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Multiple Hard Hits for Car Loan

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    Multiple Hard Hits for Car Loan

    I have a twist to a common problem and appreciate any advice in advance. My present car has just about died and I've found a new one to buy. The good thing is I work for a independent dealership, the bad is we don't qualify for Capital One's blank check. I'm rebuilding my credit with Capital One and have a good track record with them for the past 6 months.
    I've discovered another funding source..Platinium Auto Finance via on the internet that is sort of like Lending Tree only for car loans. They take your info and find a funding source. Has anyone had experience with this company?
    Our F&I dept told me of a customer that had applied at 7 different online lenders each resulting in a hard hit to his CR. I was wondering if it would be the same for me if I went through this online broker... as you'd call it?
    Thanks for any replies.

    #2
    It won't count as multiple inquiries. That customer might have checked his credit report through a third party company and saw all the inquiries - but if they were within a 14 day timefrime, the myfico credit scoring system only counts them as one.
    So you might see them all on the file - but on myfico, it's just one.

    No need to be concerned...
    Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
    FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
    FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

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