topic multiple Inquiries in Understanding FICO® Scoring

multiple Inquiries

howiez28 — Thu, 17 May 2012 13:57:13 GMT

Please tell me that it's true that when you apply for either a mortgage/auto loan and your credit is pulled several times within a short period of time it only counts once. We recently approached a LO to see where we are and what we need to do in order to apply for a VA mortgage in the near future. Well, he had our CR pulled several times and my score is going downhill fast.

We also needed to get a new car last month and the dealership, even though they financed us, sent my application to 4-5 different places and they all pulled my CR. So upset right now. I'm still getting daily alerts of a new inquiry on my report.

Re: multiple Inquiries

Anonymous — Thu, 17 May 2012 14:39:34 GMT

It all depends on how the inquiries are coded. If the lenders properly coded the inquiries as mortgage/auto, then all the inquiries within a certain window (30-45 days), will be counted as 1 inquiry for FICO scoring purposes, but will all still be listed on your report. Having multiple inquiries can sometimes trigger automatic declines when requesting certain credit products, but usually a recon can overcome this automatic decline by explaining they were all for the purchase of a car or a home.

It's hit or miss if people code inquiries correctly though.