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Got approved yesterday for a 2012 Chevy Cruze for a total of $19k. As expected, interest rate out the roof (almost 13%), so I'm hoping to refinance here in the next six months. However, my biggest issue right now is HOLY SHIZ... they tried SIX different banks for financing without me knowing ... They told me ONE soft pull for my credit score that they would give a number to their financers. What the heck do I do now?
It will count as a single pull.
I checked my Experian, Transunion and Equifax this morning. TEN pulls on Equifax, four on experian and Transunion... All those will be condensed to one even though I also see the dealership as one on Transunion (who I asked them to pull from.)
Assuming they are all coded as auto loan pulls then each bureau will count the multiple inquiries on it's report as one inquiry for FICO scoring purposes. When another report is pulled either by you for review or by a lender for an extension of credit then all of the inquiries are still showing as individual inquiries. It then becomes necessary at times to explain that the multiple inquiries on a single date were for an auto loan.
The individual inquiries will remain visible on the report for two years but FICO only scores inquiries for one year. It is important to understand the distinctions between how the inquiries appear and how they are considered for scoring purposes.