Hard inquiries

[Anonymous]

Hi, everyone. we recently applied for a truck and got denied. the day after my husband and i kept getting notifcations that so and so pulled our credit i ended up calling the car dealership and told them do not run anymore on us that we didnt know they were just pretty much throwing us to who ever would run our credit. by then we had already been sent to 11 different places and we did not even know. how do we get them off ??we are trying to buy in July / August 2021 and this may have just hurt our chances.  

[Anonymous]

Multiple inquiries from the same category of lenders within a short period of time (at mininimum two weeks) only count as a single inquiry for FICO purposes.   Have you been tracking your scores as these credit inquiries occur?

Also, since recent credit only accounts for 10% of your score there's only so much damage multiple inquiries can do even if they aren't lumped in the same category.

[Anonymous]

Oh Ok. Yes they were from the same car dealership. So these would only count as 1 inquiry far as a mortgage lender would be concerned?

[Anonymous]

If they are in the same 14-day window, they would all count together as a single hard pull (HP).  Even if you went to multiple car dealerships and they pulled your credit in that 14-day window, it would be counted in that same single hard pull.  The newer FICO scores allow up to 45 days for rate shopping, but you are safest if you keep them within 14 days if a mortgage lender is using an older score model.

Also keep in mind that sometimes there can be a day or two delay in the bureau reporting a hard pull from certain lenders and that it's possible the dealership submitted the credit application to multiple lenders all on the same day and you are just now starting to see all of the notifications about it.

This bundling mostly applies to auto loans, mortgage loans, and personal loans. This means when you are ready to apply for a mortgage, there is no harm in applying to multiple lenders to get the best terms or maximize your approval opportunites.

[NC_Mtg_Loaner]

i hate to change the subject, but do you know and understand why you were denied?

WHile a truck is different than a house, it's a smaller purchase and should be easier to purchase.  so if you were denied at the dealer,  i would focus on why so that you can figure out how to get approved when next summer rolls around.