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Valued Contributor
Posts: 1,195
Registered: ‎12-13-2007
0

Multiple Inquiries count as one?

I thought I read somewhere that if you do multiple applications in one day/period that they count, in terms of Fico, as one inquiry, i.e. they all show up but you don't get dinged on score for each and every app but just one.

I'm hoping to apply for 8-9 cards when my final round of disputes is over and I've gotten scores to 700 or so.
MyFico Scores (TU/Exp/Efx):

11/02/08 696 / 695/ 737- 5/4/08: 667 / 703 / 668 - 11/07 Low 500s All (Fako)
Senior Contributor
Posts: 4,596
Registered: ‎09-14-2007
0

Re: Multiple Inquiries count as one?

nyccc2, that is true but ONLY for mortgages and car loans.

It does not apply to credit cards, in any way.

If you apply for 10 cc's, you will have 10 hard inqs appear on your CR. And THAT alone may drop your scores 30-70 points. Maybe more.

And don't forget, the more new cards you add, the shorter your credit history becomes. And length of credit history is 15% of your FICO score.

Look at the pie chart in the Credit Education section of the myFiCO home page.
"Never ever, ever be late. Never" (FUTR)
Valued Contributor
Posts: 1,195
Registered: ‎12-13-2007
0

Re: Multiple Inquiries count as one?

Thanks for the reply. How long will that 30-70 point dip from inquiries last.

I am more concerned with growing credit, and thinking 5-6 cards used wisely will help more then hurt even with inquiries.

Waiting to see if Amex AU works that will give me, prior to new accounts:
35 Year Old Account
11 Year Old Accont
2 2 Year Old Accounts

So average should be good even with new cards.
MyFico Scores (TU/Exp/Efx):

11/02/08 696 / 695/ 737- 5/4/08: 667 / 703 / 668 - 11/07 Low 500s All (Fako)

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