The inquiries for Autos and Mortgages are the same as any other inquiry that you begin by requesting. However, there is a difference in what your credit score will actually be. The creditor, (the lender) may use a different scoring module from the credit bureaus to determine whether you are credit worthy. As of this date, the credit bureaus have 19 different scoring modules that lenders can choose from to determine what your level of risk is and therefore, your credit score.

Another challenge that you will face is whether the auto or bad credit mortgage lender will indicate on the inquiry if it is for an auto or a mortgage. Some people make the mistake of “shopping” for credit by going to a number of lenders before choosing one that meets their interest rates and payment abilities. By doing so you risk having too many inquiries and also having the auto lenders or mortgage lenders not indicating if the inquiry is an auto loan inquiry or a mortgage loan inquiry. If they did then the credit bureaus do give some forgiveness with the number of inquiries that are pulled.

The solution… again, it is to pull your own credit scores at www.MyFICO.com and then “shop” for a good interest rate and terms with your credit report before letting them pull your credit report and getting an inquiry on your credit report. They can determine what your rates and terms will be with the information on your personal credit report and scores because the information will be accurate at the time you pulled your credit report and scores based on the fact that www.MyFICO.com has the most accurate scoring module to consumers at the time of this writing. This is the smartest and safest way to minimize the impact of inquires on your credit report and thus your credit scores.

Good installment loan companies are those loan companies that require a higher credit score and ask for more information about you to determine if you are a good risk. This loan can be for an auto or mortgage, student loan or furniture, etc. It’s important to keep these loans in balance with revolving type loans as the balance will play a key part in a portion of your credit score. In other words, one installment loan for every revolving loan or credit card is the correct combination.

It is important to know that if you have even one late or negative on your secure credit reports, it will cause your interest rates to be much higher. If you have more than one, most will not even look at you or your request to take out a loan with them. It is better to get the negatives removed first than to try for a loan with a reputable lender.