Question about Credit Rating?

View your credit file based on any of the UK credit reference agencies, or all three at once
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Can someone please tell me why if you are looking to buy a car and several different places run your credit to get your loan approved with their banks, your credit rating goes down? I don't understand why it would go down. What is the reason behind lowering your credit rating for shopping around for the best deal? Just trying to understand how this all works.

Question about Credit Rating?

Auto finance is what I do for a living and the system is set up so all inquiries made in a 14-day period are lumped together and only count as one.

They all show but your credit only gets dinged once.

Question about Credit Rating?

When ever you are applying for a loan the loaner will check your credit rating to make sure it is safe to loan you the money. Every time someone takes a look at your credit rating it goes down a little bit, and if you are accepted for the loan your rating will go down until you make a few payments on the loan then your score will go higher.

Question about Credit Rating?

Your credit rating goes down when you seek to have credit, be it a credit card, a car, or a house. If you are only interested in getting a price without having financing with the dealership, don't give them your driver's liscense. Just say, that you want to get an idea as to how much they are charging. If they refuse either ask to talk to the manager, say you're using your credit union, you are using cash, or they just lost a customer and will relate this to all your friends and have them shop at other dealerships.

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Question about Credit Rating?

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