How much will lenders pulling my credit report hurt my score?

[Anonymous]

Hi

I am actively looking for a car and have approached car dealers for financing. So far there have been 4 inquiries of my credit report. My scores are as follows

Experian: 640

Equifax: 680

Transunion: 700

3 of theses have benn on transunion and 1 on experian. I found out that it does not do the credit score any good to have many inquiries. I have no outstanding debt or anything negative on my report.

How much will these inquiries affect my credit score? I am planning to go for a few more car dealers but am worried that the score reduced because of these inquires will reduce my chances of getting a good rate. Please let me know

Thanks

[knr]

The FICO scoring system considers multiple inquiries during a period of "rate shopping" only one hit, which means your score will only drop a few points.

I think it's 14 days, but I'm sure some of the other FICO experts around here will chime in.

Good luck shopping.

-k

[MarineVietVet]

Hi aloknrao and welcome.

FICO scoring has a "de-duplication window" 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.

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".