Multiple inquiries for auto loans

[Anonymous]

When I look at my June 16th report it says I have 14 inquiries last year.  4 were last June 23 for an auto loan, 1 was from Citibank for a Drivers Edge card, and 9 (Nov 1 - 7) were for another auto loan.  I thought that the auto loan inquiries were supposed to count as 1 inquiry within the same week or two.

IMHO it should say THREE inquiries and not 14.  Does it say 14 because it's ME looking at the report?  Will it appear as only 3 inquiries if a creditor were to look at it?

Message Edited by Phoenix-rising on 07-04-2008 01:56 PM

[Anonymous]

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Phoenix-rising wrote:

When I look at my June 16th report it says I have 14 inquiries last year.  4 were last June 23 for an auto loan, 1 was from Citibank for a Drivers Edge card, and 9 (Nov 1 - 7) were for another auto loan.  I thought that the auto loan inquiries were supposed to count as 1 inquiry within the same week or two.

IMHO it should say THREE inquiries and not 14.  Does it say 14 because it's ME looking at the report?  Will it appear as only 3 inquiries if a creditor were to look at it?

Message Edited by Phoenix-rising on 07-04-2008 01:56 PM

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Auto inquiries within a certain time frame are deduplicated for FICO scoring purposes, but all the individual inquiries still appear on your report.

You see 14 inquiries, creditors will see 14 inquiries, but FICO will only see 3.

By the way, even though FICO only counts them as 3 inquiries, it is still possible that a creditor may deny you for having too many inquiries, since they still see 14 of them.

[Anonymous]

Thanks for the info cheddar.

Crud.  It doesn't seem fair that ALL the inqs show up to a lender.  

As far as I know there's no way to limit the number of credit apps an auto dealer makes on my behalf.  Shoot.  At least there are 4 fewer inqs now since the June 06 inqs have dropped off.  By the end of November I'll be sitting pretty.

[Anonymous]

I agree. I had an auto dealer run SIX on Experian after I told him I was no longer interested. I had been approved, but he kept insisting he could get me a better rate. I told him, no, and he got pushy about trying to get me financing with his "friend." I told him I would go elsewhere, and lo and behold , what did I see on my credit the next day? Fortunately, Ford Motor Credit only ran one on Experian and one on TU and I was approved at 5.9% with my trade-in and 2k down.

I'm just hoping that Amex doesn't get too nervous about the inquiries.

[haulingthescoreup]

Well, AmEx is its own strange little beast, but for those applying to other banks, if they deny or question the number of inqs, I would definitely escalate to a supe and point out that they're all for one car (or house.)

While 12 inqs for CC's might mean that someone was trying to get 12 CC's (especially here around the forums!), I doubt very seriously that someone was trying to finance 12 vehicles.

This is the sort of thing that might cause problems for a computer but should be understood by a human with experience.