OldMan wrote:The dealership (due to me having no history) apparently ran me through 8 different loan places to find us a loan. I now have 8 hard pulls in a single day. Is this as bad as it sounds and appears on places like CK?
I've since been approved for my first ever credit card, (Cap One Secured) and I'm waiting for it to arrive. But in the meantime, I was just curious if all the hard pulls are as bad as they appear, and if so is there anything I can do about it?
It's not ideal, but it's not the end of the world. When a bank looks at your report to make a decision on whether to lend, they look it over holistically; you'll find that some issuers are more particular in certain areas than others. They'll be able to tell that all the inquiries happened for the same purpose, so it might not hurt you that badly in that way.
Also, I believe that the FICO score calculations take into account shopping around for loan rates for mortgages and car loans when all the inquiries are made in a certain period. If that's the case, having eight inquiries in one day shouldn't hurt you any more than just one.
Regardless, if you're just starting out, then it might be best to not seek any additional credit for a while anyway; use your CapOne secured card, and it should eventually convert to a normal one. Once that happens, you can look into applying for other options.
I'd wait until the CapOne has been reporting for at least six months before applying for more credit, regardless.