How Will Applying For An Auto Loan On-line At Several Places Affect My Credit Rating?

Posted by admin on February 27th, 2010 at 06:47am

I heard that comparing auto loans before shopping for a car is a prudent thing to do. But I’ve also heard that every time you apply for a loan your credit rating is negatively affected. What’s the truth?

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2 Comments for How Will Applying For An Auto Loan On-line At Several Places Affect My Credit Rating?

  • 1. Sgt Big Red  |  February 27th, 2010 at 7:06 am

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  • 2. Kimberly B  |  February 27th, 2010 at 7:19 am

    FICO takes into consideration that fact that a person is “rate” shopping for large secured loans such as autos and mortgages.
    They will only count those hard inquiries as one if you do your shopping within a 15 day period ONLY! So find the right car quick.
    Here is their link regarding how inquires are handled.http://myfico.custhelp.com/cgi-bin/myfic…
    Hope this answers your question

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