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Auto loan inquiries question

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Auto loan inquiries question

I've heard that multiple auto loan inquiries within a 30 day period will count as one inquiry. How does this work, exactly? Will one of my inquiries go away suddenly? If so, how long does it typically take to disappear?

 

I applied for an auto loan with a local credit union in late December but didn't become a member or accept the loan. About 28 days after that, I then applied for an auto loan with my bank and was approved. That very weekend, I bought the car with that loan. Since they were within 30 days of each other, these two EX inquiries should count as one, right?

Current as of 03/27/16:
-myFICO scores: EX: 783 | EQ: 775 | TU: 748
-inquiries: EX: 6 | EQ: 2 | TU: 3
-accounts: BofA Secured Rewards Visa ($3k) | AMEX Everyday ($15k) | BofA Auto Loan ($15k), Eddie Bauer ($1300) | PenFed Visa Rewards ($7.5k) | PenFed PLOC ($10k) | CareCredit ($6k) | Amazon ($6k) | PayPal Credit ($7.5k) | Discover ($17k) | Marriott ($7.5k)
-AAoA: 2y5m
Message 1 of 4
3 REPLIES 3
Moderator

Re: Auto loan inquiries question


@Ares19 wrote:

I've heard that multiple auto loan inquiries within a 30 day period will count as one inquiry. How does this work, exactly? Will one of my inquiries go away suddenly? If so, how long does it typically take to disappear?

 

I applied for an auto loan with a local credit union in late December but didn't become a member or accept the loan. About 28 days after that, I then applied for an auto loan with my bank and was approved. That very weekend, I bought the car with that loan. Since they were within 30 days of each other, these two EX inquiries should count as one, right?


The inquiries don't go away or disappear.  Any auto loan related inquiry within a 2 week period count as 1 for the purposes of FICO scoring only.  Nonetheless they stay on your reports for the full two years and other potential creditors can see them.

Message 2 of 4
Senior Contributor

Re: Auto loan inquiries question


@Irish80 wrote:

@Ares19 wrote:

I've heard that multiple auto loan inquiries within a 30 day period will count as one inquiry. How does this work, exactly? Will one of my inquiries go away suddenly? If so, how long does it typically take to disappear?

 

I applied for an auto loan with a local credit union in late December but didn't become a member or accept the loan. About 28 days after that, I then applied for an auto loan with my bank and was approved. That very weekend, I bought the car with that loan. Since they were within 30 days of each other, these two EX inquiries should count as one, right?


The inquiries don't go away or disappear.  Any auto loan related inquiry within a 2 week period count as 1 for the purposes of FICO scoring only.  Nonetheless they stay on your reports for the full two years and other potential creditors can see them.


Yep.... I received a "too many INQs" denial as part of the 15 or so INQs I took as part of my car shopping last month... kinda funny when you think about it because I gardened for the first 360 days of 2014 prior to a 6 application CC app spree on 12/26 but it is what it is.

 

Still only lost 1 point off EQ and none off TU and EX and I took 4-5 INQs for each bureau between 1/16 and 1/21.

 

 

Gardening since: 3-25-15
Message 3 of 4
Established Contributor

Re: Auto loan inquiries question


@TRC_WA wrote:

@Irish80 wrote:

@Ares19 wrote:

I've heard that multiple auto loan inquiries within a 30 day period will count as one inquiry. How does this work, exactly? Will one of my inquiries go away suddenly? If so, how long does it typically take to disappear?

 

I applied for an auto loan with a local credit union in late December but didn't become a member or accept the loan. About 28 days after that, I then applied for an auto loan with my bank and was approved. That very weekend, I bought the car with that loan. Since they were within 30 days of each other, these two EX inquiries should count as one, right?


The inquiries don't go away or disappear.  Any auto loan related inquiry within a 2 week period count as 1 for the purposes of FICO scoring only.  Nonetheless they stay on your reports for the full two years and other potential creditors can see them.


Yep.... I received a "too many INQs" denial as part of the 15 or so INQs I took as part of my car shopping last month... kinda funny when you think about it because I gardened for the first 360 days of 2014 prior to a 6 application CC app spree on 12/26 but it is what it is.

 

Still only lost 1 point off EQ and none off TU and EX and I took 4-5 INQs for each bureau between 1/16 and 1/21.

 

 


@ OP & TRC_WA

 

While your score doesn't go down, the inq count still goes up. As TRC has already experienced, you can still be declined for 'too many inqs'. Its usually a systematic decline that I imagine will auto decline over X amount of inqs for X score range. The way to get around this is to call and ask for a reconsideration or manual review. The lender will usually override this decline if it was the only reason and everything else looked good on the application (income, DTI, utilization, ect).

Message 4 of 4
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