Last year I bought a car and the dealership ran my credit to several lenders. Just in Equifax I had 8 inquiries of that day. Then some creditors where I applied for credit ran my credit 2 times. Now I have 12 inquiries just in the last 12 months. How long with each inquiry effect my score? How will the lenders look at and infer these number of inquiries?
When a dealer runs your credit it is scored by Fico as only 1 INQ if done within a 2 week time frame. INQ's will only affect your score for 1 yr but will remain on for 2 yrs
I'm in the same boat I have 20 inquires based off what the dealerships ran last year. Then i trying to refinance and the same thing happening...My year is coming up on the 17th so I hope there is a small fico point increase.
I was always told fico only scores the first ten so if that's true I'm guessing 20 inq would be the same as having 10 but having twenty could spook the lender.
