How would having a rental application and car application at the same time affect my credit?

Question

I' am getting ready to move, and also at the same time I am looking into buying a "new" (used but new to me) car. How will applying for both of these things around the same time affect my credit score?

I have heard that if you have multiple inquiries on your credit score within a certain amount of days they only count as 1 inquiry, instead of multiple. So like if I put my rental application in and the car application in during the same week, will they count as one inquiry on my credit or more?

Answer 1

The only inquiry that will lower your score is the one for the auto purchase as this is considered a "hard hit" and counts for more then a "soft hit" which is what a rental application is considered.

The CRA's will only count multiple inquires if they are for the same type of credit and all done within 15 days, such as shopping for a mortgage or auto.

Hope this answers your question