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| *Loan,banking and credit>>>credit report |
When a finance company checks your credit, how long does the inquiry remain on your credit report? |
I wanted to see if I could get a better deal on a new car loan so I applied through Lendingtree.com a couple days ago. I recently checked my credit report and noticed approximately 6 different organizations inquired about my credit. I thought only Lending Tree would do an inquiry. I know these inquiries generally do not have an adverse affect on my credit, but I am pretty careful about my credit report. I was just wondering how long these inquiries remain on the report? Weeks, months, years? Up to 3 years. Also, they do effect your credit score. It's called "excessive inquiries". And there is a reason: because your're not reported for credit up to 6 months AFTER you buy something. So, "they" wonder if you're trying to get a lot of credit because you have money problems. Lending Tree submits your "loan" to a bunch of creditors. Find what you want next time and then after you choose the vehicle and do some preliminary negotiations then fill out a "5 liner" for the dealership. Or get preapproved through a credit union. But only pick one avenue next time. Good luck and happy driving!! Source(s): I am a finance company 24 months I work for a finance company |
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