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Fico score drop when shopping for a car? More than one bureau pulled on same day.

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Anonymous
Not applicable

Fico score drop when shopping for a car? More than one bureau pulled on same day.

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 

Message 1 of 3
2 REPLIES 2
Lel
Moderator Emeritus

Re: Fico score drop when shopping for a car? More than one bureau pulled on same day.

 


@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.

 

Message 2 of 3
Anonymous
Not applicable

Re: Fico score drop when shopping for a car? More than one bureau pulled on same day.

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.

Message 3 of 3
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