its coming up for a year since i bought a groundbreaking new car from my dealership and i am getting charged a 15% interest rate. i have found three banks/ credit unions that are charging minimum 8%. what i am worried about is, if i apply to all of them, apparently it can look terrible on my credit rating because i have inquired so many times. how can i tell if my credit is even worth their acceptance and how can i apply to them without ruining my credit rating?will refinancing look terrible too?
It can, but they are usually “soft pulls” on your credit not hard pulls….
Let me just refer you to a excellent article on refinancing – there’s some great info here.
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Yes it will.
Each time any company pulls up your credit report for a loan request, you will get ding on points. If you get more than 2 within a week, your credit rating starts going down pretty quick.
FICO does not like people to apply for a lot of credit within a small period of time. What you need to do is to talk to the credit union / bank and question for their criteria. It force be income that will disqualify you. They can all give you the basics minimum so that you are not applying with them first.