Inquiries for auto loans

[guiness56]

I was under the impression, maybe incorrectly, that when you are looking for a vehicle that all inquiries would count as one.

I filled out one application and now have 15 new inquiries on my credit reports.

[llecs]

They count as one if scored as an auto inquiry if pulled within either a 14 day or 30 day window, depending on the CRA and the version used.

[guiness56]

All of the inquiries have an "Auto" in the company name, all within 4 days.

15 inquiries in 4 days is gonna hurt.

[llecs]

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guiness56 wrote:

All of the inquiries have an "Auto" in the company name, all within 4 days.

15 inquiries in 4 days is gonna hurt.

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It won't hurt FICO. It will read these inquiries as if it were one lumped together. So you have one inquiry, not 15. And again, it may be worth pulling the CRs directly from each CRA to make sure it is coded as "Auto". It will list the puller and it will list "Permissible Purpose". That should read as Auto or Automobile.

[guiness56]

Thanks.  That eases my mind.  I saw all those inquiries and started doing the math.

[Anonymous]

If the creditor did not tell the credit bureau the inquiry was for an auto, the inquiry is a general inquiry and each will deduct from your score.

[smallfry]

These auto inquiries won't hurt your score more than if you had only one but...this kind of machine gun garbage by the auto dealers is reason enough to get into a solid credit union and end up with only 1 inquiry when you shop for a car. In some cases there might be no inquiries. It looks like a ton of inquiries upon manual review regardless of the impact on your score.

[MarineVietVet]

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@smallfry wrote:

These auto inquiries won't hurt your score more than if you had only one but...this kind of machine gun garbage by the auto dealers is reason enough to get into a solid credit union and end up with only 1 inquiry when you shop for a car. In some cases there might be no inquiries. It looks like a ton of inquiries upon manual review regardless of the impact on your score.

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Amen about credit unions. For my son's truck loan one application = one inquiry. You can't ask for much better than that.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

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[kathol39]

I check my credit score thru credit karma (not sure if they are legit or not.) I have 15 inquirys showing in which 13 are within 5 days for auto financing. Are these supposed to count as one? Thanks for any helpful input.  kathol39

[wHiTeSoL]

I'm pretty sure each and every inquiry is its own separate one. It is only counted as one in terms of Fico scoring if it is within 14 days. You may still get "too many inquiry" rejections but its easy enough to explain in a manual review.