How Much Will My Credit Score Drop If I Apply for a Car Loan?

0 votes
asked Feb 4, 2018 in Buying & Selling by Prigen (12,000 points)
How Much Will My Credit Score Drop If I Apply for a Car Loan?

When I apply for a car loan by how much will my credit score drop because of the hard inquiry for the car loan I applied for?

1 Answer

0 votes
answered Feb 5, 2018 by Judy (56,120 points)
For each car loan you apply for your credit score will drop at least 7 points.

The hard inquiry that the car loan company or auto financing company puts on your credit report should drop back off your credit report within a month or 2 at least.

Hard inquiries from car loans and other loans don't affect your credit too much since the hard inquiry should drop off your credit report within 2 months and your credit score should go back to where it was.

100,627 questions

96,338 answers

1,285 comments

6,999,181 users

...