topic Inquiry Question in Understanding FICO® Scoring

Inquiry Question

KellyP25721 — Wed, 11 Mar 2015 21:28:24 GMT

I know they say that when shopping a loan the inquiries in the given timeframe are counted as a single inquiry for scoring purposes. My question is since the CRA's only report the total number of inquiries, is there a way to validate how they are being counted for scoring?

Re: Inquiry Question

gdale6 — Wed, 11 Mar 2015 21:34:34 GMT

@KellyP25721 wrote:
I know they say that when shopping a loan the inquiries in the given timeframe are counted as a single inquiry for scoring purposes. My question is since the CRA's only report the total number of inquiries, is there a way to validate how they are being counted for scoring?

I believe you would look to the type (coding) of inquiry (credit card, finance, auto, mortgage).

Re: Inquiry Question

Gunnar419 — Wed, 11 Mar 2015 21:37:00 GMT

@gdale6 wrote:
@KellyP25721 wrote:
I know they say that when shopping a loan the inquiries in the given timeframe are counted as a single inquiry for scoring purposes. My question is since the CRA's only report the total number of inquiries, is there a way to validate how they are being counted for scoring?

I believe you would look to the type (coding) of inquiry (credit card, finance, auto, mortgage).

gdale has it right. While I know of no way to VERIFY that your scoring is being adjusted properly, if all those loan inquiries are coded properly as mortgage, auto, etc. then you can ASSUME you're being scored correctly.

Re: Inquiry Question

KellyP25721 — Wed, 11 Mar 2015 21:45:01 GMT

Thanks! Of cours I have 7 inquiries from buying a car and they are split between, Finance (3), Credit Union(2), Auto (1) and Credit Card (1). So not horrible, but definitely not counting as 1. Not sure it's worth the effort of contact them to try getting them changed.