topic Re: Question about auto loan inquiries in Understanding FICO® Scoring

Question about auto loan inquiries

BmoreBull — Fri, 15 May 2020 17:30:45 GMT

So I bought my car back in November of 2019. I went to two different dealers within the span of 1 week. Of course with my poor credit history they ran my credit several times. According to Experian I have 11 hard inquiries on my report. 8 of which are from going to those two dealerships. I read somewhere that when you are auto shopping or mortgage shopping, inquiries should be coded to report as one inquiry because of shopping for the best rate. Is this something that’s worth disputing? Does it even matter how many inquiries I have if the majority of them show as car shopping. Or would it just look to a lender like I’ve just been seeking tons of new credit? Thanks in advance

Re: Question about auto loan inquiries

Brian_Earl_Spilner — Fri, 15 May 2020 18:29:51 GMT

They'll be grouped as 1 score hit that will take place at the end of the timeline. The timeline depends on the score version. In the end, you'll still have the numerous inquiries, but if coded correctly, shouldn't cause any issues. Unfortunately, if a lender is using an automated system for applications, it may count them as credit seeking no matter what they're coded. You can always recon and explain the situation, but some lenders like cap1, disco, and now amex, don't do recons. There's no point in disputing them as they are legit, and disputing inquiries is near impossible.

Re: Question about auto loan inquiries

BmoreBull — Fri, 15 May 2020 18:07:11 GMT

Thanks for the info.

Re: Question about auto loan inquiries

Anonymous — Wed, 20 May 2020 23:57:32 GMT

Brian is exactly correct. And the timeline is 45 days from the first inquiry except on EX2 where it is 14 days.