I take back everything I said about car shopping INQ's tanking your score...
I've taken 8 INQ's on EQ this weekend. The first dropped my score 1 point... the rest didn't drop it at all according to myFICO.
That's been my experience too. I took 2, one for membership to a CU and one for the loan, didn't affect my score a single point.
@Anonymous wrote:
@TRC_WA wrote:I take back everything I said about car shopping INQ's tanking your score...
I've taken 8 INQ's on EQ this weekend. The first dropped my score 1 point... the rest didn't drop it at all according to myFICO.
For scoring purposes, all INQs within a (i think) 14 day period are counted as one. However, the INQs will still show up on the report and you could be denied credit for multiple inquries when seeking instant approvals. These can be explained when you recon, but initially may result in lower instant approvals.
Actually it's only Auto and Mortgage inquiries (not all inquiries, never ever credit card inquiries) which are rolled up and scored as 1 within a period of time. It further depends on the model used, but since EX Risk Model v2, which is a FICO '98 algorithm, is the usual score for mortgage applications, 2 weeks is accurate.
For completeness though:
FICO '98: 2 weeks
FICO '04: 30 days
FICO 8: 45 days
@Revelate wrote:
@Anonymous wrote:
@TRC_WA wrote:I take back everything I said about car shopping INQ's tanking your score...
I've taken 8 INQ's on EQ this weekend. The first dropped my score 1 point... the rest didn't drop it at all according to myFICO.
For scoring purposes, all INQs within a (i think) 14 day period are counted as one. However, the INQs will still show up on the report and you could be denied credit for multiple inquries when seeking instant approvals. These can be explained when you recon, but initially may result in lower instant approvals.
Actually it's only Auto and Mortgage inquiries (not all inquiries, never ever credit card inquiries) which are rolled up and scored as 1 within a period of time. It further depends on the model used, but since EX Risk Model v2, which is a FICO '98 algorithm, is the usual score for mortgage applications, 2 weeks is accurate.
For completeness though:
FICO '98: 2 weeks
FICO '04: 30 days
FICO 8: 45 days
Right on. That is what I meant, but I guess I didn't clarify seeing how we were talking about the auto inquiries. 
Thanks For the clarification (in my stead)
Thanks for the replies everyone!
Yeah I already went on my CC app spree in December with 4 new accounts all instant approvals and have no plans to apply for any more CC's until this coming December at the earliest... by then these auto inquiries will have aged along with everything else.
I'm just glad to see that the "all counts as 1" came true because eating a dozen inquiries isn't something I wanted to do...
In the end though it was worth it...
nice car! Hopefully you don't live where it snows 