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I dont know that your score would really drop that much but I do know that institutions use different criteria to gauge your credit score. Every single credit card I have gives me monthly credit scores. Those number always match. My bank also gives me monthly credit scores. The credit card ones are as much as 60 points higher than my bank. Coincidentally when I bought my last car they used that "bank" credit score. Cost me an extra point on the financing,.
There are three major credit reporting bureaus. FICO uses the same criteria across the board to determine your score, but the scores can vary from one bureau to another because the information included on each report may vary. It sounds like your credit card companies all use the same bureau and the bank uses a different one. Given the difference in the score I'd recommend pulling all three of your credit reports to see if one has incorrect information. You can get all three free once a year at annualcreditreport.com.
The window is actually 45 days. I think this is a recent change.
The range, is 14 to 45 days So will rate shopping hurt my credit score?
Yes and no. You probably know that each time you apply for a new line of credit you’re normally hit with a hard inquiry. Hard inquiries can negatively affect your score, so moving from lender to lender and piling up a bunch of these in a small period of time is probably not a great idea.
Still, depending on what type of credit you’re shopping around for and what model you’re getting your score from, the extent of the damage can vary. If you’re looking for an auto loan or mortgage specifically, some credit score models will allow for some level of shopping around by essentially viewing multiple inquiries within a certain time period as just one. Bureaus usually identify the fact that you’re comparison shopping by noticing the types of credit lines you’re applying for and the size of your requested loan, so it may be best to stay consistent. The time period over which you can rate shop under these models without feeling the effect of multiple inquiries can vary and is often from around 14 days to up to 45.
Beware that a single inquiry could still have a somewhat negative effect on your credit. Also keep in in mind that this rate shopping adjustment is only adopted by some credit score models and usually only applies to auto loans and mortgages. So if you’re applying for a dozen credit cards over a month or two, you’re likely to still incur a bunch of hard inquiries.
Pulling your own credit report, either directly from the bureaus or through a service such as Credit Karma, doesn't count against you. It's only when a creditor makes a hard pull in order to make a credit decision that your score is dinged.
It's a lame system. You shouldn't get dinged, and yes, I understand it isn't a big ding nor long lasting, because you are considering using your good credit.
The range, is 14 to 45 days So will rate shopping hurt my credit score?
Yes and no. You probably know that each time you apply for a new line of credit you’re normally hit with a hard inquiry. Hard inquiries can negatively affect your score, so moving from lender to lender and piling up a bunch of these in a small period of time is probably not a great idea.
Still, depending on what type of credit you’re shopping around for and what model you’re getting your score from, the extent of the damage can vary. If you’re looking for an auto loan or mortgage specifically, some credit score models will allow for some level of shopping around by essentially viewing multiple inquiries within a certain time period as just one. Bureaus usually identify the fact that you’re comparison shopping by noticing the types of credit lines you’re applying for and the size of your requested loan, so it may be best to stay consistent. The time period over which you can rate shop under these models without feeling the effect of multiple inquiries can vary and is often from around 14 days to up to 45.
Beware that a single inquiry could still have a somewhat negative effect on your credit. Also keep in in mind that this rate shopping adjustment is only adopted by some credit score models and usually only applies to auto loans and mortgages. So if you’re applying for a dozen credit cards over a month or two, you’re likely to still incur a bunch of hard inquiries.
Source? Because it's not a range.
From myFICO.com:
Quote:
For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span.
I didn't see anyone offer this up, but have you considered getting a second opinion from another mechanic? hoses, belts and gaskets hardly sounds like the end of the world or the beginning of a $3k journey.
Throw in some gasket conditioner, change the belts and keep driving until the loan is paid off.
how about living on peanut butter sandwiches and tuna until you can save up 3000 or 4000, then sell out of that bmw you still owe money on, and buy something from honda or toyota that you can pay cash for?
I would keep the Beemer and pay it off. Keep it up and even if it needs a 3000 buck repair that is cheaper than buying a 15K car. Unless you hate it and just want a different vehicle.
If so you could sell it and take that cash and buy another used nice vehicle with a strong reliability record. Avoid a car payment and a new car unless you are well off and don't mind.
I would keep the Beemer and pay it off. Keep it up and even if it needs a 3000 buck repair that is cheaper than buying a 15K car. Unless you hate it and just want a different vehicle.
If so you could sell it and take that cash and buy another used nice vehicle with a strong reliability record. Avoid a car payment and a new car unless you are well off and don't mind.
the catch is that I was told it would be easier to get an auto loan to buy a fairly used car than to get a $3000 loan to repair the car.
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