Will inquiries drop credit score?

[Anonymous]

I have 10 hard inquires on Experian. 4 are from BMW dealer services when I was in the process of purchasing a new vehicle for myself and wife. Not sure or certain why there are 4.

My question is this... Our daughter needs an apartment and doing so will require the apartment to be in my name, which will result in a hard inquiry. Will this drop my credit score considering I have 10 hard inquires?

[Anonymous]

Loan rate-shopping inquiries if coded correctly will be viewed/scored as a single inquiry.  You said you have 4, so I'm guessing you have 6 other (non loan) inquiries?  I'm also assuming that you're talking about one single bureau here, not spread out across all 3, but it would be good if you could clarify that.

If you're taking on another HP for the apartment thing, your FICO scores could drop a little more.  It's possible that a new inquiry could drop your score 0 points, or maybe up to 10 under certain profile circumstances... but the average expected loss would likely be about 5 points.

[Anonymous]

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Thank you BrutalBodyShots , it's all under one which is experian. 4 are car inquires from BMW and the other are credit cards. If it's 5 points no biggie if it's 10 that will be unfortuniate. Thanks again for the response!

@Anonymous wrote:

Loan rate-shopping inquiries if coded correctly will be viewed/scored as a single inquiry.  You said you have 4, so I'm guessing you have 6 other (non loan) inquiries?  I'm also assuming that you're talking about one single bureau here, not spread out across all 3, but it would be good if you could clarify that.

If you're taking on another HP for the apartment thing, your FICO scores could drop a little more.  It's possible that a new inquiry could drop your score 0 points, or maybe up to 10 under certain profile circumstances... but the average expected loss would likely be about 5 points.

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[SouthJamaica]

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@Anonymous wrote:

I have 10 hard inquires on Experian. 4 are from BMW dealer services when I was in the process of purchasing a new vehicle for myself and wife. Not sure or certain why there are 4.

My question is this... Our daughter needs an apartment and doing so will require the apartment to be in my name, which will result in a hard inquiry. Will this drop my credit score considering I have 10 hard inquires?

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In my experience, when I had a bunch of scorable inquiries in my profile, the addition of an inquiry or two seemed to have slight or no effect.

[Anonymous]

Inquires may not have a significant impact on score but they do have an impact on the lenders approval process.  Most don't like to see them, just about every denial letter will refer to inquires even if they are pretty old (6-12 months). Dealers blast out credit apps to multiple lenders who all run your credit so they are inquiry factories.  That is one of many reasons I never walk into a dealer without a preapproval from a credit union.  If I let them run my credit to try and beat the rate I only authorize one pull.

[Anonymous]

A lesson learned and I appreciate you sharing the info with me. Yes, I have 4 inquires for a vehicle. Whats crazy is that they are all from BMW 2 days apart from one another. I would dispute them all but not sure if it would make a difference.

[Anonymous]

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@Anonymous wrote:

A lesson learned and I appreciate you sharing the info with me. Yes, I have 4 inquires for a vehicle. Whats crazy is that they are all from BMW 2 days apart from one another. I would dispute them all but not sure if it would make a difference.

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I’ve been in the same situation where a dealer did multiple inquiries basically for the same transaction sometimes you can call them and tell them that that was unnecessary and you did not authorize that because they should only did one inquiry and they will remove  all of the ones except the one that they should’ve put on there in the first place I have been very successful getting extra inquiries removed directly from the  Company that  put it on there.It doesn’t hurt to try

[Brian_Earl_Spilner]

It depends on the process for dealers and the bank. In my case, prequalifying through the dealership resulted in a double pull for EX and I think EQ. When Chase got hold of the app, they double pulled again, 1 on Ex and 1 on EQ. Don't know why because Chase is the captive lender and was waiting for the app to come through so the 4 pulls were literally minutes apart.

As for your original question, after so many inquiries, you stop getting dinged for them. For me that was around 8 or 9.