11-26-2012 09:16 AM
OK so I have some Inq's ( a bunch) from car shopping in May, do they each count against me OR do they not hurt as much
since they were all toward auto loan?
I want to make sure that I have my understanding right on this, that inq's only hurt your score for a year but still remain for the
full 2 years? do you get points back after that first year?
11-26-2012 10:20 AM
FICO ignores all inquiries after 12 months.
FICO ignores duplicate inquiries each for SLs, auto inquiries, and mortgage inquiries if pulled within a certain time frame. That time frame varies by CRA and FICO version used (by future lenders pulling your credit). Generally, that time frame is 14-45 days. TU98 on here is 14 days. Beacon 5.0 (EQ) on here is 30 days. The newer versions and versions used by most lenders are 30-45 days. So, if you apply 100 times for a car in a 2 week period, FICO will ignore 99 of them and only score one. The damage of the inquiry, if any at all, will only be scored once the window expires, not during the window. This is good so that if you went to two different lenders and they used the same FICO they'd see the exact same score...no ding for the inquiry at all within the window.
Once the window expires, then you may or may not see a FICO impact. IME, most of my inquiries resulted in no FICO score change at all. Any damage will fade over time and be completely gone within a year.