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I have a hypothetical question. I don't plan to apply for an auto loan, but was curious, if one goes home mortgage rate shopping with a certain period the credit reports do not ding each instance of a check, ut considers all the checks as a whole; what about auto rate shoppnig, if one goes auto rate shopping within a certain time period, say a month, will credit bureaus also not consider the multile hard hits on the report?
Thank you.
When you get multiple inquiries for loan shopping, FICO scoring algorithm will lump
all the inquiries into one for scoring purposes, but every inquiry will be individually listed
on your report. There are no guarantees as how those inquiries will be counted by different
in house risk models used by other creditors. You don't want to dump a bunch of inquiries
on your report on a whim because there are circumstances where they are detrimental. For
example, I would hate to try a mortgage application with tons of auto loan inquiries reported
because it is very likely you will be asked to explain each one individually.