Inquiries

[cadavis0609]

I recently applied for an auto loan and they sent it to about 50 other people, each taking a hard pull out. They are all showing as inquiries on my reports. Do I have to dispute them all because they are within that 2 week period or are they automatically only counting as one?

[Anonymous]

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cadavis0609 wrote:

I recently applied for an auto loan and they sent it to about 50 other people, each taking a hard pull out. They are all showing as inquiries on my reports. Do I have to dispute them all because they are within that 2 week period or are they automatically only counting as one?

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They will only count as one for FICO scoring purposes, but will still show as separate inquiries on your reports.

[Anonymous]

I hope you mean..."about 50 people"...figuratively...not literally...that's what I hate about mortgage and car loan inquiries...it's good they count as one...within 14 days...but on the bad side...your reports show TONS...of inquiries...which may hurt in the long run...

[Anonymous]

No reason to worry.

If you apply for a mortgage and/or a car loan all inquiries should be considered as 1 within a period of time of 45 days. It just to be 15 days but now has been changed to 45 day.

[Anonymous]

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yeahyeah wrote:

No reason to worry.

If you apply for a mortgage and/or a car loan all inquiries should be considered as 1 within a period of time of 45 days. It just to be 15 days but now has been changed to 45 day.

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This is only for FICO scoring purposes.  The point I was making above is that regardless of what FICO does with the inquiries, they will still show as separate inquiries on one's reports.

So, even though FICO will deduplicate the inquiries and only count them as one, potential creditors will still see them all, and denials for "too many inquiries" are entirely possible.

[Anonymous]

That's what I was saying Cheddar...getting denied for "too many inquiries"...that is not fair...but it does help that the are all counted as one...but other creditors don't care about that...

[Anonymous]

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yeahyeah wrote:

No reason to worry.

If you apply for a mortgage and/or a car loan all inquiries should be considered as 1 within a period of time of 45 days. It just to be 15 days but now has been changed to 45 day.

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Welcome, yeahyeah!

Where did you find out that it was changed to 45 days?

[smallfry]

Whether they are counted as 1 for scoring purposes or not they do tend to scare the average lender. This is why next car i go to the dealer with Navy or Penfed check in hand. No need to go through all that bs with the dealer at all.

[llecs]

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masdeocho wrote:

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yeahyeah wrote:

No reason to worry.

If you apply for a mortgage and/or a car loan all inquiries should be considered as 1 within a period of time of 45 days. It just to be 15 days but now has been changed to 45 day.

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Welcome, yeahyeah!

Where did you find out that it was changed to 45 days?

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I too had seen the 45 days mentioned in here:

http://www.myfico.com/CreditEducation/CreditInquiries.aspx

Here's an excerpt:

"For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span....."

[Anonymous]

Thanks for clarifying, although it also says it depends which version a lender uses; if they use an older FICO version, it's still 14 days; if it's a newer version, then 45 days.  You are not likely to find out which they use.