he doesn't think he can get me financed then don't bother trying because I don't want the hard pulls for nothing. Well turns out my score was actually a 652 so I was happy about that. Problem is I have an acc with free credit report and it notified me he ran my credit 5 TIMES. Twice with the same bank. So my question is how bad can I expect my score to drop with 5 hard pulls and how long before my score recovers from that?
It will only show as one hard pull. When buying a car, if have it pulled within 45 days, it will only hit your report once. Good luck with the car.
Multiple inquiries for a car loan within a short period of time will not harm your credit score the same way that multiple applications for a credit card would. The credit scoring models understand that you are shopping around for the best possible APR to buy one car--not trying to buy as many cars as possible! So do not worry, and please feel free to keep shopping around until you find the car that you want at a price you can afford, with financing terms that you find acceptable.
