Inquiry Question

[Anonymous]

On Nove 15th my credit was accessed by NFCU for the purpose of an auto loan but also as of today Nov 27th another company accessed my credit for automotive purposes....My question is will that count as one inquiry or two?

[Anonymous]

I don't believe it will count twice by Fico scoring standards.

14-day window grace period for scoring purposes.  It will show up as an inquiry, but it won't hit you in points.

[Anonymous]

Thanks

[Anonymous]

Yeah, you only went to two places?  Dang, too bad you ran out of time.  Could have ran around...I like to get at least three lenders before I settle down.

[Anonymous]

Does anyone know how FICO knows it is an inquiry specifically for a car loan or a mtg loan when calculating the "14 day" window?   They all seem to say "permissible purpose" - so how do they know the difference between...

-mtg loan app

-auto loan app

-credit card app

-opening a checking account

??????

[Anonymous]

No, there's no particular way in separating them.

Just hard and soft inquiries.

I would assume the only way a lender could analyze who is looking at the account is to look at the name of the lender, Fico doesn't do such a thing.

[Anonymous]

No, there's no particular way in separating them.

Just hard and soft inquiries.

I would assume the only way a lender could analyze who is looking at the account is to look at the name of the lender, Fico doesn't do such a thing.

Actually... There is a code on the inc that identifies the type of credit applied for.  It doesn't show on most of the daily pull reports and whatnot but if you go back and check carefully on a report from the CRB's you will see that there is a credit type associated with the pull.

Van

[Anonymous]

Vanyel, I was about to say something similar, although it's only a theory.

A particular credit grantor(ccc, mortgage co., car dealership, etc), when requesting CR's from a CRA, is assigned a particular code for that particular industry, for that particular CRA. And all inq's contain that specific industry code. Kind of like a SIC. So it's universally recognized. And it attaches to an individual's SSN. That's how it knows.

Just a theory(I'm full of them, just many are totally off base. lol)

[Anonymous]

Eh.  All of credit's a theory, Syl.  There needs to be a credit bible that everyone abides by.  I guess this site is the closest thing to that.