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I am thinking about getting my first used car loan. If I go to a few different dealerships and they check my credit score for pre-approval for financing, does this negatively affect my credit score? If Dealer A checks my credit on Monday, and Dealer B and C checks my credit on Tuesday.. does this have negative impacts on my actual credit score, or report?

Thanks.

4 Comments »

1. 

   NOPE YOUR CREDIT SCORE IS YOUR CREDIT SCORE THE ONLY THING THAT EFECT YOUR SCORE IS YOU GET LOANS GET CREDIT CARD AND AS LONG AS YOU CAN AFFORD TO PAY YOU BILLS AND YOU DONT GET BEHIND IT JUST GETS BETTER BUT DON’T OVER EXTEND YOURSELF THATS THE KEY…

   Comment by super dave 10 — June 16, 2011 @ 1:52 am

2. 

   >>Note: Call a local credit union and make an appointment to be pre-approved for this loan. They will carry the lowest interest rates.
   Also, never tell a car dealer how much you were approved for. <<

   To add to this. If you get preapproved at a bank/credit union; instruct them not to tell the dealer how much you were approved for. I’ve had a dealer call my bank to confirm that I was preapproved for a loan, which the bank told them I was…then the dealer asked how much I was approved for. The bank told them that they weren’t able to give that information.

   Comment by Monte P — June 16, 2011 @ 1:52 am

3. 

   No , it will show up on your credit report as inquiries made about your credit report no effect to your
   credit report score remains the same,just pay it on time and your credit scores will go up

   Comment by starpc11 — June 16, 2011 @ 1:52 am

4. 

   These are hard inquiries.
   The fico lumps all inquiries done in a three week period as one.
   This is to allow the customer to "shop around" for a good rate.
   This does not apply to credit cards. Only loans such as mortgages and car loans.
   The inquiry will drop your score about 1 or 2 points (up to 5 if your credit is bad).
   This is out of a possible score of 850.
   It’s a minimal part of your score.
   The inquiry will affect your score for one year, although it may show up on your reports for a full 2 years.
   Note: Call a local credit union and make an appointment to be pre-approved for this loan. They will carry the lowest interest rates.
   Also, never tell a car dealer how much you were approved for.
   It is none of his business, until you find a car within your means and get that price lowered to what you think is fair

   Comment by Rapture — June 16, 2011 @ 1:52 am

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