Multiple pulls counnt as one?

Anonymous · ‎05-09-2014

I was told that if I get multiple inquiries for a auto loan that it will only count as one and not be viewed bad. Question is if I apply online at lets say 5 different banks how does fico know I am trying for a auto loan and not credit cards ect so I don't get dinged for all of the pulls?

myjourney · ‎05-09-2014

@Anonymous wrote:
I was told that if I get multiple inquiries for a auto loan that it will only count as one and not be viewed bad. Question is if I apply online at lets say 5 different banks how does fico know I am trying for a auto loan and not credit cards ect so I don't get dinged for all of the pulls?

Auto, Mortgage and CC's all have coding as to what type of credit it is...

So if coded right it will show up as an auto pull

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

VirtualCuriosity · ‎05-09-2014

@myjourney wrote:
@Anonymous wrote:
I was told that if I get multiple inquiries for a auto loan that it will only count as one and not be viewed bad. Question is if I apply online at lets say 5 different banks how does fico know I am trying for a auto loan and not credit cards ect so I don't get dinged for all of the pulls?
Auto, Mortgage and CC's all have coding as to what type of credit it is...
So if coded right it will show up as an auto pull

I had 7 or 8 of them last July, all in 2 day period for auto rate shopping. My TU report shows I am dinged for high amount of inquiries. So, mine are orbably not coded correctly. The bright side is when I go see my CU in the next month for a refinance, I can at least show them manually that they are all auto.