This topic not addressed since 2014, things have changed.  Moreover, my opinion and recommendations have changed.

CREDIT INQUIRY RULES

The rule is that you can have up to three-inquiries in a 25-month period without it affecting your credit score.  Inquiries more than three can affect you score 3-5 points for each one over the three; and I don’t know which bureau is which!  Good news is that inquiries on the same day count as one.

AUTO LOAN

The recommendation for Auto Loans is to get pre-approved by your lending institution (preferably a Credit Union) before you go shopping.  Once approved, go shopping with the knowledge of the amount you’re are approved for with a payment you can handle.   Go shopping with this knowledge.

Find your deal, do your negotiations, then tell the Finance Manager to send the Purchase Order over to your chosen financial institution.  You will likely need to say it a minimum of 5-times before they will do it!  I know this because it happened to me!  Car Dealerships make as much on the Financing as they do the sale of the vehicle; that’s why they are so pushy about it.  Don’t sign their application because they will shop it.

HOME MORTGAGE/REFINANCE

What most people don’t know is that the Mortgage Rates offered is based on the Mid-Score of the lower of a couple’s Mid-Scores.  Inquiries can affect these scores more dramatically than most think.  For example 10-inquiries could cost you between 21 and 35 points.  This doesn’t sound too bad until your score comes in at 690.

PROFILE REVIEW PROGRAM

A Profile Review with Austin Credit Group can certainly put you in the position to get the best rates on any of these kinds of loans.  You are also taught how to manipulate the system to your benefit.  Fee is only $115.  See the web site for more information

512.697.9784