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Making sense of inquiries...

Frequent Contributor

Making sense of inquiries...

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?




Amex B.C.E. - $2.5k - Amex Everyday - $5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover It - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k - Chase Marriott - $7.4k - U.S. Bank Cash + - $6k -
W.M. TU-781(Jan/15) Citi EQ-782(Dec/14) EX-782(Oct/14)
Audi, Vide, Tace. . .
Message 1 of 5
4 REPLIES
Established Contributor

Re: Making sense of inquiries...


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?






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.

 

FICOs: TU08 850 EQ08 850 EX08 849

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex BCE $12K; BofA Visa $10.1K; BofA TR Visa $18K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Costco Visa $19.3K; Citi Double Cash $13.5K; Citi Simplicity Visa $23.3K; Discover IT $50K; Fidelity Amex $25K; PenFed Plat Rewards Visa Sig $50K; Sallie Mae WMC $17.5K; Sears MC $10.1K; US Bank Cash+ Visa Sig $26K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
Message 2 of 5
Moderator Emeritus

Re: Making sense of inquiries...

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.

Message 3 of 5
Frequent Contributor

Re: Making sense of inquiries...

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.
Amex B.C.E. - $2.5k - Amex Everyday - $5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover It - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k - Chase Marriott - $7.4k - U.S. Bank Cash + - $6k -
W.M. TU-781(Jan/15) Citi EQ-782(Dec/14) EX-782(Oct/14)
Audi, Vide, Tace. . .
Message 4 of 5
Valued Contributor

Re: Making sense of inquiries...

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.

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
Message 5 of 5