Reply
Regular Contributor
Posts: 245
Registered: ‎12-27-2012
0

Multiple Inquiries Counted as one?

Hello All,

 

I read this on creditsesame.com: "Multiple inquiries for mortgage or auto loans within 45 days are counted as only one inquiry"

 

Is that right?

 

Thanks,

Code

 

 

~ 100k in Rev CC. 15k Credit Line. 16.5k Car Loan(@1.7%) Starting scores: 690 EQ (Dec 2012) Mid-year FICO scores April ‘13 Pulled by lenders(Barclays, Amex): TU 747 • EQ 752 • EX 746 • Scores As of Nov 2013: 740 and above across the board.
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Multiple Inquiries Counted as one?

I cannot speak to CreditSesame's FAKO, but per FICO scoring, auto, mortgage, and student loan inquiries each are lumped together into their own cetegory of inquiry if pulled within a certain time frame. That time frame ranges anywhere from 14 to 45 days depending on the FICO version and CRA used. Newest versions are up to 45 days. The ones used by most mortgage lenders are 30. So, you can apply 100 times for a mortgage within a 2 week period and FICO will ignore 99 of them. Also, any damage from the inquiry won't be felt until the window expires.

Established Contributor
Posts: 554
Registered: ‎03-13-2011
0

Re: Multiple Inquiries Counted as one?

But keep in mind anyone you are applying for will still see however many inqs, even if fico scores weight it differently.

 

I did mortgage and auto loan shopping end of 2012- summer of last year and thats where are majority of my credit inqs come from. when I am declined for clis, the reason they give is too many inqs. i cant help but think its because of the like 8 pulls on my credit for the auto loan.  luckily the mortgage was only 2 per cbr, but it still adds up, especially if the creditor pulls multiple reports on you.

WM TransUnion- 650 (6/2014) Credit Sesame Experian- 691 (6/2014) Credit Karma TransUnion- 665 (6/2014)
Amex Zync/UNICORN- NPSL/Capital One Venture One Pro -$7,000/NFCU Cash Rewards- $7,500/NFCU NavChek- $5,000/SouthWest Airlines- $5,000/Capital One Quicksilver Platinum- $3,000/Wal-Mart Discover- $6,000/Bill Me Later- $2,200/JCP- $4,700/Discover IT- $500/Care Credit -$2,300/Old Navy Visa- $2,000/New York & Company - $1,000/Capital One -$800
GOALS: No new inqs until 10/30/14. Pay off debt consolidation loan in less than 1 year. Snowball debt payments.
Last HP: 3/5/14
Contributor
Posts: 92
Registered: ‎03-17-2013
0

Re: Multiple Inquiries Counted as one?


llecs wrote:

I cannot speak to CreditSesame's FAKO, but per FICO scoring, auto, mortgage, and student loan inquiries each are lumped together into their own cetegory of inquiry if pulled within a certain time frame. That time frame ranges anywhere from 14 to 45 days depending on the FICO version and CRA used. Newest versions are up to 45 days. The ones used by most mortgage lenders are 30. So, you can apply 100 times for a mortgage within a 2 week period and FICO will ignore 99 of them. Also, any damage from the inquiry won't be felt until the window expires.


Just a random thought here but aren't credit reports usually pulled at pre-qualification and immediately prior to closing?  Unless of course you manage to get a home purchase offer accepted and closed within 30 days of when you pre-qualified, it seems like you would lose a few FICO points by the time the second report is pulled (which conveniently makes it easier for the bank to charge a higher interest rate).

Valued Contributor
Posts: 1,486
Registered: ‎08-30-2011
0

Re: Multiple Inquiries Counted as one?


0x47 wrote:

llecs wrote:

I cannot speak to CreditSesame's FAKO, but per FICO scoring, auto, mortgage, and student loan inquiries each are lumped together into their own cetegory of inquiry if pulled within a certain time frame. That time frame ranges anywhere from 14 to 45 days depending on the FICO version and CRA used. Newest versions are up to 45 days. The ones used by most mortgage lenders are 30. So, you can apply 100 times for a mortgage within a 2 week period and FICO will ignore 99 of them. Also, any damage from the inquiry won't be felt until the window expires.


Just a random thought here but aren't credit reports usually pulled at pre-qualification and immediately prior to closing?  Unless of course you manage to get a home purchase offer accepted and closed within 30 days of when you pre-qualified, it seems like you would lose a few FICO points by the time the second report is pulled (which conveniently makes it easier for the bank to charge a higher interest rate).


If you lock in a rate, they can't change the rate once the lock is in place, unless you, the consumer does something foolish.  The 2nd pull is actually to keep you (meaning the plural you!) honest, and to make sure a consumer doesn't go crazy and apply for new credit during that time between the first pull and approval and the 2nd pull/closing.  They are basically looking to see that the information is essentially the same, perhaps with a few lower balances, if you've made payments within that time period.  If there IS a substantial change in the report, then that becomes a game changer. 

 

That's one of the reasons that advice is frequently given here to do ABSOLUTELY NOTHING that will impact your credit report while you are going through the process of obtaining a mortgage.  Lots of folks are antsy to get new credit cards to furnish their new house.  It's always best to wait for ANY change in your credit status until you've closed on the loan, the mortgage has funded and you've got keys in hand. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10.5K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 823 TU = 822 as of 07/15
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Multiple Inquiries Counted as one?

Ditto. Also not all mortgage lenders will pull a 2nd time. I signed mortgage docs agreeing that mine would but they didn't pull any hard or soft inquiries leading up to closing despite being nearly 2 months between app and close.

Valued Contributor
Posts: 1,221
Registered: ‎07-17-2012
0

Re: Multiple Inquiries Counted as one?

Ok, say your shopping for an auto loan and goto 6 different dealers over the course of a week and they each do a hard pull. Will your CR show those 6 inquiries but they won't hurt your score as much?

I was car shopping last Summer. Probably went to 5-6 dealers. I think some tried a few banks. Between than and applying for some credit cards, I have 16 inquiries. To me, it seems like they are all weighing on my score because they are shown. I will go from 16 to 0 if I don't app until Sept. 4 months left!
Barclay RewardsCap 1 VentureCap 1 QuicksilverApple RewardsMerrickWalmartJC PennyRed card
|****$10500***|****$9000*****|****$8000*****|****$3200****|****$1600****|****$6000****|*****$6000*****|****$3000****|
EX - 684 | TU - 680 | EQ - 696| EQ 04 - 721
Highlighted
Valued Contributor
Posts: 1,486
Registered: ‎08-30-2011
0

Re: Multiple Inquiries Counted as one?


masscredit wrote:
Ok, say your shopping for an auto loan and goto 6 different dealers over the course of a week and they each do a hard pull. Will your CR show those 6 inquiries but they won't hurt your score as much?

I was car shopping last Summer. Probably went to 5-6 dealers. I think some tried a few banks. Between than and applying for some credit cards, I have 16 inquiries. To me, it seems like they are all weighing on my score because they are shown. I will go from 16 to 0 if I don't app until Sept. 4 months left!

For the purpose of SCORING, they will count as one inquiry.  FICO's formula will count it as one.  It will, however, SHOW as multiple inquiries on any report.  Where this all becomes a bit tricky is when there is a manual review of the credit report.  A simple explanation of car shopping should resolve any issues from a lender doing the manual review. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10.5K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 823 TU = 822 as of 07/15
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.