Hard Inquiries

[Anonymous]

Hello, first I want to thank all that respond to posts on here.. there is some very valueable information that is on here and I am sure everybody on here appreciates it.

Ok now to my question.. when I puchased my car, I walked into the dealership with a pre-approved loan form. The dealer said that he could get me a better rate (and he did) but I did not realize that he checked 9 lenders to do so. So I have 9 hard inquiries from Jan 2012 (all on one day).  I know that they stay on for 2 years but I have heard that they only count against your score for 1 year. The second part is how many points do they account for? 

[Shogun]

Inqs don't account for specific points.  It depends on what's already on your CR as to how many points.  Also, they seem to be bunched up.  Like 1-2, 3-5 etc.  It's not an each inquiry affects your scores situation.  Now, you received several HPs from the creditors while car shopping.  FICO takes this into account and they should all count as 1 inquiry when scoring is concerned.  You will see several different inquiries, but FICO will not ding your score for each one.

[chasmith]

Inquiries for a car or a mortgage are grouped to count as one (as long as the lender codes them correctly).

[jetsfan2013]

It only impacts you seperately if you are shopping for different things, such as applying for 9 different credit cards