cancel
Showing results for 
Search instead for 
Did you mean: 

4 different auto loan requests within a week or so, impact on CR?

tag
ilzhoefer
Frequent Contributor

4 different auto loan requests within a week or so, impact on CR?

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!

Message 1 of 4
3 REPLIES 3
SamsungHDTV
Established Contributor

Re: 4 different auto loan requests within a week or so, impact on CR?


@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

Message 2 of 4
HoldingOntoHope
Valued Contributor

Re: 4 different auto loan requests within a week or so, impact on CR?

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.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Message 3 of 4
SamsungHDTV
Established Contributor

Re: 4 different auto loan requests within a week or so, impact on CR?


@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.

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.