Auto Loan Credit Inquiry?

[Anonymous]

What period of time does running your credit only count as one inquiry when shopping for an auto loan?  Is it  7,14, or 30 days? Thanks.

[TRC_WA]

I'm pretty sure it's within a 2 week period.

I took 18 INQs spread across the 3 CRA's in January and lost 1 point off EQ for the first... none on TU and EX so it definitely works as long as they are coded as auto INQs.

[SamsungHDTV]

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@Anonymous wrote:

What period of time does running your credit only count as one inquiry when shopping for an auto loan?  Is it  7,14, or 30 days? Thanks.

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It depends on the credit scoring model as there are many versions. Most are either 14 or 30 days, so general advice is to go by 14 days. However please be aware that its only one inquiry for scoring purposes only. It will count as multiple inquiry for all other factors. For example you can still be declined for "too many recent inquiries" even if your score is good.

[TRC_WA]

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@SamsungHDTV wrote:

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However please be aware that its only one inquiry for scoring purposes only. It will count as multiple inquiry for all other factors. For example you can still be declined for "too many recent inquiries" even if your score is good.

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This is true.

My EQ auto enhanced was 707 and I had 2 INQs for all of 2014 on EQ prior to going car shopping and I got a few auto loan denials for "too many recent INQs" presumably because they saw the 4-5 that had popped up on my EQ report that week.

Kinda retarded if you ask me but that's the credit game for ya.

I'm gardening for 2015 just like I did in 2014.  No choice really... any credit apps now will just result in "too many inquiries" when they see the 6 or so that hit each report while car shopping.

[Anonymous]

I will  play it safe by using the 14 day rule. Thanks.  The model rules seem inconsistent. When I tried to refi my car on 02/23 my score was 522 (not sure which bureau), my Equifax was 568 on 02/26 and on Friday at the Kia/Mazda dealer it was 580. Makes no sense to me, unless they each have different data (or dings in my case) on there about me!!

[SamsungHDTV]

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@TRC_WA wrote:

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@SamsungHDTV wrote:

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However please be aware that its only one inquiry for scoring purposes only. It will count as multiple inquiry for all other factors. For example you can still be declined for "too many recent inquiries" even if your score is good.

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 No choice really... any credit apps now will just result in "too many inquiries" when they see the 6 or so that hit each report while car shopping.

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Actually you can call for a recon and get a manual decision. They will be able to tell the difference that you were just car shopping. If everything else is good (score, dti, util, ect) they should override the auto systematic decline.

[TRC_WA]

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@SamsungHDTV wrote:

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@TRC_WA wrote:

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@SamsungHDTV wrote:

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However please be aware that its only one inquiry for scoring purposes only. It will count as multiple inquiry for all other factors. For example you can still be declined for "too many recent inquiries" even if your score is good.

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 No choice really... any credit apps now will just result in "too many inquiries" when they see the 6 or so that hit each report while car shopping.

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Actually you can call for a recon and get a manual decision. They will be able to tell the difference that you were just car shopping. If everything else is good (score, dti, util, ect) they should override the auto systematic decline.

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I added new CC accounts in December and bought the car in January so I wouldn't have to do that... but yeah I know it's an option. 

[Anonymous]

Does this same rule apply when you are refinancing an auto loan?