@joedtx wrote:
@fury1995 wrote:
@joedtx wrote:
@2b2rich wrote:Weatherguy is right. I believe there is a 2 week window where all of those inquiries from auto lenders only count as one so it shouldn't have tanked your score as a result.
False.....there is no such thing as a window. These are the deceptive sales fodder, the inquiries can be coded differently depending on the lending source which can differ there is never a good opportunity to shoot bulletholes through your credit reports by multiple inquiries and these WILL stay on your reports for a minimum of 2 years. NEVER give the dealer permission to shop your credit.
You are simply wrong.
This is directly from this site:
"Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score."
Of course all inquiries stay on a bureau for 2 years.
10% of your FICO scores.. are comprised of inquiries AND new accounts.
If inquiries are affecting someon's ability to obtain credit, there are bigger issues they should be dealing with.
Inquiries are overrated. I would gladly trade the possible results of saving hundreds if not thousands over the impact of inquiries any day.
Firstly, you just answered that question in the part that says "typically" it doesn't say 'it won't' and the reason it says that is because the credit is evaluated based on the lending criteria of said institution along with which model of the FICO scoring model being utilized. Inquiries certainly are a factor in the evaluation process there is a reason why a creditor will deny credit stating denial reasons such as: “too many inquiries last 12 months".
My apologies to the OP this was not intended to go off topic, but rather shed light on an aspect of it. I will refrain from further commentation as this is not related to the question asked.
You stated:
"False.....there is no such thing as a window."
This is the statement I am pointing to. You didn't say "unlikely" or "not always" or "questionable" .. you said there is NO SUCH THING as a window.
Again, you are simply wrong.
There is such a thing as a window.
Believe what you want but It's confirm by this very site that actually provides FICO scores and created the formulas..
@Anonymous wrote:2b2rich That is a total myth that multiple inquires count as one. I have talked to multiple people after they got 10 plus inquires from getting a car loan and there Fico dropped over 20 points on each CRA. The only time it counts as one is IF and ONLY IF the inquires are coded right which is rarely the case. My sister got a car loan and they ran her credit on all 3 CRAs a total of 17 times and her Fico dropped 55 points. If I apply for Ford Motor Credit they should ONLY run a credit inquiry ONE time for each CRA not multiple times.
@fury1995 Your simply wrong. 10 percent is a ton. One of my buddies got a new car and they shopped his credit. He got 15 inquires and his Experian dropped 71 points. His score was 765 before. So going from 765 to the 690's is a BIG DROP.
That may be dependent on what score your buddy was looking at...
This is from this site:
Does the formula treat all credit inquiries the same?
No. Research has indicated that FICO Scores are more predictive when they treat loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, FICO Scores ignore inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping. In addition, FICO Scores look on your credit report for rate-shopping inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores.
What to know about "rate shopping."
Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, FICO Scores ignore mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping. In addition, FICO Scores look on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores.
