Dealership checking my credit score - lowering score??

Question

I do understand that whenever someone checks my credit score to see if I'm approved for financing a car, that it does go down a bit --

exactly how many points does it go down?

Answer 1

It goes down somewhat, but not that noticeably. When inquiries are made they have to show what type of inquiry it is on your credit report. Several auto loan inquiries withing thirty days of the first inquiry count as 1. This serves to let you look for the best possible deal.

Answer 2

all inquiries related to mortgage and auto loan done in a 30 day window is treated as only one inquiry. This is to allow customers to shop for best rates available. Since this is treated as a single entry, your score drop 5-10 points at max. And those points you get back after a year.

So if you want to shop around for the best interest loan, do so in a 30 day window and all those will be treated as one inquiry.  

Answer 3

It's a very small amount and if you are car loan shopping, all the inquiries will only count as one.

Answer 4

this site will help you that: www.creditscore.pro

Answer 5

Just to clear up/expand on some of the previous answers.  When you go car shopping and have your credit check, all of the inquiries will appear on your credit report.  However, all inquiries done within 14 days for an Auto Loan will count as only one.  If you happen to be looking for a Mortgage then all inquiries done within 30 days count as one.

As to exactly how much the inquiry will deduct really depends on the rest of your credit report.  It is minimal and for most people would only be in the 3-8 point range.   Even though the inquries will appear on your report for 2 years.  In terms of scoring they only count against your score for a year with the biggest negative effect during the first 6 months.