topic Re: Multiple CC inquiries count as one in Credit Cards

Multiple CC inquiries count as one

Rhaeny — Sun, 02 Dec 2012 15:48:12 GMT

I read on another forum that algorithims for FICO scoring has changed in that it now includes a "shopping window" for CC inquiries. Meaning that just like how mortgage and car shopping inquiries within a certain period of time counts as one inquiry that CC's do so as well.

Is this true?

Re: Multiple CC inquiries count as one

sphinx313 — Sun, 02 Dec 2012 17:30:43 GMT

I knew about Mortgage and Auto loans, but I wasn't sure about credit cards. Hopefully someone can shed some light on it, but I haven't heard that personally.

Re: Multiple CC inquiries count as one

djrez4 — Sun, 02 Dec 2012 19:51:20 GMT

Link?

I can't find anything about it.

Re: Multiple CC inquiries count as one

llecs — Sun, 02 Dec 2012 19:53:25 GMT

Untrue. The dupe window is for auto, SL, and mortgage inquiries only. Not CCs.

Re: Multiple CC inquiries count as one

djrez4 — Sun, 02 Dec 2012 20:24:15 GMT

That was always my understanding. It does make a certain amount of sense, though, to adopt a similar system for cards.

With the interest rates of cards and sometimes the actual card received based on credit reports, FICOs, and internal scoring algorithms, you can't always tell what you're going to get when you apply for a new card. For example, you may apply to US Bank for a Cash+ at 13.99% and get a Cash Rewards at 23.99% instead. Consumers should be given the opportunity to shop around for cards like they do for a mortgage.

Re: Multiple CC inquiries count as one

Rhaeny — Sun, 02 Dec 2012 20:28:49 GMT

@djrez4 wrote:
Link?

I can't find anything about it.

Neither can I find anything about it

I said that I read it in another forum...never said anything about it being proven to be valid. That's why I was asking here if anybody else knew this to be true or not.

Re: Multiple CC inquiries count as one

Rhaeny — Sun, 02 Dec 2012 20:29:29 GMT

@llecs wrote:
Untrue. The dupe window is for auto, SL, and mortgage inquiries only. Not CCs.

Yes this is what I have always thought too.

Re: Multiple CC inquiries count as one

Rhaeny — Sun, 02 Dec 2012 20:33:28 GMT

@djrez4 wrote:
That was always my understanding. It does make a certain amount of sense, though, to adopt a similar system for cards.

With the interest rates of cards and sometimes the actual card received based on credit reports, FICOs, and internal scoring algorithms, you can't always tell what you're going to get when you apply for a new card. For example, you may apply to US Bank for a Cash+ at 13.99% and get a Cash Rewards at 23.99% instead. Consumers should be given the opportunity to shop around for cards like they do for a mortgage.

What was your understanding? That multiple CC inquiries do or don't count as one?

What you say makes complete sense, however what makes sense and what actually IS are two different things. You would think though that if this were true that this would be published somewhere for us to see. I want to believe this but I'm erroring on the side that it is not true.

Re: Multiple CC inquiries count as one

creditnocash — Sun, 02 Dec 2012 20:46:33 GMT

note though that its on each report.

so if they pulled all three reports 3 times it will only be counted as 1 time for each report

not 1 time for all of the reports.

so for example my toyota loan.

the dealer and toyota pulled all three of my reports.

since i already quallified for the best rate they only pulled it once each =) and didnt shop me around as they say.

so it should count as 1 pull on each report instead of 2

Re: Multiple CC inquiries count as one

Rhaeny — Sun, 02 Dec 2012 20:51:22 GMT

@creditnocash wrote:
note though that its on each report.
so if they pulled all three reports 3 times it will only be counted as 1 time for each report
not 1 time for all of the reports.

so for example my toyota loan.
the dealer and toyota pulled all three of my reports.
since i already quallified for the best rate they only pulled it once each =) and didnt shop me around as they say.

so it should count as 1 pull on each report instead of 2

Huh? I'm not sure which post you are replying to, but I was asking about credit card inquiries and not auto or mortgage inquiries. I think we are mostly on the same page that inquiries for autos and mortgages during a small window (14 days to 30 days??) are counted as one. The question is, is this the same case for credit cards?

Re: Multiple CC inquiries count as one

creditnocash — Sun, 02 Dec 2012 22:37:46 GMT

@Rhaeny wrote:
@creditnocash wrote:
note though that its on each report.
so if they pulled all three reports 3 times it will only be counted as 1 time for each report
not 1 time for all of the reports.

so for example my toyota loan.
the dealer and toyota pulled all three of my reports.
since i already quallified for the best rate they only pulled it once each =) and didnt shop me around as they say.

so it should count as 1 pull on each report instead of 2
Huh? I'm not sure which post you are replying to, but I was asking about credit card inquiries and not auto or mortgage inquiries. I think we are mostly on the same page that inquiries for autos and mortgages during a small window (14 days to 30 days??) are counted as one. The question is, is this the same case for credit cards?

i was just saying in general but i meant that for auto and mortgages. and its 14 days to my knowledge

cc inquiries always count for each one you do.

they NEVER group together.

sometimes if you apply for two cards one after the other the cra might think its a double and delete one but i wouldnt count on that.

edit: thats if you apply for two cards from one bank. ie.. two amexs or two chase cards etc...

Re: Multiple CC inquiries count as one

Epcot — Sun, 02 Dec 2012 22:25:39 GMT

I wish multiple CC inquiries in one day counted as one. Ha, that would make apping alot less painful if denied!

Re: Multiple CC inquiries count as one

nash2vic — Wed, 05 Dec 2012 11:39:54 GMT

In March I applied for auto loan in 3 different Honda dealers and now I have 3 hard inquiries on my TU CR at the same day. Do I have to call TU about that?