Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping.
In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.
Hope that helps!
Technically Credstar still has PP. I would kindly ask them to remove any dupes.
MercyMe wrote:Hummmm ... For reasons of "permissable purpose" I have been hestitant to dispute several double-reported hard inquiries, on my credit reports -- such as two hits within two days from Credstar, during the time I was refinancing the house. Should I dispute these?
with apologies, i'd just like to be clear on this... using myfico to get my fico scores does not lower my scores and, in theory, i could pull these scores monthly with no adverse effect?