I have a few too many inquiries on my credit account. I'm about to purchase a vehicle but I may have to go through several different lenders. I have 700 fico. Someone told me if you have a inquiry and approval that it doesn't do anything bad to your credit, but if you have a hard inquiry and a denial than it does have negative effect. Please help. thanks
2006-10-23 07:11:37 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Another example of soft: You receive a pre-approved credit card application in the mail.
Hard: You request a credit card from a new lender.
2006-10-23 07:19:56 · answer #1 · answered by jgcii 4 · 0⤊ 0⤋
With a 700 score I would go to your own bank first before letting a car dealer run your credit then have their lenders run your credit. The more inquiries the lower your score will be. Don't let anyone tell you that you can have as many inquiries in 14 or 45 days until it effects your credit. That is incorrect. 2 or 3 will start to bring your score down. I have seen it many times.
Car dealers are notorious for destroying credit scores.
2006-10-23 14:39:28 · answer #2 · answered by steve s 3 · 0⤊ 0⤋
There is nowhere on your credit report to show denials. It only shows inquiries. You could be approved and decide you dont like the terms and not open the account-- the bureaus cant tell the difference.
If you MUST have it pulled several times, do it within a week's time-- credit bureaus take into account that you may be 'shopping' for the best loan and it doens't ding you quite as badly as spaced out more.
2006-10-23 16:47:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Soft : your request for credit score and report. It is not reported to the agency and doesnt make any harm.
Hard: A credit card/loan application made that will review the report.
2006-10-23 14:17:44 · answer #4 · answered by Maya 1 · 1⤊ 0⤋