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I want to know if my fico score will be affected if an auto dealership pulls more than one bureau for someone during the same day. Example: Send in an application for retail. Same day, same dealer resubmits for a lease. (In this instance, two separate bureaus pulled in the same day). Does Fico account for this or is my credit score lowered as a result. If so, how much on average per inquiry?
Thanks
@Anonymous wrote:I want to know if my fico score will be affected if an auto dealership pulls more than one bureau for someone during the same day. Example: Send in an application for retail. Same day, same dealer resubmits for a lease. (In this instance, two separate bureaus pulled in the same day). Does Fico account for this or is my credit score lowered as a result. If so, how much on average per inquiry?
Thanks
Hello, and welcome to the Forums:
The following link should help you out.
How credit checks affect your FICO score
It is important that the inquiries be properly coded as auto loan inquiries, so that they will be treated appropriately by the credit scoring formula.
An inquiry would only be generated for each BANK/Financial institution submitted. There would not be an additional inquiry if you are switching your deal from a purchase to lease unlessthey are switching banks. The same bank uses the same numbers.