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Registered: ‎01-26-2013
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Multiple Inquiries from Auto Loan

I purchased an automobile in September and financed through the dealer.  From what I have read on this site, while the dealer my inquire with many lenders, my FICO score only factors this as 1 inquiry, but all of the inquiries done through the dealer will be seen on my report (is this correct?). However, when I pulled my score, it listed one of my negative factors as multiple inquiries this past year - 4 to be preceise, but 3 of these all came from the auto loan. So it seems they are being factored into my score. I appreciate any enlightenment.

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Posts: 3,302
Registered: ‎06-09-2010
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Re: Multiple Inquiries from Auto Loan


olkyshark wrote:

I purchased an automobile in September and financed through the dealer.  From what I have read on this site, while the dealer my inquire with many lenders, my FICO score only factors this as 1 inquiry, but all of the inquiries done through the dealer will be seen on my report (is this correct?). However, when I pulled my score, it listed one of my negative factors as multiple inquiries this past year - 4 to be preceise, but 3 of these all came from the auto loan. So it seems they are being factored into my score. I appreciate any enlightenment.


If the multiple auto loan INQ's were all pulled within the time frames allotted and coded properly then yes it is all scored as 1 INQ.

Also yes that while it is only impacting your score as 1 INQ each INQ applied for will be listed and seen by any one who pulls your credit report.

 

Just because they are suggesting reasons that are impacting your scores, they are not saying 100% that this is the reason your scores are being impacted.

 

For example: Reasons on my Report says Short Credit History, but my oldest account is 27 years old, and my AAoA is 14 years. But my scores also range from the 790-810, month after month depending on how I let things report.

 

 

Good Luck
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