@JSF1 wrote:
Thank you for the response! Yes, I plan to obtain financing from NFCU before going to dealership. I have another question about inquiries: Let's say I didn't like the rate NFCU offered on 31Oct. Will another lender (example PenFED) be able to see the inquiry from NFCU on 31 Oct? How long does it typically take for inquiries to show on reports? I know all of my monitoring apps alert me right away when for inquiries, but are the lenders able to see the inquiries right away (as they happen) or are they only privy to the actual report which updates every 30 days (or whenever a new report is generated). Just asking because when I close I plan to apply for everything in one day.
@JSF1 good question and kudos for educating yourself prior to rather than after the fact!
Inquiries are real time. But they are bureau specific. So if you get a pull from Navy at TransUnion and 5 minutes later pull TransUnion from FNBO, then they are going to see the prior inquiry, but won't know whether or not an account was issued because the account would not have reported by then.
And when it comes to a loans, lenders expect savvy borrowers to rate shop, so they would not assume an account. Nevertheless, you can be cognizant of which bureau the inquiry is recorded at and if you like, you can spread them, but try to do them all within a 14 day window for EX pullers, in case anyone uses EX2.
All other versions have a 45 day window to combine all car loan inquiries as one at each bureau for scoring purposes on fico scores. And all versions have a 30 day buffer for the score impact from the loan inquiry, which is why you get the cards before those points are deducted 30 days later. 😉
However keep in mind if you have all the car inquiries at one bureau within the window, you'll only be penalized at one bureau for one car inquiry.
