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Recently Purchased a car

J4Audi
New Visitor

Recently Purchased a car

Gave me 18 new inquraries. The dealer said they are consolidate to 1 since it was for an auto loan.. Is this true? What steps can I take?

4 REPLIES 4
gdale6
Moderator

Re: Recently Purchased a car


@J4Audi wrote:

Gave me 18 new inquraries. The dealer said they are consolidate to 1 since it was for an auto loan.. Is this true? What steps can I take?


The physical inquiries remain on file for 2 years but if they are all coded correctly and happened within a 2 week period Fico will pick them up as 1 and calculate score based on that and not the full 18. If you authorized the lender to find financing for you there isnt much you can do to get these removed, you could try to get them to recode as a soft but not all will consider that. Welcome to myFico Smiley Happy

Message 2 of 5
RonM21
Valued Contributor

Re: Recently Purchased a car

Be sure to double check this once they all report to see if in fact, they are combined. Sometimes that does not happen exactly the way it was expected.
                

Total CL: $306.1kUTL: 3%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k |DISC-40.6k | PENFED-38.4k | AMEX-37k | NFCU-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-13.7k | CHASE-10k

Message 3 of 5
takeshi74
Senior Contributor

Re: Recently Purchased a car

Just to clarify they'll score as one if properly coded but they'll appear separate on your reports.  See also:

http://www.myfico.com/CreditEducation/CreditChecks/Inquiries.aspx

 

There's nothing you can do at this stage.  If you want to avoid incurring a lot of HP's when car shopping then arrange your own financing and do not let the dealer do it for you.  All you can do is ensure that they were all properly coded.

Message 4 of 5
Revelate
Moderator Emeritus

Re: Recently Purchased a car

Most will be recorded correctly, if you see one coded as a credit card it's wrong, but if it falls under something wierd it's fine; there's more than just the coding at work as near as I can tell, as all my mortgage inquiries which were coded all over the place were clearly grace perioded and deduped.

 

Granted the mortgage trimerge purveyors are very well known and characterized so a name match is easy on that one; I suspect it's the same method for determining consumer finance account as an analogous example.




        
Message 5 of 5
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