topic Re: Hard Inquiries in Rebuilding Your Credit

Hard Inquiries

Anonymous — Mon, 24 Dec 2012 12:45:15 GMT

Hello, first I want to thank all that respond to posts on here.. there is some very valueable information that is on here and I am sure everybody on here appreciates it.

Ok now to my question.. when I puchased my car, I walked into the dealership with a pre-approved loan form. The dealer said that he could get me a better rate (and he did) but I did not realize that he checked 9 lenders to do so. So I have 9 hard inquiries from Jan 2012 (all on one day). I know that they stay on for 2 years but I have heard that they only count against your score for 1 year. The second part is how many points do they account for?

Re: Hard Inquiries

Shogun — Mon, 24 Dec 2012 12:51:40 GMT

Inqs don't account for specific points. It depends on what's already on your CR as to how many points. Also, they seem to be bunched up. Like 1-2, 3-5 etc. It's not an each inquiry affects your scores situation. Now, you received several HPs from the creditors while car shopping. FICO takes this into account and they should all count as 1 inquiry when scoring is concerned. You will see several different inquiries, but FICO will not ding your score for each one.

Re: Hard Inquiries

chasmith — Mon, 24 Dec 2012 13:53:20 GMT

Inquiries for a car or a mortgage are grouped to count as one (as long as the lender codes them correctly).

Re: Hard Inquiries

jetsfan2013 — Tue, 25 Dec 2012 14:51:53 GMT

It only impacts you seperately if you are shopping for different things, such as applying for 9 different credit cards