No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello:
I was looking for a auto loan from 4 different auto lenders, they all did a hard pull I think.
Just curious to know, since I did it within 2 weeks, will it have a different impact of my credit score than if I did it over a few months?
Thanks!
@ilzhoefer wrote:Hello:
I was looking for a auto loan from 4 different auto lenders, they all did a hard pull I think.
Just curious to know, since I did it within 2 weeks, will it have a different impact of my credit score than if I did it over a few months?
Thanks!
Yes the impact would have been different if you did it over a few months. For credit scoring purposes, if you apply with different lenders within a short time frame all the inquiries count as 1 inquiry for scoring purposes. If you would have done it say 1 lender per month, it would have counted as 4 different hard pulls for scoring purposes.
Source: http://www.myfico.com/CreditEducation/CreditInquiries.aspx
FICO will in fact score the multiple inquiries during that period as one inquiry IF they were all coded as auto loan inquiries. If during the credit pull the lender used another reason code for the inquiry then it would count separately. Be aware that they will still show on your reports as multiple inquiries and a future lender or credit report will count them as separate if they are merely tallying the number of inquiries which appear. The de-duplication is for scoring purposes only. If you are denied any future credit due to "number of inquiries" you can in some cases speak to a human being and let them know these were for auto loan shopping.
@HoldingOntoHope wrote:FICO will in fact score the multiple inquiries during that period as one inquiry IF they were all coded as auto loan inquiries. If during the credit pull the lender used another reason code for the inquiry then it would count separately. Be aware that they will still show on your reports as multiple inquiries and a future lender or credit report will count them as separate if they are merely tallying the number of inquiries which appear. The de-duplication is for scoring purposes only. If you are denied any future credit due to "number of inquiries" you can in some cases speak to a human being and let them know these were for auto loan shopping.
this is true and good to know. if you are denied credit, you almost always want to call and find out the reason and request reconsideration from a human analyst.