Credit question...?

If you apply for a car loan using on the lot financing and you are denied after a credit check, will your credit score drop when the car lot tries approval from other companies? For instance, I applied and I was denied while I was on the lot. Then, for several weeks I received letters in the mail from several banks or banking agencies sending me letters stating that I was denied and the reasons associated with the denial. My concern is this: I never requested for the car lot to search through at least ten places for an approval. My credit was already bad, why make it that much worse?

Credit question...?

Having your credit check denied by several companies in a short timespan can adversely effect your credit score. However your situation is not applicable. Even though your credit was checked by several different finanacial institutions it was inquired on the behalf of one Lot. Therefore it counts as only one inquiry.

Ex.

1 Lot - Denied 30x by 30 different banks = 1 inquiry

10 Lots- Denied by one bank at each lot = 10 inquiries

So Don't worry be Happy :)

Credit question...?

NO YOUR CREDIT DOESNT GO DOWN AFTER CHECKING YOUR CREDIT SCORE.