Hello,
Is there any penalties for not qualifying for an auto loan? I know that if you check your credit and what not too many times, you will start getting penalties, I was wondering if it is the same thing.
Also, for a credit union, do you need to be a member to apply for an auto loan?
2007-09-22 10:03:07 · 5 answers · asked by anonymous 2 in Business & Finance ➔ Personal Finance
You are correct- your credit score will go down if there are too many inquiries on your credit.
You will have to be a member to apply for a loan at a credit union; however, it generally doesn't take too much to become a member.
2007-09-22 19:52:43 · answer #1 · answered by darylsgirl1114 4 · 0⤊ 0⤋
Too many checks for any type of loan can affect your credit score.
Credit unions only lend to members.
2007-09-22 10:36:27 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If you have a string of inquires for your credit report, your score will suffer.
You do need to be a member of a credit union but for most its not a big deal to join.
2007-09-22 10:11:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2015-02-15 07:46:06 · answer #4 · answered by Amandy 1 · 0⤊ 0⤋
Looks like Judy gave you the correct reply
2007-09-22 11:50:02 · answer #5 · answered by Kat 2 · 0⤊ 0⤋
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2014-05-15 05:24:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋