topic Re: applied for an auto loan and now there's 26 inquiries in Auto Loans

applied for an auto loan and now there's 26 inquiries

lamador — Thu, 04 Oct 2012 14:41:11 GMT

Hello, I recently applied for an auto loan and and was approved. Now that I have looked at my credit report there are 26 inquires listed on my report. Now I know that they count as one if done within a 30 day period. Which they all are the first one was 7/27/2012 and the last one listed is 8/13/2012. I now have my new car. How do I know for certain they are being counted as one. I have done so much cleaning up on my credit report and my score should be higher. Need help

Re: applied for an auto loan and now there's 26 inquiries

blackie1 — Thu, 04 Oct 2012 15:39:32 GMT

Lamador, I am certainly with you on this, I find it hard to believe that if that many inquiries show up on CR that it will not affect it, I am going to finance a car within the next three months and dread the process. How many of these inquires were affected by you and how many were a result of dealer pulls?

Re: applied for an auto loan and now there's 26 inquiries

lamador — Thu, 04 Oct 2012 16:44:47 GMT

Hi, they are all the result of dealer pulls. I have not applied for credit cards etc. so I know for certain that they are all dealer pulls. I went to two different dealers. I find it a little hard to beleive that under my fico it states not good for amount of credit applied for because if it is counting as one it should states good or excellent in my opinion

Re: applied for an auto loan and now there's 26 inquiries

p- — Thu, 04 Oct 2012 17:18:19 GMT

All the more reason to go with a local credit union. My last car purcahse I used USAA, and had one inquiry on Equifax - that's it. My previous one I used a credit union but also had credit checked at the dealer. Big mistake.

If you are a member, look at the USAA posted rates vs. your credit union and go with the lowest. If you want to compare both offers, apply at both.

Re: applied for an auto loan and now there's 26 inquiries

Walt_K — Thu, 04 Oct 2012 17:36:44 GMT

lamador wrote:
Hi, they are all the result of dealer pulls. I have not applied for credit cards etc. so I know for certain that they are all dealer pulls. I went to two different dealers. I find it a little hard to beleive that under my fico it states not good for amount of credit applied for because if it is counting as one it should states good or excellent in my opinion

What is your score? I assume you are talking about the list of negatives affecting your score on a report pulled from myfico. You have to take those with a grain of salt. Even someone with a very high FICO might have items listed on the negative side because their score could be higher if that negative (albeit minor) was not holding them down.

An easy way to confirm that they are counting as one inquiry is to compare your score before and after the pulls. I had 20+ inquiries when I was shopping for mortgages, but my score only changed by 3 points between the first and the last pull so I know they are being scored correctly. Do you know what your score was before you applied and what it is now? Of course, you'd have to control for other changes to your report. If your utilization has changed, if the auto loan is now reporting, etc., those are all going to affect your score.

I do not know if there is a way for you to see how the inquiry is coded. Maybe someone else knows whether you can see the coding, for example by looking at the full report directly from the CRAs.

Re: applied for an auto loan and now there's 26 inquiries

Elcid89 — Fri, 05 Oct 2012 04:36:11 GMT

lamador wrote:
Hello, I recently applied for an auto loan and and was approved. Now that I have looked at my credit report there are 26 inquires listed on my report. Now I know that they count as one if done within a 30 day period. Which they all are the first one was 7/27/2012 and the last one listed is 8/13/2012. I now have my new car. How do I know for certain they are being counted as one. I have done so much cleaning up on my credit report and my score should be higher. Need help

Auto inquiries within any 45 day period count as a single inquiry for the purpose of calculating your score. F&I guys will shop paper to any buyer they think might buy it, and each buyer will pull a report, so this is not uncommon.