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84transamdude

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Hard Credit Inquiries
So I hear the credit score on here is close with Trans union. I had a score of 695. I got a new care loan a few weeks ago and decided to sign up on this site now it says my score is 635. Also on here it on my report card that I have 17 Hard Credit Inquiries. I clicked the link and they are all on the same day that I bought my new car. I only went to one dealer. Why so many inquiries. Will this drop my score 60 points? and how long will it take to come back.

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When you authorize a car dealer to find a loan for you, the dealer will often make multiple inquiries. In theory, when you're shopping for an auto loan, a mortgage, or a student loan, those multiples are only supposed to count as one against your score.

Sometimes, in real life, they hurt your score much more than they should.

It's certainly possible, and unfortunately common, to lose that many points when getting a new auto loan. But it's also possible that you really didn't lose that much. Though the scores here at CK come from TransUnion data, they aren't the same scores that lenders draw. So it's possible that your CK score would have been lower all along.

The good news is that, if you manage the new credit well, within six months to a year your score should be making a pretty good recovery.

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