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Posted in Auto Loans
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Question By
edlauer01

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why do we get hard credit hits when a dealer applys for more then one place ?
the dealer went to 5 places for approval on a car, we have no control over what the dealer does. they want that sale. We should only get a hit for the loan co.

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The dealer is not the one pulling your credit report, the lenders are. Since different lenders are different companies they are not working together and each do a pull on your credit report. The good news is, when you are shopping for an auto loan or mortgage loan, if you do it within a short window of time, Fico will score the multiple inquiries as only one. I believe for Fico 8, the window of time to get inquiries scored as one is 45 days.

Top Contributor
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Also, be thankful that a dealer searches for the best rate and chances of approval with multiple lenders, it would really suck if they only dealt with one lender.

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