johnelis Posted January 23, 2008 Report Share Posted January 23, 2008 I have a friend that was looking bu/finance a car - he went to one place. Without his authorization the car dealership sent his request to 5 auto finance places and they all pulled his credit report send him formal notice of acceptance or denial. I know that shopping around at many places for credit hurts one's FICO score.In this case - 5 CR pulls by auto finance companies, what kind of hit on his score ~ 730 to start should he expect? Is this just a temporary fall (how long until it would go up?) and what is the best way to get this off his CR as he didn't authorize the dealership to shop around for credit.Thanks. Link to comment Share on other sites More sharing options...
VeVe Posted January 23, 2008 Report Share Posted January 23, 2008 If they were all in the same week, they will count as one inquiry. Link to comment Share on other sites More sharing options...
CloudX Posted January 23, 2008 Report Share Posted January 23, 2008 A lot of times a dealership will pull with several banks. But VeVe is correct, it should only count as one. Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted January 24, 2008 Report Share Posted January 24, 2008 If your credit score is 730, you don't need to be screwing around with auto finance places. That person needs to go to his bank or credit union and get a voucher at the best rate possible.Auto finance places are notorious for sticking in stuff that you don't need into car notes and doing it under the sly. A good bank or credit union won't be giving you the big chorizo which is why it is best to get the financing up front and already know how much you can spend rather than having a slick salesman con you into getting more stuff than you don't need... Link to comment Share on other sites More sharing options...
Moneedshelp Posted January 24, 2008 Report Share Posted January 24, 2008 I would agree with RW, 730 should qualify for a pretty good rate. Dealerships may not acknowledge the good scores and try to add unnecessary extras. Try to get financing before and go in with something to bargain with. When I purchased my last car, I had CU financing and the dealership tried to offer me something, but realized they could not beat the rate and I wasn't interested. Good luck Link to comment Share on other sites More sharing options...
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