Re: applied for an auto loan and now there's 26 inquiries
10-04-2012 10:36 AM
Hi, they are all the result of dealer pulls. I have not applied for credit cards etc. so I know for certain that they are all dealer pulls. I went to two different dealers. I find it a little hard to beleive that under my fico it states not good for amount of credit applied for because if it is counting as one it should states good or excellent in my opinion
What is your score? I assume you are talking about the list of negatives affecting your score on a report pulled from myfico. You have to take those with a grain of salt. Even someone with a very high FICO might have items listed on the negative side because their score could be higher if that negative (albeit minor) was not holding them down.
An easy way to confirm that they are counting as one inquiry is to compare your score before and after the pulls. I had 20+ inquiries when I was shopping for mortgages, but my score only changed by 3 points between the first and the last pull so I know they are being scored correctly. Do you know what your score was before you applied and what it is now? Of course, you'd have to control for other changes to your report. If your utilization has changed, if the auto loan is now reporting, etc., those are all going to affect your score.
I do not know if there is a way for you to see how the inquiry is coded. Maybe someone else knows whether you can see the coding, for example by looking at the full report directly from the CRAs.
Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720
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