@Anonymous wrote:I got approved for auto loan yesterday. Yay! I needed a van for my disabled special needs child and his wheelchair to get around.
Anyway does anyone know why I'm still getting more hard pulls today? We brought it home yesterday, and also do they all combine into 1 somehow? How does that work? Thanks
Congratulations on your approval and new ride.
See message 4. B. Inquiries. I would recommend reading the below from Birdman7
General Scoring Primer and Version 8 Master Thread, pub.5.17.20
Are you seeing hardpulls made after the loan closed on your actual credit reports, or are you just seeing delayed alerts from various credit monitoring services? If the former, you should probably look into the source of the HPs b/c they wouldn't be from the van purchase. If the latter, those alerts can be delayed by a few days, depending on the service; it doesn't mean anything.
The HP's won't be combined into one, but any that were correctly coded as auto HPs and made within a 45 day period (on all current versions except EX2) will be de-duplicated. All this means is that they will be scored as a single inquiry.
@Slabenstein wrote:Are you seeing hardpulls made after the loan closed on your actual credit reports, or are you just seeing delayed alerts from various credit monitoring services? If the former, you should probably look into the source of the HPs b/c they wouldn't be from the van purchase. If the latter, those alerts can be delayed by a few days, depending on the service; it doesn't mean anything.
The HP's won't be combined into one, but any that were correctly coded as auto HPs and made within a 45 day period (on all current versions except EX2) will be de-duplicated. All this means is that they will be scored as a single inquiry.
You're assuming there's a contract. If it was a spot approval, they could still be looking for a lender which would explain the additional HPs.
To answer your question about the HPs combining into one....each individual HP will actually remain on your credit reports. It's only for scoring purposes that it will count as one (meaning your score won't drop as much, compared to applying for say 9 different credit cards at once). I was very confused by this when I first got my auto loan because I had like 8 different HPs and was under the impression it would reduce down to 1. It does not.
