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14 hard hits in 2 days [auto loan rate shopping]

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14 hard hits in 2 days [auto loan rate shopping]

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Old Aug 10, 2013, 10:26 pm
  #1  
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14 hard hits in 2 days [auto loan rate shopping]
sorry this post might be in wrong section but 14 hits from 14 different banks re: auto loan (shopping for the lowest apr) my question is when do the hits became 1 hard hit??

is there a timeline for the cra's
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Old Aug 10, 2013, 10:38 pm
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I believe the 14 hits will never "merge" in terms of what you see on the report. But the FICO calculation considers them 1 hit.
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Old Aug 10, 2013, 10:44 pm
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so I cant apply for anything else cause the banks will say too many hard inq's?
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Old Aug 10, 2013, 11:02 pm
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I think that's an unfounded assumption. You may have to call recon if you do card apps, but it's obvious what you were doing - shopping for an auto loan. Easy to explain. Plus, I imagine the 14 hits are spread out among the 3 bureaus?
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Old Aug 10, 2013, 11:04 pm
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Doesn't sound like they will merge but easy to explain. Hopefully you saved money with s good rate too
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Old Aug 10, 2013, 11:37 pm
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the dealership did it with they're computer program with the different banks.. I had nothing to do with it.. 2.99 apr 72months for a 60k auto loan wife wanted a tricked out yukon xl..
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Old Aug 11, 2013, 5:54 am
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No. But if it's of any consolation, most auto financing agencies will ignore recent auto inquiries because people shop around for the lowest APR. However, APR models does include FICO scores, so multiple hits will lower your scores by a bit.
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Old Aug 11, 2013, 8:57 am
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Originally Posted by agp423
No. But if it's of any consolation, most auto financing agencies will ignore recent auto inquiries because people shop around for the lowest APR. However, APR models does include FICO scores, so multiple hits will lower your scores by a bit.
Gosh, I thought I was bad at 4 inqs for a car. I got asked about it twice from csrs. They came from different banks so they saw the number of inqs and were like what's up with that. When I bought my first car the dealer said dont app for 6 months.
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Old Aug 11, 2013, 6:57 pm
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What dealer was this? Or was it a third party loaning agency?
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Old Aug 12, 2013, 1:32 am
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Why not penfef? 1.74 last time i checked
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Old Aug 12, 2013, 1:39 pm
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dealership in san diego ca
they used a computer program with all my info.. The dealership was shopping for me for the lowest rate.. I'm just worried I cant get anything credit wise(which I dont need anything else yet LOL)


thanks
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Old Aug 12, 2013, 8:09 pm
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Tell us the dealer so we can avoid it. 2.99 and they hit you with 14 inquiries? I thought mine was bad with 4 inquiries but at least I got 1.29.
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Old Aug 12, 2013, 8:16 pm
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Originally Posted by flyerwanabe1
Tell us the dealer so we can avoid it. 2.99 and they hit you with 14 inquiries? I thought mine was bad with 4 inquiries but at least I got 1.29.
Maybe OP's got a poor credit score.
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Old Aug 16, 2013, 1:09 pm
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Originally Posted by flyerwanabe1
Tell us the dealer so we can avoid it. 2.99 and they hit you with 14 inquiries? I thought mine was bad with 4 inquiries but at least I got 1.29.
Wow, the best I ever got was 1.49 but for a 36 month loan
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Old Aug 16, 2013, 1:40 pm
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Originally Posted by webazoid
Why not penfef? 1.74 last time i checked
PenFed is usually the way to go ^
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