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Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011

Multiple CC inquiries count as one

I read on another forum that algorithims for FICO scoring has changed in that it now includes a "shopping window" for CC inquiries.  Meaning that just like how mortgage and car shopping inquiries within a certain period of time counts as one inquiry that CC's do so as well.

 

Is this true?


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011

Re: Multiple CC inquiries count as one

I knew about Mortgage and Auto loans, but I wasn't sure about credit cards. Hopefully someone can shed some light on it, but I haven't heard that personally.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
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Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012

Re: Multiple CC inquiries count as one

Link?

 

I can't find anything about it.

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Multiple CC inquiries count as one

Untrue. The dupe window is for auto, SL, and mortgage inquiries only. Not CCs.

Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012

Re: Multiple CC inquiries count as one

That was always my understanding.  It does make a certain amount of sense, though, to adopt a similar system for cards.

 

With the interest rates of cards and sometimes the actual card received based on credit reports, FICOs, and internal scoring algorithms, you can't always tell what you're going to get when you apply for a new card.  For example, you may apply to US Bank for a Cash+ at 13.99% and get a Cash Rewards at 23.99% instead.  Consumers should be given the opportunity to shop around for cards like they do for a mortgage.

 

 

Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011

Re: Multiple CC inquiries count as one


djrez4 wrote:

Link?

 

I can't find anything about it.


Neither can I find anything about it :smileysurprised:

 

I said that I read it in another forum...never said anything about it being proven to be valid.  That's why I was asking here if anybody else knew this to be true or not.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011

Re: Multiple CC inquiries count as one


llecs wrote:

Untrue. The dupe window is for auto, SL, and mortgage inquiries only. Not CCs.


Yes this is what I have always thought too.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011

Re: Multiple CC inquiries count as one


djrez4 wrote:

That was always my understanding.  It does make a certain amount of sense, though, to adopt a similar system for cards.

 

With the interest rates of cards and sometimes the actual card received based on credit reports, FICOs, and internal scoring algorithms, you can't always tell what you're going to get when you apply for a new card.  For example, you may apply to US Bank for a Cash+ at 13.99% and get a Cash Rewards at 23.99% instead.  Consumers should be given the opportunity to shop around for cards like they do for a mortgage.

 

 


What was your understanding?  That multiple CC inquiries do or don't count as one?

 

What you say makes complete sense, however what makes sense and what actually IS are two different things.  You would think though that if this were true that this would be published somewhere for us to see.   I want to believe this but I'm erroring on the side that it is not true. :smileysad:

 

 


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Valued Contributor
creditnocash
Posts: 2,185
Registered: ‎07-23-2012

Re: Multiple CC inquiries count as one

[ Edited ]

note though that its on each report. 

so if they pulled all three reports 3 times it will only be counted as 1 time for each report 

not 1 time for all of the reports. 

 

so for example my toyota loan. 

the dealer and toyota pulled all three of my reports. 

since i already quallified for the best rate they only pulled it once each =) and didnt shop me around as they say. 

 

so it should count as 1 pull on each report instead of 2

Current: Discover Fico 689 7/14 Walmart Fico 682 7/14

Inquiries (24 Months): EQ 8 TU 5 EX 5 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
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Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011

Re: Multiple CC inquiries count as one


creditnocash wrote:

note though that its on each report. 

so if they pulled all three reports 3 times it will only be counted as 1 time for each report 

not 1 time for all of the reports. 

 

so for example my toyota loan. 

the dealer and toyota pulled all three of my reports. 

since i already quallified for the best rate they only pulled it once each =) and didnt shop me around as they say. 

 

so it should count as 1 pull on each report instead of 2


Huh?  I'm not sure which post you are replying to, but I was asking about credit card inquiries and not auto or mortgage inquiries.  I think we are mostly on the same page that inquiries for autos and mortgages during a small window (14 days to 30 days??) are counted as one.  The question is, is this the same case for credit cards?


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014

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