Loan Shopping

[Anonymous]

Hi everyone! I am getting ready to begin auto loan shopping (first time buying a car EVER) and I already knew that if I have a bunch of HPs in a short time that they will count as one once I choose the loan. My qustion is, is there a limit of say, 5 HPs that will only count as 1? Or does it not matter as long as I pick one within 30 days? I plan on applying at my local credit union, my personal bank, as well as a couple other major banks before I go to the dealer with the best one and try to get a competitive rate. Also, should I do it all in one day to avoid being denied because of HP's or can I spread my apps out a few days/weeks without worrying?

[Barry]

First, keep in mind that only loan - not card - inquiries are "deduplicated". Any number of loan inquiries incurred within any rolling 14-45 day period (depending on the score model), as well as any loan inquiries within the 30 day period prior to the score are ignored.

WIth apologies in advance for shamelessly promoting my own writing, I hope this explanation will help: FICO credit inquiry ‘deduping’ process demystified

[Anonymous]

Hey, your shameless promotion of yourself actually helped me so no apologies necessary

So from what I understood from your article, if I applied for a loan today, and three loans tomorrow, the one inquiry from today would be the only one counts? I have never applied for a loan (besides doing the FAFSA for school) so this has been very helpful!

[Barry]

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@Anonymous wrote:

Hey, your shameless promotion of yourself actually helped me so no apologies necessary

So from what I understood from your article, if I applied for a loan today, and three loans tomorrow, the one inquiry from today would be the only one counts? I have never applied for a loan (besides doing the FAFSA for school) so this has been very helpful!

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Correct! And due to the 30-day dedup, the one that counts will only do so once it's more than 30 days old.

Glad to help!

[gdale6]

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@Barry wrote:

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@Anonymous wrote:

Hey, your shameless promotion of yourself actually helped me so no apologies necessary

So from what I understood from your article, if I applied for a loan today, and three loans tomorrow, the one inquiry from today would be the only one counts? I have never applied for a loan (besides doing the FAFSA for school) so this has been very helpful!

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Correct! And due to the 30-day dedup, the one that counts will only do so once it's more than 30 days old.

Glad to help!

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Impressive portfolio there Barry..

[Barry]

Thanks, gale6! Been at this a long time. Tell your friends...