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Subject:  Re: Auto financing denied from 1 out of 3 - why? Date:  1/31/2006  12:40 PM
Author:  eudaimon6 Number:  46646 of 74653

Why would you apply for 3 loans on the same car? IINM, those count as "hard hits" on one's credit report, in and of themselves, bump your FICO score down some, and can serve up a red flag to a lender.

All inquiries within a 14 day period are treated as single inquiries, allowing consumers to shop for loans.

The OP applied with three different lenders to see what they would do. I would imagine the two lenders that did approve him offered him somewhat different terms.

Shopping for a loan or any other sort of financial service should be no different than shopping for anything else. The FICO scoring model recognized that fact and corrects for it by the way it handles multiple inquiries in a short period of time.
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