What everybody ought to know about online Credit Apps.

By: Lora Crouch 

Imagine yourself online car shopping and you find your “Dream Car”! You want this car,you need this car, you WILL have this car! Then you begin the process of getting pre-approved online. You start to ask yourself, is this site real, is it safe, should I put all of my trust in this site and give it my information?

I can’t speak for all sites on the world wide web, but I can speak for the Woody’s Automotive Group website. The only information we get after you fill out the Credit Application is your credit history aka your FICO score. Woody’s uses this to help find you the BEST interest rate to accommodate your life!This is a good thing!When you go out on your own you may not get the lowest rate possible.

We will not and cannot run your Credit without you knowing due to…well we are not the CIA and aren’t secretly out to get you!

Plus it’s a known fact you can only run your credit with your social security number and that is not something we have access to. This is the reason the driver’s license these days do not have your social as your number. Another common question that get’s asked is “Does my credit score drop when I submit my credit App?”. Well we all know that if you are car shopping you will shop around, therefore you may be submitting your Credit App to more than one place. For this reason how they handle your credit score is the first initial “inquiry” has a minor impact on your score but subsequent inquiries do not.They will take multiple inquiries that are occurring in a two week period and group them together so that they do not all cause a lower score. My tip for anyone purchasing a big ticket item would be to take advantage of your 1 free credit report a year. This way you can keep up with your credit and clear anything up that may be causing some issues in the future.It never hurts to research and be prepared when it comes to your money!The conclusion to my research is that submitting an online Credit Application is not really a big deal especially if you are serious about your purchase. So fear no more and make that dream car yours!