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WILL APPLYING AFFECT MY FICO CREDIT SCORE? - Trevino's Auto Mart

Posted Sunday, April 8, 2018

Its perhaps one of the most common questions with regards to car buying: If I run my credit, will it affect my FICO credit score? While soft credit inquiries do not affect your FICO Score, hard inquiries do. Hard inquires occur when you submit applications to institutions for credit or financing ie: auto loan, mortgages, student loans, however, FICO scoring accounts for "rate shopping" for these types of specific credit checks. Per the myFICO website, "(rate shopping) is the smart thing to do, and your FICO score considers all inquiries with a 45-day period for a mortgage, an auto loan or a student loan as a single credit inquiry." By doing your car shopping within a short period, one could dodge decreasing their FICO score.