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Posted in Auto Loans
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Question By
trytibbs

1 Contribution
0 People Helped
Went to a car dealer a year ago.
Ended up with 3 different credit checks on my record. Never even bought a car. Got excellent credit but these checks don't drop off until 2018. Is this blemishing my credit and why didn't the car dealer just check it rather than letting all these other dealers also check?

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Top Contributor
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No, auto inquiries in a short period of time are considered 1 hard pull. Hard pull, while staying on your report for 2 years, lose their drag on score after 6 months or so. You're fine...don't sweat it...

Dealers often hunt around through multiple bank & creit unions to get you (and themselves) the best rates.

Top Contributor
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Dealerships are not into financing, and the lenders use scoring systems they feel fits their business model.  So lenders do NOT use the same scoring system as each other all the time.  Hence a dealership does all the leg work for you to find the best loan they can.  And as stated, you could have 20 inquiries for a car or home loan and the scoring systems count these only as one, this was done by law many years ago to allow consumers the protection of shopping for major loans without penalties.

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