McShadyface

1 Contributions 58 People Helped

Member Since: May 2011

Most Helpful Contribution

how long do hard inquiries stay on your report

Jun 13, 2013
Helpful to 58 out of 69 people

If you go to a car dealership, they will try several banks to get you approved and/or the best interest rate and terms. While every bank tried results in a credit inquiry, you're score will only be affected as if there were only one inquiry. The reporting agencies know that consumers want to shop around for the best rates, (which only shows responsible credit management), so multiple inquiries in a short period of time won't hurt your score more than a single inquiry would.

Activity (1 Total Contributions)

how long do hard inquiries stay on your report

Jun 13, 2013
Helpful to 58 out of 69 people

If you go to a car dealership, they will try several banks to get you approved and/or the best interest rate and terms. While every bank tried results in a credit inquiry, you're score will only be affected as if there were only one inquiry. The reporting agencies know that consumers want to shop around for the best rates, (which only shows responsible credit management), so multiple inquiries in a short period of time won't hurt your score more than a single inquiry would.