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Can potential multiple credit checks affect your credit score?

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Hello Everyone,

So I applied for a Tesla loan using their website for a Model Y Long Range. The first loan application expired after 60 days, and I left it in the same state, assuming that I will resubmit the [loan] application once I get a VIN. However, that resulted in my estimated delivery change to September 2022, when the original was between Feb and March. Upon contacting the SA, I was told that the profile needs to be complete for the car to be in the [priority] queue. The SA asked me [just] to resubmit the loan, assuring me that it would be a soft credit check. After some hesitation, I resubmitted the loan application resulting in a second credit inquiry. As the SA said, the dates came back to the original range between Feb and March. Now I am concerned that if Telsa pushes the date again, I will have to follow the whole process again, making me concerned about my credit score. Any thoughts? I appreciate your help in pointing me in the right direction.

Thank you.
 
Multiple credit checks in a short period of time (like 2-3 weeks) for a car loan only count as 1 "ding" on your credit, however if they are as far apart as you say they (60 days), then it will be an additional "ding" / hit to your credit score for doing it again.

Your best option is not (was not) to re apply for credit again, but to simply select "Cash" as the forum of payment, which would complete your profile. Whenever you got notified that your car was ready, you could then go through and apply for a loan (either through tesla or elsewhere if you are doing it elsewhere).

If it gets pushed again, simply do that.
 
Multiple credit checks in a short period of time (like 2-3 weeks) for a car loan only count as 1 "ding" on your credit, however if they are as far apart as you say they (60 days), then it will be an additional "ding" / hit to your credit score for doing it again.

Your best option is not (was not) to re apply for credit again, but to simply select "Cash" as the forum of payment, which would complete your profile. Whenever you got notified that your car was ready, you could then go through and apply for a loan (either through tesla or elsewhere if you are doing it elsewhere).

If it gets pushed again, simply do that.
Oh, perfect; I appreciate your guidance here. Yes, I will do that again if I am in the same predicament. I hope the SA or Tesla policies won't prevent me from changing to loan from cash resulting in further delays. Thanks again; I hope the window persists this time, and the car is delivered within that window. My Audi lease expires in mid March and will be great to the Model Y on time.
 
Lenders also use different credit score profiles for auto vs mortgage loans, for instance.

A mortgage lender will use a specific computation to reach a score and risk profile specific to mortgages, which usually excuses mutliple credit inquiries for a vehicle. Very different than say having multiple inquires for raising credit card limits with increasing utilization rates at the same time.

If you pay for the full-credit monitoring service from FICO, which I think is about $30 a month, they'll show you specific credit scores for mortgage, auto loan, insurance etc etc etc
 
Lenders also use different credit score profiles for auto vs mortgage loans, for instance.

A mortgage lender will use a specific computation to reach a score and risk profile specific to mortgages, which usually excuses mutliple credit inquiries for a vehicle. Very different than say having multiple inquires for raising credit card limits with increasing utilization rates at the same time.

If you pay for the full-credit monitoring service from FICO, which I think is about $30 a month, they'll show you specific credit scores for mortgage, auto loan, insurance etc etc etc
That’s good to know. I have [free] FICO score visibility through one of my credit cards, I will find out. Thank you!
 
That’s good to know. I have [free] FICO score visibility through one of my credit cards, I will find out. Thank you!

The free ones are generic. They give you an idea, in general, but dont assume that the number you see from a free service (either any of the free web ones or one from a credit card) is the same one that would be used for a car.

@Rugg3r laid out a good explanation.
 
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Lenders also use different credit score profiles for auto vs mortgage loans, for instance.

A mortgage lender will use a specific computation to reach a score and risk profile specific to mortgages, which usually excuses mutliple credit inquiries for a vehicle. Very different than say having multiple inquires for raising credit card limits with increasing utilization rates at the same time.

If you pay for the full-credit monitoring service from FICO, which I think is about $30 a month, they'll show you specific credit scores for mortgage, auto loan, insurance etc etc etc
Who in their right mind would pay $30 for full credit monitoring? What benefit are you deriving?

Freeze your credit and stick with free access would be my advice. If you're having to worry about you credit score, then perhaps financing a $65k+ is not in your best interest.
 
If you're having to worry about you credit score, then perhaps financing a $65k+ is not in your best interest.

My rebuttal to that would be that, people with good to great credit scores are normally those who pay attention to it, and know what impacts it, etc. I do agree with the "spot checking via a free service is fine for almost everyone" thought as monitoring credit scores in a general sense, though.
 
Freeze your credit and stick with free access would be my advice. If you're having to worry about you credit score, then perhaps financing a $65k+ is not in your best interest.
It was more in line with what jjrandorin said earlier. I generally like to keep a watch on the credit score. And, as you said, I do take advantage of the free ones offered by my credit card providers. Thanks for your caution, I am sure all of us are at different points in our financial journey, and your point is noted. Thanks!
 
Oh, perfect; I appreciate your guidance here. Yes, I will do that again if I am in the same predicament. I hope the SA or Tesla policies won't prevent me from changing to loan from cash resulting in further delays. Thanks again; I hope the window persists this time, and the car is delivered within that window. My Audi lease expires in mid March and will be great to the Model Y on time.
So, if you have it set to cash, receive your VIN, and then decide you want to finance through your own credit union and not through Tesla finance, do you still switch it to finance/loan or is it still considered cash because you're bringing your own financing?
 
Who in their right mind would pay $30 for full credit monitoring? What benefit are you deriving?

Freeze your credit and stick with free access would be my advice. If you're having to worry about you credit score, then perhaps financing a $65k+ is not in your best interest.
I do, because years ago I screwed up my credit bad and spent years trying to fix what my dumb 20 year old self did to me.
 
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So, if you have it set to cash, receive your VIN, and then decide you want to finance through your own credit union and not through Tesla finance, do you still switch it to finance/loan or is it still considered cash because you're bringing your own financing?
Good question! I have not gone through that process yet to be able answer. Perhaps someone from the forum would. I would be interested to know as well. Thank you.
 
Good question! I have not gone through that process yet to be able answer. Perhaps someone from the forum would. I would be interested to know as well. Thank you.

In 2018 when I bought my car with outside financing for a portion of it (through navy federal credit union), I had "cash" in the order form and brought a cashiers check from my bank for my down payment (which was 50% of the purchase price) and then a bank check from navy federal for the balance, which had a couple of requirements for Tesla to fill out.

I think "loan / financing" on the tesla sheet means "arranged through tesla". Its possible its changed but I doubt it. I have a model Y P on order for my wife, that has an ETA of middle to end of March, and I plan to do outside financing, so I guess I will find out if it has changed then.