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Valued Member
Posts: 26
Registered: ‎07-26-2012
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1 auto loan app at dealership = 13 inquiries?

I applied for loan for used auto yesterday. My lender pull scores were 6161637/647. I was approved by Toyota Financial Services.

 

I received a score watch alert from MyFico today that said I had 13 new inquiries on my report!

 

I was under the impression that all auto credit pulls in a 30 dat period were considered 1 pull, is this right? Will my credit reports change in 30 days to reflect the one pull?

 

Any thoughts would be appreciated as I am very worried. I plan to apply for a few cards in a few months and think 17 (my current # includes the 13 from yesterday) inquiries will make getting a credit card impossible.

 

Thank you.


Starting Score: 600
Current Score: 663
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Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
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Re: 1 auto loan app at dealership = 13 inquiries?

They will count as one with the scoring, but your report will list them all.

 

I have been approved for cards with over 20 INQs on my report.

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: 1 auto loan app at dealership = 13 inquiries?

Wow! All 13 inquiries were from the Toyota Dealership when you got approved through Toyota? When I leased my Acura, there were only 2 pulls: one from the dealer and one from Acura Financial.

Unfortunately, they only count as 1 for scoring purposes but other lenders will see each inquiry individually. If you get denied for a credit card, ask the rep for a reconsideration and tell them they were all pulled at one dealership for one car...they may approve after you give explanation.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Valued Member
Posts: 48
Registered: ‎01-05-2013
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Re: 1 auto loan app at dealership = 13 inquiries?

Congratulations on your approval!

 

But, 13 inquiries from one dealership? Oh my goodness... Is this where the dealer trying to find you "best" deal on all kinds of banks then pick the best one for you (or them ?)  That's a lot of inquiries.. Even though Fico only factors to 1 score pull but it is kind of scary for me as I am also planning to purchase Toyota next year.

 

As MovingForward_2012 suggests, when you recon I think I will do that to - explain that I was shopping around and it was pulled by everyone.... guess you can't control the dealer after all....

 

Congrats!!

Moderator Emeritus
Posts: 12,454
Registered: ‎12-30-2011
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Re: 1 auto loan app at dealership = 13 inquiries?


MovingForward_2012 wrote:
Wow! All 13 inquiries were from the Toyota Dealership when you got approved through Toyota? When I leased my Acura, there were only 2 pulls: one from the dealer and one from Acura Financial.

Unfortunately, they only count as 1 for scoring purposes but other lenders will see each inquiry individually. If you get denied for a credit card, ask the rep for a reconsideration and tell them they were all pulled at one dealership for one car...they may approve after you give explanation.

TFS and HFS (Honda/Acura Financial Services) are setup differently I believe; HFS is something of a captive lender, whereas TFS is competive with the open market dealer financers.  There's probably tighter integration between HFS and the motor sales arm of Honda/Acura; there was plenty of bickering in the Toyota camps, two completely seperate subsidiaries of bigger seperate subsidiaries of Toyota Global.

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: 1 auto loan app at dealership = 13 inquiries?

Interesting! Thanks for the enlightenment. :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
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