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Established Contributor
Rackham94
Posts: 507
Registered: ‎04-01-2013
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Re: A "note" about dealerships running your credit.

I had 9 inqs from banks locally (1 customer initated) the dealer pulled the rest as stated before if they were within 30 calander days It is 1 inquiry for fico purposes?

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: A "note" about dealerships running your credit.


Rackham94 wrote:

I had 9 inqs from banks locally (1 customer initated) the dealer pulled the rest as stated before if they were within 30 calander days It is 1 inquiry for fico purposes?


Yes, for FICO purposes, they should be scored as 1 inq.


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tommy999
Posts: 15
Registered: ‎06-13-2012
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Re: A "note" about dealerships running your credit.

A year later each of the inquiries counted seperate.  I have 6 on eq 4 on trans and 8 on ex.  I think its more or less a lie.  each one counted for me.  I had poor credit though so If you have good maybe they only pull till they find a good deal than stop. Maybe they say its counted as 1 meaning that when a specialist reviews your account for new credit (if you didnt get autoapprove) that then they will consider it all being from a car loan. Also dealerships in FL are allowed to add up to 3% onto the loan, So after they gave me the rate I renegotated down 1.5% and they said ok

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: A "note" about dealerships running your credit.

They are listed as individual HPs,, but for FICO "scoring", if they are coded correctly and within a time frame, then they are "scored" as one.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Member
metil
Posts: 2
Registered: ‎08-20-2013
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Re: A "note" about dealerships running your credit.

What does "coded correctly" mean? Is there a way for the consumer to see the coding of each inquery?

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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: A "note" about dealerships running your credit.

Unfortunately there's no way for us to see how the inquiries are coded. I was told that it is tied to the lender / creditor that pulls your credit.
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