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Originally Posted by BlueMoon
when they check your credit and you are denied your score is lowered. if someone says you are pre-approved, it means you fit their demographic but doesn't mean you are going to pass their credit check.
same with buying a car. if you go to buy a car and fill out the credit appication alot of dealerships will run it through one of te big three then the F&I guy will know what source to use to get you approved. then once they have you approved it will stick for 30 days or so. if you don't leave with their car, then they will run your creidt through dozzens of lenders knowing you will get declined. this will lower your score and damage your credit so if you try to go to another dealership they will see dozzens of declined loans and a lower credit score...who would lend you $$ if dozzens of people declined you? easy question. the bank that had you approved before. dirty old trick the car dealers play just to get you as a customer.
I personally don't buy from dealers, and if I do i go through a management company, and it saves me money.
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Not so true at all. Multiple Inq's don't ruin or Hurt your credit so to speak. They can and do lower your Fico Scores (see:
www.myfico.com) but it doesn't mean you have bad credit. You have been shopping around and haven't found the deal you like yet, etc, etc.
You can get multiple inq's done for car loans, mortages, etc off your report ver easily. But never Disputer the Inq. that you actually got the loan from or for.
