That is not true. Each time your credit is pulled it's basically an "application" to see if they will finance you. When banks look and see that you have "applied" for loans 10 times and each has been declined that starts to hurt you. Also, it's worth mentioning that even if you apply and are approved but do not fund the loan it's still closed just as a declination is so that doesn't look so good either. That is at least how I understand it. It's one of those things that everyone likes to keep you in the dark about, which is absolutely retarded as so much is dictated by your credit standing. I hate sounding like "that guy" but it feels like the financial institutions use it to keep you confused and as an excuse to charge you higher interest rates. Regardless of what they tell you banks never have your interests at heart. Just like any other business they are all about their bottom line.

Edit: Simmy, that sound's like something a guy at a dealership would tell you, and I honestly believe that is a load of crap. :<

 

Incorrect. If you have 5 different insurance companies pull your credit in 5 days, it will show 5 seperate inquiries on your CBR but will not ding you 5 seperate times. If you have your credit pulled for 5 completely unrelated things over 5 days, then you would be correct.

I cannot speak for every bank, but if we approve a deal and it doesnt fund within 3 months, the application automatically cancels itself. That is in no way treated the same as a decline. The credit bureaus have no idea whether a deal was approved, conditionally approved or flat out declined. All an analyst can do is look at the list of inquiries and assume that if a customer had their credit pulled by competitors over the past xx months, that those banks probably passed on the deal.

Source: Im an analyst

 

Awesome, thank you for the information. I've been told different things over the years by different sources. I appreciate the insight.

 

and yes, Brian had an 06 suzuka

 

08 CR with 41,000 mil for sale........ Just drove my buddy's 996 and i'm thinking I want to get into one now

 

Incorrect. If you have 5 different insurance companies pull your credit in 5 days, it will show 5 seperate inquiries on your CBR but will not ding you 5 seperate times. If you have your credit pulled for 5 completely unrelated things over 5 days, then you would be correct.

I cannot speak for every bank, but if we approve a deal and it doesnt fund within 3 months, the application automatically cancels itself. That is in no way treated the same as a decline. The credit bureaus have no idea whether a deal was approved, conditionally approved or flat out declined. All an analyst can do is look at the list of inquiries and assume that if a customer had their credit pulled by competitors over the past xx months, that those banks probably passed on the deal.

Source: Im an analyst
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Agreed. You have a grace period to shop around for insurance or specific secured loans where each inquiry does not hurt your score, like if you were to apply for a store credit card every time you go shopping.

 

Do what Feezy said. Or buy mine for the price of your freedom; by becoming my personal servant until your debt to me is paid off... Its a win/win either way