Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
Michellelo

0 Contributions
0 People Helped
Can inquiries effect car loan?
Hi I have a question if I have a lot of inquiries from stores and credit places I applied from and also car loans finance company's to. Could that effect me from getting a car loan from having all those past and most recent inquiries and I'm also only 19

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1884 Contributions
3680 People Helped

Yes they do

Each time you apply for credit there is an inquiry.  Each inquiry is worth about -5 points on your credit score.  If you get the new credit your score will bounce up because of the new available credit.  Each time you are denied, your score will drop an additional 10 points or so,  Be denied more thatn 2 times a year, take away an addition 50 points. 

Nationa average credit score is 639.  So if you applied and were denied 4 times in one year your score will have dropped to 509 if there were nothing else effect your scores.  Most national lenders do not loan to anyone with scores under 620. 

its time to learn a bit about how credit works. You have a hard future ahead of you if you don't. read the articles and blogs here on CK.  

Its your credit. Take care of it and it will take care of you. 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.