inquiries

[squirrely2005]

I've a lot of inquiries recently. Mostly because I was trying to buy a car. I did buy one but it didn't end up in my name and i really wish it would have but it's fine. I read once somewhere that it's understood that you will have ot do that sort of thing at some point and if a loan is taken it'll look at it as one. Will that still be what will happen or will end up being all these new inquiries on my account instead of one?

Or am I completely wrong on everything? haha

[pizzadude]

Yes, FICO scores all "auto" or "mortgage" inquiries as a single inquriry assuming that they occur within a 30 or 45 day window depending on the particular FICO scoring model.    All of the inquries will appear on your CR, but assuming that they are coded correctly as AUTO then FICO only counts them as one.

[HoldingOntoHope]

Just to clarify what pizzadude said - The FICO scoring algorithm will score them as one inquiry provided that they are all coded as auto loan inquiries. However, they will all appear on your credit report and any new applications for credit their automated or manual review will see X number of inquiries and it may require explanation to a human to let them know that they were all generated in pursuit of an auto loan.

In other words, you may still be denied new credit for excessive number of inquiries. Some applications for credit will be able to override and some will not.

[Lel]

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@pizzadude wrote:

Yes, FICO scores all "auto" or "mortgage" inquiries as a single inquriry assuming that they occur within a 30 or 45 day window depending on the particular FICO scoring model.    All of the inquries will appear on your CR, but assuming that they are coded correctly as AUTO then FICO only counts them as one.

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Just a minor clarification: the window for inquiries is either 14 or 45 days, depending on scoring model.  The older versions of FICO, which include TU 98 and the most widely used Experian model use the 14 day window.  The newer versions of FICO, including Equifax's Beacon 5.0 that you can get here and TU 04, use a 45 day window.