How bad did i take a hit?

[Chala]

I am trying to purchase a car. I have had 7 inquiry's in 11 days, two with the same dealer in five days (they claim the lost the first inquiry this same dealer wants be in today to sign a lease) also included it two bank submittals with car dealers. Question how bad has this hurt my credit?? Curious cause I am not done I am walking away from the lease signing due to being shaky with running my credit twice in five days!

[Anonymous]

Perhaps someone else can help with your question. I just know that I had twelve hard inquiries for my car purchase. Five of them were from Wells Fargo. I have no clue why they needed to inquire that many times. I have read that for scoring purposes these inquiries are grouped together. 

[Chala]

Hopefully somebody can help both of us

[Anonymous]

Since all auto loan inquiries were within 30 days, your score will only treat it as one.  However your reporting will show all inquiries.  So for other forms of credit where inquiries play a big factor in underwriting such as revolving credit, it will affect you significantly.

[Chala]

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@Anonymous wrote:

Since all auto loan inquiries were within 30 days, your score will only treat it as one.  However your reporting will show all inquiries.  So for other forms of credit where inquiries play a big factor in underwriting such as revolving credit, it will affect you significantly.

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So essentially applying for credit cards will be a problem, but for financing or leasing a car i am good?

[Anonymous]

Even though the auto loans should count as 1 inquiry if done with a certain number of days, those inquiries must be coded the same; otherwise they show up differently on your credit report. Honestly there is no way to know the effect until your score updates and you review your credit report to see how the HPs were coded. 

[Chala]

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@Anonymous wrote:

Even though the auto loans should count as 1 inquiry if done with a certain number of days, those inquiries must be coded the same; otherwise they show up differently on your credit report. Honestly there is no way to know the effect until your score updates and you review your credit report to see how the HPs were coded. 

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I have a FICO subscription, it should show on there correct?

[Anonymous]

Yes they will. I got a new car in November, and once I reviewed my CR I noticed that they did not list the same way.