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Member
HigherCredit
Posts: 14
Registered: ‎09-09-2007
0

Multiple inquiries on the same day for a car loan

I read somewhere in this forum that if you're shopping for a car, CRA's group multiple inquiries on the same day as one. Well, I checked my EQ report and my dealership made multiple inquiries on the same day on two different days. How can I rectify this?
Senior Contributor
imducky
Posts: 3,432
Registered: ‎08-27-2007
0

Re: Multiple inquiries on the same day for a car loan

i've heard that if it's for the same type of loan (car, mortgage, etc.) within a week or so, it's counted as one or at least hurts less than several hards for multiple credit types. fico takes into account rate/deal shopping and doesn't take you to task for being a smart consumer.
Member
HigherCredit
Posts: 14
Registered: ‎09-09-2007
0

Re: Multiple inquiries on the same day for a car loan

So even though it's reported multiple times, it doesn't hurt my score?
Senior Contributor
imducky
Posts: 3,432
Registered: ‎08-27-2007
0

Re: Multiple inquiries on the same day for a car loan

within a specific time window for the same type of loan, as i understand it. this is not the case with credit cards, diff animal all together.
 


HigherCredit wrote:
So even though it's reported multiple times, it doesn't hurt my score?


Regular Contributor
Redamagon
Posts: 139
Registered: ‎08-07-2007
0

Re: Multiple inquiries on the same day for a car loan

IF I am notmistaken, you have a window of 30 days. I read somewhere, and I cannot remember where.
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
0

Re: Multiple inquiries on the same day for a car loan

With the "de-duplication window", FICO scoring looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan within a two-week period (I think it's 30 days now for a mortgage, correct me if I am wrong), it will ignore all but one of them as far as scoring is concerned. FICO doesn't treat credit card inquiries like this, BUT THEY SHOULD!!!
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Established Member
Missa
Posts: 19
Registered: ‎03-13-2007
0

Re: Multiple inquiries on the same day for a car loan

I have read about multiple pulls having no impact repeatedly and have told customers this for years (I work at a dealership)....I now believe otherwise....The underwriter I am dealing with wants an explanation of all my mortgage related pulls. And the creditors names are all names like MortgageOne, HomeLend,etc (I am making these names up, but you get the idea).

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