I have alot of credit inquiries on my report from car dealerships is that hirting my credit score?

Question

I have a\lot of credit inquiries from car dealerships and credit cards..and i was unaware that..that hurts my credit..i don't have any credit and i just turned 18 3 months ago..so since i have all of those is my credit hurt now? i wanna get a secured credit card but will it even help my credit since i have alot of inquiries on it?

Answer 1

If those credit inquiries for a car loan was all done within the same month then it will only count as 1 inquiry and it won't hurt your credit.

If not then it will, so be sparing with credit inquiries and be smart with your money and it will pay off in the end! Good Luck!

Answer 2

The car loans are probably not hurting your score. FICO/credit bureaus expect people to interest shop when buying cars and mortgages, so they lump these inquiries together as one inquiry. However, multiple inquiries from credit card issuers are not lumped together as one and hurt your score - the more inquiries, the more it hurts.



Initially, the secured credit card will not help. What will help is getting the card and using it monthly for small purchases and then paying off the balance each month when the bill comes in (do not pay it off before you receive the bill). Over the next 9 to 12 months, the inquiries will start to age (they stay there 2 years) and become somewhat less important. Meanwhile, your credit payment history will start to build with the credit card use and balance payoff (did I emphasize paying off the balance every month? In not, consider this the emphasis).



At the end of the year, assuming you have handled your credit well, approach the bank manager and ask about being issued a non-secured card.

Answer 3

Since you have no credit history, you have no score. So those inquiries have nothing to hurt.



Multiple inquiries for a car loan within a short period are considered as one. It is obvious that you are loan/car shopping and not taking out multiple car loans. Normally inquiries ding your score for a few points but your score rebounds quickly. Inquiries don't count at all in your score after 12 months.



Frankly inquiries are the absolute least important thing on your credit report. Get that secured card. Use it and pay in full every month to establish some credit history. You will need to use that credit card for at least 6 months before it even begins to count in your FICO score. It takes time to build good credit. Years, not months.

Answer 4

Many people will tell you that the car loan inquiries made in a 30 day period won't hurt you or will have minimal impact on your credit score. This is simply not true. I know this is fact because my two sons actually took two different paths on their credit.



I had them both pull a copy of their and score from Equifax before looking for a car with them. Both had scores around 720-730 (we had added them to our accounts at 16) and one would not allow any dealership to pull a report or submit for a loan until they were certain they were going to purchase the auto. He knew they were going to require a co-signer and because of this only three inquires appeared on his credit. These inquiries dropped his score to 690, but once the loan began to report his rating came back up.



My other son is a bit head strong and thought because he had a 720+ score he could do it on his own. He hear me preach about the multiple inquiries dealerships cause on credit reports, but instead of listening to his mom, he chose to listen to the car sales person. His car shopping cost him 30+ inquires over a weekend and an immediate drop in credit score of over 85 points. Over the next two months these company's continued to pull his credit - costing him over 100 points by the time the ordeal was done.



The real problem came in when he finally did find the car. He still had to have a co-signer and because of all the inquiries had to have a hefty down payment and higher interest rate than his brother. It has been a year now and I believe he has finally had all the unauthorized inquiries removed and his credit score is in the mid-700's again. But it was a heck of a lesson for them to learn.

Answer 5

Note about secured cards:

They carry an annual fee.

New laws have passed making it virtually impossible for anyone under 21 to get a credit card.

So if you get this card - you could end up paying an annual fee until you turn 21.

The new laws are VERY strict.



All similar inquiries in a 6 week period are treated as one.

This does not apply to credit cards,

Inquries are the least of your worries - they only ding your credit 1 or 2 points.



My advise:

Don't get a secured card.

Make a secured LOAN at your bank where you have a checking account.

You do have a checking account in good standing for at least 6 months right?



As for that car - you will need a co-signer.

OR.. you can just buy an used car for cash - no loan required.

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Answer 6

Credit inquiries especially within a short time can hurt your credit score. But since you had no credit to begin with it is probably minimal. Get the secured card and lay off applying for loans for a year. Make your payments on time every month and you will build good credit in no time.

Answer 7

Auto Loan inquiries, ALL OF THEM will show up AND knock your score DOWN even WITHIN a 30 day period. (Personal experience this happened to me) Its a good idea to know your score before letting them run it and asking the finance manager if this score will get you a vehicle....the next is to get an idea of the interest rate. The purchase price of a vehicle can cost double if your interest rate is high and like most cars, you will have a car payment on top of repairs somewhere down the line. Its a double edged sword and getting things off your credit report are a full time job!

Answer 8

he's mendacity to you. each time a salesperson lies to you, supply him the everlasting boot. it somewhat is a perplexing inquiry which will drop your credit, probable as much as 5 factors observing the quantity of your credit heritage. it somewhat is a minor blip nonetheless while you're intense approximately financing a vehicle. if fact be told, you're greater valuable off to get distinctive provides from creditors so as which you would be able to get the suited fee. All vehicle own loan inquiries that are initiated in the comparable 40 5 day era will take place on your credit checklist, yet they look as in basic terms one inquiry, no longer dozens as maximum people have faith.

Answer 9

The absolutely free reverse vin check sites generally provide fake information. To get real information, money will have to be paid. The free searches provide fake information so they can get your email address to send spam.



Stay away from shady reverse vin check sites, most likely you won't get any information after you make the payment. Not to mention you won't get a report and you won't get an answer if you try to call for a refund. Stick with a reputable reverse vin check site like http://www.reversevincheck.net that has been around since 1995.