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Rate shopping - One or two inquiries ?

New Contributor

Rate shopping - One or two inquiries ?

Hey all:  Just wanted to pose a quick question. Being mindful of how many credit card inquirys appear on my credir report, I wanted to see if applying for a personal loan / non-secured loan from my credit union and also apply for a peer-to-peer personal loan (eg. Prosper / Lending Club) just to see what I can get a better rate on. If I were to do this in 30 days, would this count as one hard inquiry or two?  Thanks!

 

-Nick

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Frequent Contributor

Re: Rate shopping - One or two inquiries ?

I would expect the inquiries to count individually. 

 

Here's the following from Bankrate:

"Multiple inquiries generated when rate-shopping for a Mortgage, Auto, or student loan are consolidated by credit scoring models when done within a certain window of time. The FICO scoring model ignores mortgage, auto and student loan inquiries in the 30 days prior to scoring. Mortgage, auto and student loan inquiries older than 30 days are lumped as one inquiry whenever they fall within a 14-day span. Newer versions of the scoring model count the shopping period as any 45-day span. VantageScore lumps such inquiries that occur within a rolling 14-day window as one inquiry."


I don't think that the personal loans you are looking at would be lumped together for shopping purposes.

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
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