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I am shopping for financing options and in the last 5 days I've had 4 inquiries. I thought that when you are shopping you can have a certain number of inquiries in a short amount of time and FICO counts it as 1 inquiry. Is this true? If not, how do you shop for auto financing?
Thanks in advance!
@krystle wrote:I am shopping for financing options and in the last 5 days I've had 4 inquiries. I thought that when you are shopping you can have a certain number of inquiries in a short amount of time and FICO counts it as 1 inquiry. Is this true? If not, how do you shop for auto financing?
Thanks in advance!
Hi krystle,
For scoring FICO will only count these as one inquiry but all of them will still show on your reports. Other lenders can see them but even a halfway decent manual review will see that all of them were done while auto shopping.
Does that answer your question? I don't always make myself very clear.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
All inquiries are counted as a single inquiry through the span of 7 days. However, that is just for scoring purposes. If you've never had a loan, have a short or spotted credit history, the application reviewer if manually (and sometimes automated review) can view those individually. While 5 isn't necessarily a major hit, more than that can cause a "too many inquiries" denial with some financers.
@Anonymous wrote:All inquiries are counted as a single inquiry through the span of 7 days. However, that is just for scoring purposes. If you've never had a loan, have a short or spotted credit history, the application reviewer if manually (and sometimes automated review) can view those individually. While 5 isn't necessarily a major hit, more than that can cause a "too many inquiries" denial with some financers.
It's longer than 7 days. Here is an older post I stole borrowed from fused: