Doubt about hard inquiries

[Anonymous]

Hi all,

I don't have any credit score and credit history (I never had any credit card or loan - for example) and I want to know if I apply for credit cards or car financing, when I eventually start to have credit history or score, would all applications I filled before the first approval count as one hard inquiry^:

Thanks.

[myjourney]

Welcome to the forum

Good question 

If applying for a car loan and all HP's are pulled within a 30 day window then yes they'll be counted in Fico eyes as one HP

However this is contingent on the car dealer being coded correctly in the system 

If they aren't coded correctly it will result in numerous HP's 

Now if it's CC's each one will result in a HP 

In your case with no history or score start with secured cards and having family add you as an AU to long standing accounts 

[Anonymous]

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@Anonymous wrote:

Hi all,

I don't have any credit score and credit history (I never had any credit card or loan - for example) and I want to know if I apply for credit cards or car financing, when I eventually start to have credit history or score, would all applications I filled before the first approval count as one hard inquiry^:

Thanks.

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I see all of the inquiries I've made before actually opening the first account in my profile.  So no, hard inquiries prior to your first approval are not combined unless they normally are, like mortgage or auto loan applications.

[Anonymous]

Thank you for replying.

I didn't make my self clear. I'm sorry. English is not my first language.

My question was more about: would them track all inquires I've made prior to my first account - like I don't have any history but if apply for 5 credit cards and 3 car loans, when I get my first account, this would appear is my profile (doesn't matter how many times, 5 or 50, but they will know that I tried to apply for something)? I think your answer respond that. Yes, they will add this to my new profile as soon as it become available.

Also, do you know how much this will affect my new credit score?

[Anonymous]

You have a profile, just no score yet.

All credit seeking activity will appear in your report regardless of if you have an approced CC or Loan. Once you get a CC or a Loan then you will have your FICO score calculated according to the information in your profile.

They are two seperate things:

1. A Credit profile

2. A Score based off of your credit profile

[myjourney]

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@Anonymous wrote:
Thank you for replying.

I didn't make my self clear. I'm sorry. English is not my first language.

My question was more about: would them track all inquires I've made prior to my first account - like I don't have any history but if apply for 5 credit cards and 3 car loans, when I get my first account, this would appear is my profile (doesn't matter how many times, 5 or 50, but they will know that I tried to apply for something)? I think your answer respond that. Yes, they will add this to my new profile as soon as it become available.

Also, do you know how much this will affect my new credit score?

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Yes all apps before your first approval be it car, CC or mortgage will show on your CR's 

So to clear it up for you....

Say you were denied credit for the car the mortgage and approved for the CC .....yes the CCC would see the HP from the car and mortgage

[CreditDunce]

Hard INQ only affect your score for the first year.  Then they drop off completely after 2 years.  In your case, you will not have a FICO score for the first 6 months, so the INQ will only hurt from months 7-12.   They will hurt your score, but they will not hurt your score that much.  It is a relatively small slice of the FICO score pie.

My advice would be to get one or two secured credit cards.  The next month get a small shared secured installment loan.  See the various threads in the understanding FICO score forum on how to go about the shared secured loan.  If money is tight you can get the shared secured loan first, but it isn't quite as good from an insurance score perspective.  After 7 months, you can apply for starter unsecured credit cards and/or auto loan.  If you apply for an auto loan before you have a FICO score, you will pay a very high interest rate.

With time and a perfect payment history, you will build a good FICO score.