A query about the hard inquiries on credit
I posted a question about GAP insurance yesterday and now I am asking about multiple hard inquiries on credit, as I am trying to shop around for better rate and duration.
Yesterday, when I was talking to a friend of mine. He suggested, I should extend my duration of auto loan (5 years, instead of 4 years) as I will probably earn more if I put the difference in IRA and/or in stock market. Its a gamble, I get it, but by extending a year on the auto payment, I am probably going to pay only $300 more (probably less, at 2% APR)
(This will also help me max out HSA account, which will be used for DS' Autism treatment next year.)
I asked the dealership to run the numbers again and I was suggested that it can produce multiple hard hits on my credit report, and some creditors do not look favorably to it. (Last hard credit inquiry was little over 2 years ago.) As I understand, all queries within a period of 14 days are considered as one query and do not ding the score as much (FWIW, my score is ~774, don't know which bureau, the local CU told me at the time of pre-approval on last Saturday).
What do the experts suggest? Should I ask him to run the numbers again or I better not? It may be difficult to be precise but in general, what should be done in such circumstances.
Thanks in advance.