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Multiple Inquiries from Auto Loan

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Anonymous
Not applicable

Multiple Inquiries from Auto Loan

Hi there! I am trying to rebuild my credit and as I've been reading multiple forums, I can't find the answer to this question:

 

 

If Multiple auto loan inquiries hit your report within a 14-day period and they all count as  one inquiry, Why does it show all 4 on my report?  Do they eventually fall off and count as one? 

 

I am 4 months strong on my auto loan and it bumped my credit score pretty well. It gave me the motivation to keep rebuilding my credit

Message 1 of 5
4 REPLIES 4
baller4life
Super Contributor

Re: Multiple Inquiries from Auto Loan

Fico only scores them as one. However, lenders will see each one for two years till they drop off. They will lose their effect on score after 1 year.
Message 2 of 5
Anonymous
Not applicable

Re: Multiple Inquiries from Auto Loan

Thanks! Although lenders see that you have multiple inquiries from an auto loan I assume they'd know that I was looking for the best rate. Hopefully they take that into consideration as I need a credit card Smiley Indifferent

Message 3 of 5
pizzadude
Credit Mentor

Re: Multiple Inquiries from Auto Loan


@Anonymous wrote:

Thanks! Although lenders see that you have multiple inquiries from an auto loan I assume they'd know that I was looking for the best rate. Hopefully they take that into consideration as I need a credit card Smiley Indifferent


Sometimes creditors will auto deny due to excessive inquiries.  In this case you should be able to recon based on the fact that you're rate shopping. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 5
Anonymous
Not applicable

Re: Multiple Inquiries from Auto Loan

Thanks! I've never thought to recon. (New to this) 

Message 5 of 5
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