Car Loan Shopping: Does Running Your Credit Report Hurt Your Credit FICO score?

Christian Younggren

 

Morgan Hardy

This is always something that confuses a lot of customers!

Christian Younggren

@morgan Thank you.

Morgan Hardy

@Christian- I actually heard a salesperson tell a customer the other day that if they submit an app elsewhere that it'd lower their score and they won't be able to get an approval. I think this was more of a scare tactic but nevertheless spreading false information.

Christian Younggren

@morgan You are correct. Unfortunately it's used to deter the guest from shopping. With the advent of the easy information you'ld think this would stop.The salesman probably learned from a manager who used that line before the credit companies made adjustments to their scoring for high ticket item loans credit inquiries. However the problem is it perpetuates the 1970's plaid jacket, slimmy used car salesman image that haunts our industry. 

I guess all of us like you & I will just have to..."Keep fighting the good fight!" 😎

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