What Is “Shot-Gunning”, And How Do I Prevent It?
Protect Your Credit Score: Don’t Get Shot-Gunned at the Dealership! Have you ever walked into a car dealership, excited to find your dream car, only to be bombarded with questions and paperwork? One sneaky practice you might encounter is “shotgunning,” where the finance person submits your credit information to multiple lenders at once, hoping to secure an approval quickly.
While this might not be done with malicious intent, it can have disastrous consequences for your credit score. Credit inquiries can drop your score several points, and with shotgunning, you could end up with 20 or more inquiries on your report! This can significantly damage your creditworthiness, making it harder and more expensive to borrow money in the future.
Here’s why shotgunning is harmful and what you can do to protect yourself:
The problem:
- Multiple Inquiries, Major Impact - Each inquiry can stay on your report for 2 years, negatively affecting your score. Imagine 20+ inquiries!
- Ignorance is Not Bliss - Even if unintentional, shotgunning reflects a lack of understanding of credit and its impact on consumers.
- Unethical Hustle - It prioritizes quick approvals over responsible lending practices, potentially putting your financial future at risk.
Protect yourself:
- Know Your Score - Get your Auto FICO score (like FICO 8) from a trusted source. This empowers you to negotiate from a position of knowledge.
- Seek Expert Advice - Consider consulting a credit repair specialist like Speedy Credit Repair before heading to the dealership. We can help you understand your score, current rates, pricing trends, and avoid unnecessary credit inquiries.
- Ask Questions, Demand Transparency - Don’t hesitate to inquire about the finance manager’s approach to credit checks. Request they limit inquiries to lenders aligned with your profile and needs.
- Pre-Approval is Power - Consider obtaining pre-approval from select lenders before visiting dealerships. This streamlines the process and minimizes credit inquiries.
Remember: your credit score is your financial reputation. Protect it by being informed and assertive when dealing with car dealerships. Don’t let shotgunning derail your financial goals!
Speedy Credit Repair can be your partner in navigating the car buying process. We offer expert advice on credit, financing, leasing, and pricing. Contact us today for peace of mind and a secure path to your dream car.
