topic Re: Car shopping inquiries... in Understanding FICO® Scoring

Car shopping inquiries...

TRC_WA — Mon, 19 Jan 2015 15:27:20 GMT

I take back everything I said about car shopping INQ's tanking your score...

I've taken 8 INQ's on EQ this weekend. The first dropped my score 1 point... the rest didn't drop it at all according to myFICO.

Re: Car shopping inquiries...

EddieK — Mon, 19 Jan 2015 16:16:41 GMT

That's been my experience too. I took 2, one for membership to a CU and one for the loan, didn't affect my score a single point.

Re: Car shopping inquiries...

Anonymous — Mon, 19 Jan 2015 16:41:44 GMT

@TRC_WA wrote:
I take back everything I said about car shopping INQ's tanking your score...

I've taken 8 INQ's on EQ this weekend. The first dropped my score 1 point... the rest didn't drop it at all according to myFICO.

They count as 1 inquiry for FICO scoring. Glad to see that one didn't hurt. Inquiries won't hurt as much when you have the credit file to support them.

Re: Car shopping inquiries...

Anonymous — Mon, 19 Jan 2015 19:07:11 GMT

I have alot of car shopping inquiries. I went to multiple dealers over the course of 2 months searching for a new car. My EX report says I have 5 inquiries for new credit (credit cards) but I have 13 inquiries total. They didn't seem to affect my score at all, and if they did it was maybe just a point or 2

Re: Car shopping inquiries...

Anonymous — Mon, 19 Jan 2015 19:27:44 GMT

@TRC_WA wrote:
I take back everything I said about car shopping INQ's tanking your score...

I've taken 8 INQ's on EQ this weekend. The first dropped my score 1 point... the rest didn't drop it at all according to myFICO.

For scoring purposes, all INQs within a (i think) 14 day period are counted as one. However, the INQs will still show up on the report and you could be denied credit for multiple inquries when seeking instant approvals. These can be explained when you recon, but initially may result in lower instant approvals.

Re: Car shopping inquiries...

Anonymous — Mon, 19 Jan 2015 19:37:13 GMT

@Anonymous wrote:
@TRC_WA wrote:
I take back everything I said about car shopping INQ's tanking your score...

I've taken 8 INQ's on EQ this weekend. The first dropped my score 1 point... the rest didn't drop it at all according to myFICO.
For scoring purposes, all INQs within a (i think) 14 day period are counted as one. However, the INQs will still show up on the report and you could be denied credit for multiple inquries when seeking instant approvals. These can be explained when you recon, but initially may result in lower instant approvals.

I was really shocked when I was instantly approved for my AMEX last week lol

Re: Car shopping inquiries...

Revelate — Mon, 19 Jan 2015 19:38:40 GMT

@Anonymous wrote:
@TRC_WA wrote:
I take back everything I said about car shopping INQ's tanking your score...

I've taken 8 INQ's on EQ this weekend. The first dropped my score 1 point... the rest didn't drop it at all according to myFICO.
For scoring purposes, all INQs within a (i think) 14 day period are counted as one. However, the INQs will still show up on the report and you could be denied credit for multiple inquries when seeking instant approvals. These can be explained when you recon, but initially may result in lower instant approvals.

Actually it's only Auto and Mortgage inquiries (not all inquiries, never ever credit card inquiries) which are rolled up and scored as 1 within a period of time. It further depends on the model used, but since EX Risk Model v2, which is a FICO '98 algorithm, is the usual score for mortgage applications, 2 weeks is accurate.

For completeness though:

FICO '98: 2 weeks

FICO '04: 30 days

FICO 8: 45 days

Re: Car shopping inquiries...

Anonymous — Mon, 19 Jan 2015 19:49:22 GMT

@Revelate wrote:
@Anonymous wrote:
@TRC_WA wrote:
I take back everything I said about car shopping INQ's tanking your score...

I've taken 8 INQ's on EQ this weekend. The first dropped my score 1 point... the rest didn't drop it at all according to myFICO.
For scoring purposes, all INQs within a (i think) 14 day period are counted as one. However, the INQs will still show up on the report and you could be denied credit for multiple inquries when seeking instant approvals. These can be explained when you recon, but initially may result in lower instant approvals.
Actually it's only Auto and Mortgage inquiries (not all inquiries, never ever credit card inquiries) which are rolled up and scored as 1 within a period of time. It further depends on the model used, but since EX Risk Model v2, which is a FICO '98 algorithm, is the usual score for mortgage applications, 2 weeks is accurate.

For completeness though:
FICO '98: 2 weeks
FICO '04: 30 days
FICO 8: 45 days

Right on. That is what I meant, but I guess I didn't clarify seeing how we were talking about the auto inquiries. Thanks For the clarification (in my stead)

Re: Car shopping inquiries...

TRC_WA — Mon, 19 Jan 2015 20:52:50 GMT

Thanks for the replies everyone!

Yeah I already went on my CC app spree in December with 4 new accounts all instant approvals and have no plans to apply for any more CC's until this coming December at the earliest... by then these auto inquiries will have aged along with everything else.

I'm just glad to see that the "all counts as 1" came true because eating a dozen inquiries isn't something I wanted to do...

In the end though it was worth it...

Re: Car shopping inquiries...

Anonymous — Mon, 19 Jan 2015 20:58:11 GMT

nice car! Hopefully you don't live where it snows

Re: Car shopping inquiries...

TRC_WA — Mon, 19 Jan 2015 21:00:39 GMT

@Anonymous wrote:
nice car! Hopefully you don't live where it snows

Seattle... rain? yes... snow? not usually... gotta go up and over the mountains for that.

Most definitely wouldn't have bought this car had I lived near Mom in northern NY.

Re: Car shopping inquiries...

Anonymous — Mon, 19 Jan 2015 21:29:27 GMT

TRC_WA wrote:

Seattle... rain? yes... snow? not usually... gotta go up and over the mountains for that.
Most definitely wouldn't have bought this car had I lived near Mom in northern NY.

Congrats on the car!. She looks nice

Re: Car shopping inquiries...

EddieK — Tue, 20 Jan 2015 00:45:44 GMT

Very sweet! Congrats! Watch out for the cops, I once had a red Cobra and it attracted the cop's attention moreso than any other car I've owned.

Re: Car shopping inquiries...

Anonymous — Thu, 21 May 2015 20:35:02 GMT

I had 15 car inquires on my Transunion each bank report my score drop from a 655 to 632. I had preapprove offer from capital one but end up Ford Motor. However, I do believe my score with Transunion is droping on these 15 hard inquires.The dealer and Transunion says it would effect my score? Why is my score dropping it not great score but hoping 100 point jump but score is falling fast for not being inquires? I like 2015 ford Festsa but apply seem cost over 23 points in my score?