Does filling out pre-approved auto finance applications affect your credit score?

Question

I'm thinking of buying a new car for the first time and was wondering if it effects your credit score when capital one or a dealer fills out and runs a car-loan application. I heard that filling out applications can affect or lower your score if you are not approved.

Answer 1

Auto finance is what I do for a living and when you apply for a car loan all inquiries made in a 14-day period are lumped together and only count as one.

They all show on your report, but your score only gets dinged once around 3-5 points.

It has nothing to do with weather you are approved or not, it has to do with lenders looking at your credit report.

Answer 2

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RE Does filling out pre-approved auto finance applications affect your credit score?

I'm thinking of buying a new car for the first time and was wondering if it effects your credit score when capital one or a dealer fills out and runs a car-loan application. I heard that filling out applications can affect or lower your score if you are not approved.

Answer 3

Yes, every time they pull your credit, it dings your score. The more pulls the bigger the ding.