Jason is shopping for a new car. He completes new credit applications at four different dealerships. Will this affect his credit score

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Brittneylouise194idn Brittneylouise194idn

02-12-2021
Business

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Jason is shopping for a new car. He completes new credit applications at four different dealerships. Will this affect his credit score

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Michell96idn Michell96idn · Answer 1 · 2021-12-08T09:00:59-05:00

Applying for a loan in each of the dealerships he visited will have negative consequences on his credit score.

The credit score is a term to refer to the score that people have toward the financial system. The credit score is a kind of business card for each person regarding their financial life.

One of the most common mistakes people make is when they make multiple credit applications when they intend to buy something because this is a bad practice for their credit score.

For example, if Jason completed credit applications in four different dealers, his score may drop because the entities that are going to lend him the money consider this activity as something negative.

In addition, people who apply for loans in different entities are generally forced to do so because they are denied the possibility of credit, that is, they have an unfavorable history to access a loan.

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