Credit Inquiries Merging
10-07-2012 06:58 AM
I read somewhere that when you shop around for car or mortgage loans, the inquiries made during a month will be merged as one inquiry.
I had two mortgage loan inquiries, one on 8/17/12 and one on 9/5/12 and when I checked my transunion report on 10/5/12, I saw them as two inquiries.
My question is, is it showing two inquiries only to me as a consumer or will it be the same to creditors. Should I dispute the record?
I appreciate any help and thanks in advance.
Re: Credit Inquiries Merging
10-07-2012 08:59 AM
They won't merge into one inquiry. In FICO scoring models, they are scored as one inquiry, as long as they are coded the same (for auto loan purposes) and within a 45-day period.
Everyone will see 2 inquiries, including you and any creditors that see your report. But when it comes to your FICO score, the two inquiries will only be counted once.
2011 - Debts paid, no open credit
2012 - Rebuilding started, secured cards opened, SL rehabbed - EQ myFICO 636
2014 - 10k Discover, 3.5k Freedom, AmEx Green, SL, Auto Loan - EQ myFICO 695