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How many inquiries to hurt your score?

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krystle
New Member

How many inquiries to hurt your score?

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!

Message 1 of 4
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MarineVietVet
Moderator Emeritus

Re: How many inquiries to hurt your score?


@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".

Message 2 of 4
Anonymous
Not applicable

Re: How many inquiries to hurt your score?

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.

Message 3 of 4
MarineVietVet
Moderator Emeritus

Re: How many inquiries to hurt your score?


@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:

 

FICO scoring has a "de-duplicationwindow" and it looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan it will ignore all but one of them as far as scoring is concerned. If the lender is using an older FICO scoring model the window is 14 days, if they are using the newest model it can be up to 45 days. Also keep in mind that even though the multiple inqs count as one in FICO scoring, all of the inqs will continue to show on your reports (that is, reports pulled from sites other than myfico) for up to 2 years.
 
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