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Multiple CC inquiries count as one

Valued Contributor

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
Message 1 of 13
12 REPLIES
Established Contributor

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: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Message 2 of 13
Established Contributor

Re: Multiple CC inquiries count as one

Link?

 

I can't find anything about it.

Message 3 of 13
Moderator Emeritus

Re: Multiple CC inquiries count as one

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

Message 4 of 13
Established Contributor

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.

 

 

Message 5 of 13
Valued Contributor

Re: Multiple CC inquiries count as one


djrez4 wrote:

Link?

 

I can't find anything about it.


Neither can I find anything about it Smiley Surprised

 

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
Message 6 of 13
Valued Contributor

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
Message 7 of 13
Valued Contributor

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. Smiley Sad

 

 


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
Message 8 of 13
Valued Contributor

Re: Multiple CC inquiries count as one

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 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 9 of 13
Valued Contributor

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
Message 10 of 13