Understanding FICO® Scoring

[7PM789]

The hard pulls listed on my credit report are as follows:

Experian-
8 within the past 24 months.
2 are from same day auto loan pulls.
3 of which are less than a year old.

Equifax-
7 within the past 24 months
5 are from same day auto loan pulls.
1 of which is less than a year old.

Transunion-
5 within the past 24 months.
2 are from same day auto loan pulls.
1 of which is less than a year old.

So if same day auto loan pulls are only counted as 1 inquiry my totals should be EX-7 EQ-3 TU-4... Correct?

[CribDuchess]

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7PM789 wrote:

The hard pulls listed on my credit report are as follows:

Experian-
8 within the past 24 months.
2 are from same day auto loan pulls.
3 of which are less than a year old.

Equifax-
7 within the past 24 months
5 are from same day auto loan pulls.
1 of which is less than a year old.

Transunion-
5 within the past 24 months.
2 are from same day auto loan pulls.
1 of which is less than a year old.

So if same day auto loan pulls are only counted as 1 inquiry my totals should be EX-7 EQ-3 TU-4... Correct?

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They would be counted as 1 inquiry for FICO scoring purposes only.  That does not remove/combine them on your actual reports to show as a single inquiry though.  Any creditor that you authorize to pull your reports will see all inquiries (HPs only, of course).  So even after a year when they stop effecting your FICO score, they are still in fact visible on your credit reports.  Hope this makes sense?

If you get denied for credit due to inquiries, you should definitely recon and explain that many of the inquiries were due to auto or mortgage shopping.  That explanation can be helpful to counter denials that are due to too many inquiries.

[llecs]

OP, per FICO scoring, you have 2 or 3 inquiries being counted on EX, 1 on EQ, and one on TU. Remember, FICO ignores all inquiries beyond a year of which most of yours are ignored. As mentioned, FICO also ignores duplicate auto inquiries if pulled within a certain time frame. You only have one each in TU and EQ so there's no duplication there. I'm unclear about EX. If 3 are less than a year old, and if all 3 are non-auto, then you have 3 counting towards FICO. If two of the three are auto, then you have two being factored. Not clear if the car was in the 5 that were older than a year old.

[7PM789]

Thanks llecs, the auto loan pulls are all from the same day over a year ago. Therefore as far as the inquiries effecting my FICO score it would be EX-3 EQ-1 TU-1.

CribDuchess, I haven't been denied for anything I'm just reviewing my credit reports in anticipation of the possibilities that 2013 will bring.

I am trying to figure out a strategy to obtain 3 more cards, the U.S. Bank Cash +, the Amex B.C.P. and eventually the Penfed Platinum Rewards.

[AndySoCal]

If the inquires are pulled within a 30 day period yes they will counted as one inquiry. If you go car shopping twice in three months they could be counted as mort than one inquiry depending on when your credit was pulled.