Contributor
diabla
Posts: 230
Registered: ‎10-01-2012
How do inquiries within 30 days count as one?

Is this a FICO rule, or is it the same with the individual CRAs?  Meaning, if I'm loan shopping and I get 4 auto loan inquiries in a week, will EQ drop my score 10 pts each time like they are currently doing?  Or will I just see one 10 pt. drop?   Or is it just FICO that will not penalize me when it calculates my score?

 

How does the scoring know - is there a code that companies must enter when they do an inquiry that indicates it for an auto loan?

 

I'm about to try about 3 different places to get a rate and I'm kinda scared of what its going to do to my score!

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
Re: How do inquiries within 30 days count as one?

It's a FICO only rule. Each FICO version differs, but that window is generally 30-45 days. The TU FICO on here is 14 days. Newer TU04 is 30 or 45 days. The EQ FICO on here is 30 days. EX FICO used by most lenders is 30. YMMV.

 

The duplication rule are for auto, mortgage, and SL lenders. Each lender will code the inquiry and FICO will lump them together. So, if you apply 10 times for an auto loan within a 2 week period, FICO will ignore 9 of them and only score on one. Also you should know that FICO won't score that one inquiry until the window expires. Once it expires, then a score change, if any at all, would hit at the end of the window. IME, a large majority of my inquiries never resulted in a FICO change (speaking from experience with 30+ on EQ and EX at one point).

 

 

Frequent Contributor
basballguy
Posts: 360
Registered: ‎02-20-2008
Re: How do inquiries within 30 days count as one?

ok so i got an auto loan back in may and i have 9 inquiries over 2 days...so even though score power says these "9" queries can be hurting my score, it's really only counting it one time?  See linked URL

 

http://www.espn4.com/2012/inquiry.png


Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
Re: How do inquiries within 30 days count as one?

basballguy wrote:

ok so i got an auto loan back in may and i have 9 inquiries over 2 days...so even though score power says these "9" queries can be hurting my score, it's really only counting it one time?  See linked URL

 

http://www.espn4.com/2012/inquiry.png


Go to the Credit At-A-Glance page and cross reference that with the total inquiry count. The totals should differ. Also the pos/neg items on pages 2 or 3 sometimes will show the total inquiries scored by FICO if impacting your score.

Frequent Contributor
basballguy
Posts: 360
Registered: ‎02-20-2008
Re: How do inquiries within 30 days count as one?
[ Edited ]

the totals are the same, it shows 9 on that page as well.

 

edit:  adding screenshot

 

www.espn4.com/2012/inquiry2.png


Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
Re: How do inquiries within 30 days count as one?

Are inquiries listed in the post/neg items on pages 2or 3?

Frequent Contributor
basballguy
Posts: 360
Registered: ‎02-20-2008
Re: How do inquiries within 30 days count as one?

no they do not list as a negative item when shown on that little scale thing, nor do they have that little negative flag anywhere on the report. 


Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
Re: How do inquiries within 30 days count as one?

And all 9 are auto inquiries?

 

Might be worth pulling your full report from annualcreditreport.com or from the CRA itself. Depending on whether it is an EQ report or TU, you can often see a field next to the inquiries called "permissible purpose". Under there, it should say "automobile inquiry" or something like that. 

 

Score-wise, it doesn't look like these are hurting, based on that it isn't listed as a negative reason and lacking a red flag. While it does happen that lenders miscode the inquiry, I can't envision that all 9 are miscoded (well, 8 of 9).

Frequent Contributor
basballguy
Posts: 360
Registered: ‎02-20-2008
Re: How do inquiries within 30 days count as one?

i do subscribe directly to equifax.com as well so i can check there and report back.