auto inquiries not counting as 1!

Anonymous · ‎11-19-2015

So I recently bought a new vehicle and I am watching all the inquiries roll in on MyFico. My scores keep dropping every time another one of these inquiries is being reported. i Have lost over 50 points across all 3 bureaus! I thought auto loan inquiries were supposed to count as one if they were within 2 weeks of eachother? Some of them are showing as installment loan inquiry tho and im wondering if maybe that's why. Please help!

Anonymous · ‎11-19-2015

I'm going to slink into the this thread and watch it. Back in Feb of 2013 I had 27 Hard Inquires on my report. All from the same dealership (trying to get me approved for a car with a CS of 512 . I ended up getting approved at 20%....needless to say I didn't buy the car) I didn't quite understand why I had so many inquires either. Following for knowledge!

fury1995 · ‎11-19-2015

@Anonymous wrote:
So I recently bought a new vehicle and I am watching all the inquiries roll in on MyFico. My scores keep dropping every time another one of these inquiries is being reported. i Have lost over 50 points across all 3 bureaus! I thought auto loan inquiries were supposed to count as one if they were within 2 weeks of eachother? Some of them are showing as installment loan inquiry tho and im wondering if maybe that's why. Please help!

They are..

How many inquiries? How may related to the auto loan applications?

How many are reporting as Installment?

Do you have any other inquiry types reporting?

Do you have any other new accounts reporting?

August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

Anonymous · ‎11-19-2015

@Anonymous wrote:
I'm going to slink into the this thread and watch it. Back in Feb of 2013 I had 27 Hard Inquires on my report. All from the same dealership (trying to get me approved for a car with a CS of 512 . I ended up getting approved at 20%....needless to say I didn't buy the car) I didn't quite understand why I had so many inquires either. Following for knowledge!

Yikes! Does anyone know if this is more common in low FICO score situations or does this happen when scores are high, too?

Anonymous · ‎11-19-2015

@Anonymous wrote:
@Anonymous wrote:
I'm going to slink into the this thread and watch it. Back in Feb of 2013 I had 27 Hard Inquires on my report. All from the same dealership (trying to get me approved for a car with a CS of 512 . I ended up getting approved at 20%....needless to say I didn't buy the car) I didn't quite understand why I had so many inquires either. Following for knowledge!
Yikes! Does anyone know if this is more common in low FICO score situations or does this happen when scores are high, too?

I Have no idea but if I had to guess, since my score was so low it obviously took way more inquiries to find a bank that was willing to take the "risk" and finance me, but I thought it would have just been 1 hit for all the banks looking at it..not 27 >_<

Anonymous · ‎11-19-2015

That is ridiculous. I'm thinking of giving the dealer a chance to beat whatever rate I get, but I don't want to deal with dozens of inquiries on my report.

Unfortunately there is nothing you can do about the inquiries. The problem is they are not all coded the same and I think that's were people start taking the score hit. I wish we could at least dispute the type of inquiry. That might help.

Anonymous · ‎11-19-2015

Do NOT let the finance department at those dealerships run your credit for financing. Just go get your own at a CU or at worst do CapOne financing and get your own. Those dealerships will run your credit 40-50 times if they can. I dont care if he can get a 5.50% and I got my own and its at 7%. I rather stay with mines and not do all those inquiries and ill just refinance with my own dept.

Luckily for me Texas Direct Auto ran it like 20 times but 10 have dropped off and when they were running it I was getting alerts and I was like what the hell i said just get me APPROVED not run it all over. So he stopped...

Ill never do that again but two of the inquiries jumped my credit up 20 points..Weird.

Anonymous · ‎11-23-2015

So is there nothing I can do about them then? Because I am seeing 20-30 pt decrease across the board and my scores were the highest they have ever been post-bk

Hokies2379 · ‎11-23-2015

@Anonymous wrote:
So is there nothing I can do about them then? Because I am seeing 20-30 pt decrease across the board and my scores were the highest they have ever been post-bk

Unless they were done fraudently, its highly unlikely you can do anything about them.

It's just another one of those fico myths.

Anonymous · ‎11-23-2015

I had fourteen run when I bought my new car. Now I get the message that I have too many inquiries. Well, no kidding??? It sucks, but in two long years they will be gone. They will stop effecting your score in a year, if that helps at all.