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Question about HP when shopping for PL

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Member

Question about HP when shopping for PL

If I get few HP within few days, while shopping for PL, will they be somehow merge into one HP on my credit report, like they do that in cases for  shopping for auto loan or mortgage loan?

Message 1 of 5
4 REPLIES 4
Regular Contributor

Re: Question about HP when shopping for PL


@k1rbdt wrote:

If I get few HP within few days, while shopping for PL, will they be somehow merge into one HP on my credit report, like they do that in cases for  shopping for auto loan or mortgage loan?


I don't think so...

Message 2 of 5
Community Leader
Legendary Contributor

Re: Question about HP when shopping for PL

Inquiires, even for auto, mortgage, and student loans, do not "merge into one."

They all continue to separately appear in your credit reports for legal reasons.

However, the FICO scoring algorithm treats them, for scoring purposes, as a single inquiry if made within a sliding window, which varies by scoring model.  That is referred to by Fair Isaac as "de-duping" of inquiries.

 

De-duping ony applies to auto, mortgage, and student loans.  It does not apply to other types of private loans.

 

As a separate matter, you can always attempt to get an inquiry coded or recoded as soft by contacting the inquiree.

By definition, a so-called soft inquiry is not included in any credit reports provided to others, and thus does not affect scoring.

That is a possible process to get the affect of a legit inquiry removed from scoring impact.

Message 3 of 5
New Member

Re: Question about HP when shopping for PL

Thank you for the info.

Message 4 of 5
Community Leader
Valued Contributor

Re: Question about HP when shopping for PL

But most personal loan sites quote you a rate & terms with a soft pull, they only HP when you accept the quote and apply. I had a personal loan from Prosper a couple years ago and that's how it worked for me.


Fico 08: 720/721/719 TU/EX/EQ
Message 5 of 5