Can anyone confirm this??

Anonymous — Wed, 22 Jun 2011 15:52:26 GMT

"Credit bureaus now count multiple inquiries in one month as ONE"

Is this true??

Best regards

Re: Can anyone confirm this??

MarineVietVet — Wed, 22 Jun 2011 15:57:29 GMT

@Anonymous wrote:
"Credit bureaus now count multiple inquiries in one month as ONE"

Is this true??

Best regards

Welcome to the forums! I ~~stole~~ borrowed this information from another member:

Auto and mortgage inquiries are treated differently from the others because it makes sense to shop around for the best rate or deal. Because of that, auto and mortgage inquiries are lumped together for FICO scoring purposes if pulled within a two-week to 45 day window as you mentioned. So, if you apply 100 times for a car within a two-week window, you are only dinged for one of those inquiries.

The confusion comes as to what is what: two weeks or 45 days. The answer is both. Each CRA uses its own FICO score. So, for classic scores, there are 3 of them, one each for EX, TU, and EQ. To complicate things, for all three, there are different versions of classic FICO scores being used by various lenders. The older versions tend to use a 14-day window and the newer use a larger window, up to 45 days. I really don't know which is which anymore (I think TU98 uses a 14 day whereas TU08 (new FICO08 flavor) uses a 45). Then that varies between EQ and EX too. Maybe someone knows or might correct me on TU. To make things even more complicated, this site and virtually all mortgage lenders use a classic score. There are also industry-specific FICO scores. So, that car lender you visit might not be pulling a classic score as found on here, but might use an Auto-enhanced FICO score and then that varies between the three CRAs and the version will vary between the lenders.

It's safe to say, however, that if you plan things out, and get your shopping done within a two week period, then you'll only be penalized for one inquiry. Let's say that it takes a month, then two inquiries aren't bad. In fact, IMO, inquiry damage is overrated. It's nothing to worry about. At one point I had over 30 inquiries on EX and EQ and never had issues (other than apping too much).

BTW, it doesn't matter if you get approved or not. An inquiry won't show that. It only shows that you applied.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Can anyone confirm this??

curlylox777 — Wed, 22 Jun 2011 17:55:41 GMT

The Credit Bureau's say they consider mutiple inquires done within a 14 day period for a home/auto loan as ONE inquiry. But there are gray areas.............

Coming from personal experience, MAKE SURE if you are applying for multiple AUTO LOANS within a 14 day period, that the Lender's note the inquiry as an "AutoLoan" so there is NO discrepency. I was in this situation about 1 1/2 yrs ago and later found out when reviewing my credit, that it was HEAVILY impacted from multiple inquires.

Not ALL of my lenders clearly noted the purpose of application as "auto Loan" so my score definitly dropped.

Also, if you do shop ONLINE for a loan, most of the sites pass your info along to find you a lender, an in return from one application, you end up having multiple Lenders

looking into your credit thus possibly affecting your score if not specifically noted.

Great Luck!!!

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