Regular Contributor
Posts: 208
Registered: ‎04-17-2008
How much do 'inquiries' in your CR affect auto loan approvals?

Not sure if the subject line I typed out is all that specific so here goes.


I have no lates, collections, bk's, and utilization is under 2% on one credit card. I have three credit cards reporting activity and 1 installment loan (motorcycle) with a balance of $8k and have paid on time for more than 1 year (I got the installment loan/motorcycle as a way of having a mix of credit showing in my files rather than just credit cards alone).


Fico TU is 701 and EQ is 702


However, I am showing 3 hard inquiries on TU report (most recent inquiry was 12/08) and EQ is showing 2 inquiries (most recent is 10/08).


How will this affect, if any, for an auto loan approval? I keep getting the vibe from the forum that 'too many inquiries' will result in being denied a CC and/or auto loan even if your FICO score is reasonable.


Thoughts anyone?

Valued Contributor
Posts: 1,320
Registered: ‎04-18-2009
Re: How much do 'inquiries' in your CR affect auto loan approvals?

Inquiries only affect your FICO Score for a twelve month period. So the one from Dec 08 will no longer AFFECT fico score Dec 09.

they stay on your report for two years, then drop.

Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU

Take the FICO Fitness Challenge