topic Re: Inquiries for auto loans in General Credit Topics

Inquiries for auto loans

Anonymous — Mon, 08 Dec 2008 11:06:37 GMT

I was under the impression, maybe incorrectly, that when you are looking for a vehicle that all inquiries would count as one.

I filled out one application and now have 15 new inquiries on my credit reports.

Re: Inquiries for auto loans

llecs — Mon, 08 Dec 2008 12:03:23 GMT

They count as one if scored as an auto inquiry if pulled within either a 14 day or 30 day window, depending on the CRA and the version used.

Re: Inquiries for auto loans

Anonymous — Mon, 08 Dec 2008 12:40:41 GMT

All of the inquiries have an "Auto" in the company name, all within 4 days.

15 inquiries in 4 days is gonna hurt.

Re: Inquiries for auto loans

llecs — Mon, 08 Dec 2008 14:21:27 GMT

guiness56 wrote:
All of the inquiries have an "Auto" in the company name, all within 4 days.

15 inquiries in 4 days is gonna hurt.

It won't hurt FICO. It will read these inquiries as if it were one lumped together. So you have one inquiry, not 15. And again, it may be worth pulling the CRs directly from each CRA to make sure it is coded as "Auto". It will list the puller and it will list "Permissible Purpose". That should read as Auto or Automobile.

Re: Inquiries for auto loans

Anonymous — Mon, 08 Dec 2008 14:41:31 GMT

Thanks. That eases my mind. I saw all those inquiries and started doing the math.

Re: Inquiries for auto loans

Anonymous — Thu, 01 Apr 2010 21:34:13 GMT

If the creditor did not tell the credit bureau the inquiry was for an auto, the inquiry is a general inquiry and each will deduct from your score.

Re: Inquiries for auto loans

smallfry — Thu, 01 Apr 2010 22:00:39 GMT

These auto inquiries won't hurt your score more than if you had only one but...this kind of machine gun garbage by the auto dealers is reason enough to get into a solid credit union and end up with only 1 inquiry when you shop for a car. In some cases there might be no inquiries. It looks like a ton of inquiries upon manual review regardless of the impact on your score.

Re: Inquiries for auto loans

MarineVietVet — Thu, 01 Apr 2010 23:55:43 GMT

@smallfry wrote:
These auto inquiries won't hurt your score more than if you had only one but...this kind of machine gun garbage by the auto dealers is reason enough to get into a solid credit union and end up with only 1 inquiry when you shop for a car. In some cases there might be no inquiries. It looks like a ton of inquiries upon manual review regardless of the impact on your score.

Amen about credit unions. For my son's truck loan one application = one inquiry. You can't ask for much better than that.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

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Re: Inquiries for auto loans

kathol39 — Tue, 20 Aug 2013 21:10:45 GMT

I check my credit score thru credit karma (not sure if they are legit or not.) I have 15 inquirys showing in which 13 are within 5 days for auto financing. Are these supposed to count as one? Thanks for any helpful input. kathol39

Re: Inquiries for auto loans

wHiTeSoL — Wed, 21 Aug 2013 01:49:16 GMT

I'm pretty sure each and every inquiry is its own separate one. It is only counted as one in terms of Fico scoring if it is within 14 days. You may still get "too many inquiry" rejections but its easy enough to explain in a manual review.

Re: Inquiries for auto loans

Anonymous — Wed, 21 Aug 2013 01:53:20 GMT

@wHiTeSoL wrote:
I'm pretty sure each and every inquiry is its own separate one. It is only counted as one in terms of Fico scoring if it is within 14 days. You may still get "too many inquiry" rejections but its easy enough to explain in a manual review.

Actually, it depends on the FICO version that is used. The older ones it is any inquiry within a 14 day period, the newer ones are 30 - 45 day periods.

Re: Inquiries for auto loans

llecs — Wed, 21 Aug 2013 02:00:39 GMT

@kathol39 wrote:
I check my credit score thru credit karma (not sure if they are legit or not.) I have 15 inquirys showing in which 13 are within 5 days for auto financing. Are these supposed to count as one? Thanks for any helpful input. kathol39

...and to add to the prev. couple of comments, the scores via CreditKarma aren't related in any way to FICO scores and those FAKOs score each inquiry on their own. Your TU FICO would show all inquiries like CreditKarma, but only score 3 of them (1 for the 13 car inquiries and 2 for the other unnamed two), assuming all were inside 1 year.