Reply
Regular Contributor
Chanduwar
Posts: 217
Registered: ‎10-30-2007

Question about inquiries

Hi,

 

I bought a car in Sept and was totally financed by bank. When the Auto Agency ran my credit they ran application to like 12 banks and all of them did a hard inquiry. Though the load was approved by 5 of them but all the 12 inquiries are showing. 

 

How will future lenders look at this, if they do a hard inquiry?  In equifax the inquiry was hit 5 times. Will it be considered as one?

 

Will appreciate the help.

 

Chanduwar

Established Contributor
DiabolicallyRandom
Posts: 775
Registered: ‎03-09-2013

Re: Question about inquiries

In FICO scoring they should all be counted as one inquiry. As far as lenders go it could startle them a bit, but it would be easy to explain during recon.  Considering it was around 6 months ago I wouldnt be too worried about it. 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+