Multiple Auto Finance Inquiries in 10 Day Period

Anonymous · ‎12-08-2007

Last year I purchased a new car at a Toyota dealership. As expected, the Dealership hard pulled a TUC, then Toyota Financial pulled their own a day or two later. I understand that multiple inquiries for the same type of credit are supposed to be treated as one, if executed in a two week period...but how do I know that is reflected in my score? This September, on the one year anniversary of the Toyota purchase, I sold that vehicle to CarMax, closed out the TL, then bought another vehicle from a local dealer. Same situation with the double pull, only this time, my score dropped like 40 points in the ensuing weeks (TUC was at 670 before the purchase). How do I know if the "multiple inquiries treated as one" is being observed or not? Also, any idea how much one inquiry dings your score? Thanks! IM

Message Edited by IllinoisMike on 12-08-2007 01:06 PM

CreditBob · ‎12-08-2007

Mike, go ahead and purchase another credit report with score thorugh MYFICO. That is the only way that you are going to know for sure.

positronicshell · ‎12-08-2007

@CreditBob wrote:
Mike, go ahead and purchase another credit report with score thorugh MYFICO. That is the only way that you are going to know for sure.

hi creditbob,

wondering how it shows up on the myfico report?
example, i have 4 inquires from 3 different companies when we were shopping our mortgage refinance this summer, they are all within a week of each other but on my fico credit complete reports it states 4 inquires per CRA. does this mean they are not being counted as 1? or would it state something somewhere else in the report? thanks in advance for the information...

xoxox jane

hey, careful man! there's a beverage here!
My FICO: TU - 725 EX - 736 EQ - 747

fused · ‎12-10-2007

FICO scoring has a "de-duplicationwindow" and it looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan it will ignore all but one of them as far as scoring is concerned. If the lender is using an older FICO scoring model the window is 14 days, if they are using the newest model it can be up to 45 days. Also keep in mind that even though the multiple inqs count as one in FICO scoring, all of the inqs will continue to show on your reports (that is, reports pulled from sites other than myfico) for up to 2 years.