Reply
Frequent Contributor
Posts: 286
Registered: ‎05-02-2007
0

Auto Loan Inq and FICO score

So, sorry if this has already been beaten to death, but I'm curious.

 

FICO says that Auto loans INQs within a defined period of time (2 weeks) are counted as one inq per report--I understand three separate inqs one to each of the bureaus would be one inq per report.  Now, does this also count for auto loan inqs from banks?  It seems to me that not all bank inqs are coded for the specific credit request, so it would be hard to assess if the credit inq was for auto or bank card.

 

It seems to me that I could easily get screwed applying for auto loans at both banks and dealers.  Anyone got experience applying for bank and dealer financing and NOT getting multiple score decreases?

Established Contributor
Posts: 982
Registered: ‎05-27-2009
0

Re: Auto Loan Inq and FICO score

When a bank posts an inquiry, they should code it as auto if it is auto-related. It doesn't matter what the name of the puller is, only what coding is sent to the CRA for the pull. It is completely up to the lender. They, theoretically, could code it as a mortgage pull when you are opening a CC.

 

You should be fine - don't stress over it.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


Take the FICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.