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.

Per the MYFICO website: Your FICO score considers all inquiries within a 45-day period for a mortgage, an auto loan or a student loan as a single credit inquiry. The first inquiry in the 45-day period is what may slightly affect credit score. You can avoid lowering your FICO Score by doing your rate hunting within a short period. For many people, one additional credit inquiry (voluntary and initiated by an application for credit) may not affect their FICO score at all. For others, one additional credit inquiry would take less than 5 points off their FICO score. For more info on how inquiries affect credit score visit myFICO Credit Inquiry Q&A: https://goo.gl/ef9rVV

Car buying can be tough and gathering finance options for your used car can be tough as well, but luckily the FICO scoring model helps to alleviate some of the stresses and worries that come from shopping around.  So…What are you waiting for? Come by, check out our preowned selection of cars, trucks and SUVs in McAllen and apply in person or online at https://trevinosautomart.com/