14 day period to shop for an auto loan counting as 1 HP

[goldengopher1991]

Hi all,

Just a quick question as I begun shopping yesterday for an auto loan. I received alerts that my reports were pulled. But how do I know fico is really only going to count all my loan shopping activity as one hard pull when calculating scoring?

For example, I applied for a loan through my bank, PNC. On my credit report it showed up as '' PNC bank'' and said nothing about it being an auto loan. Same goes with DCU as well. Thanks in advance for the replies.

Ps I've been approved for 1.24% for DCU. Kinda amazing since I only started having credit in October, I only have one Discover card for 7 months. Approved for $8500 to buy a 2012 Volkswagen Jetta for $14,500 with a 6000 down payment

[09Lexie]

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@goldengopher1991 wrote:
Hi all,

Just a quick question as I begun shopping yesterday for an auto loan. I received alerts that my reports were pulled. But how do I know fico is really only going to count all my loan shopping activity as one hard pull when calculating scoring?

For example, I applied for a loan through my bank, PNC. On my credit report it showed up as '' PNC bank'' and said nothing about it being an auto loan. Same goes with DCU as well. Thanks in advance for the replies.

Ps I've been approved for 1.24% for DCU. Kinda amazing since I only started having credit in October, I only have one Discover card for 7 months. Approved for $8500 to buy a 2012 Volkswagen Jetta for $14,500 with a 6000 down payment

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It has to be coded as AUTO when they do their inquiry. If not, it will not count as one hp.  

[goldengopher1991]

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@09Lexie wrote:

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@goldengopher1991 wrote:
Hi all,

Just a quick question as I begun shopping yesterday for an auto loan. I received alerts that my reports were pulled. But how do I know fico is really only going to count all my loan shopping activity as one hard pull when calculating scoring?

For example, I applied for a loan through my bank, PNC. On my credit report it showed up as '' PNC bank'' and said nothing about it being an auto loan. Same goes with DCU as well. Thanks in advance for the replies.

Ps I've been approved for 1.24% for DCU. Kinda amazing since I only started having credit in October, I only have one Discover card for 7 months. Approved for $8500 to buy a 2012 Volkswagen Jetta for $14,500 with a 6000 down payment

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It has to be coded as AUTO when they do their inquiry. If not, it will not count as one hp.  

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Thanks Lexie. So that means I don't have to worry about this? How will I know if they coded it as AUTO or not?

[09Lexie]

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@goldengopher1991 wrote:

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@09Lexie wrote:

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@goldengopher1991 wrote:
Hi all,

Just a quick question as I begun shopping yesterday for an auto loan. I received alerts that my reports were pulled. But how do I know fico is really only going to count all my loan shopping activity as one hard pull when calculating scoring?

For example, I applied for a loan through my bank, PNC. On my credit report it showed up as '' PNC bank'' and said nothing about it being an auto loan. Same goes with DCU as well. Thanks in advance for the replies.

Ps I've been approved for 1.24% for DCU. Kinda amazing since I only started having credit in October, I only have one Discover card for 7 months. Approved for $8500 to buy a 2012 Volkswagen Jetta for $14,500 with a 6000 down payment

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It has to be coded as AUTO when they do their inquiry. If not, it will not count as one hp.  

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Thanks Lexie. So that means I don't have to worry about this? How will I know if they coded it as AUTO or not?

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By viewing your CRS, under comments for each inq it should say AUTO.  If it says, unspecified,  then it will not count as 1 hp.