Will I Get Multiple Hits To Credit Score/Report

[Anonymous]

Credit score/report question...Looking for auto financing and might need to apply to more than one place. For instance at the dealership as well as my bank and also a credit union. If I do this all in the same day or two will I get multiple hard pulls hitting my credit report or because they are all in a short period of time it will only be one hit to my report and my score? Thanks!

[SouthJamaica]

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@Anonymous wrote:

Credit score/report question...Looking for auto financing and might need to apply to more than one place. For instance at the dealership as well as my bank and also a credit union. If I do this all in the same day or two will I get multiple hard pulls hitting my credit report or because they are all in a short period of time it will only be one hit to my report and my score? Thanks!

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You will get multiple hits, but it's my understanding that for scoring purposes 2 weeks worth of them will be aggregated into a single hard pull per bureau.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

Credit score/report question...Looking for auto financing and might need to apply to more than one place. For instance at the dealership as well as my bank and also a credit union. If I do this all in the same day or two will I get multiple hard pulls hitting my credit report or because they are all in a short period of time it will only be one hit to my report and my score? Thanks!

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You will get multiple hits, but it's my understanding that for scoring purposes 2 weeks worth of them will be aggregated into a single hard pull per bureau.

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That's kind of what I thought too but wanted to check with the experts!  Thanks!

[Mr_Mojo_Risin]

From a scoring perspective, they should be grouped as 1 as long as they are done within a certain period of time. 

You will have each HP on your credit report though. Instances have happened where members were  denied for a CC due to inquiries by an algorithm. Members have had to recon to get human eyes  on their report.

[Anonymous]

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@Mr_Mojo_Risin wrote:

From a scoring perspective, they should be grouped as 1 as long as they are done within a certain period of time. 

You will have each HP on your credit report though. Instances have happened where members were  denied for a CC due to inquiries by an algorithm. Members have had to recon to get human eyes  on their report.

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Thanks.  Makes sense.  Btw, looks like you're a NFCU person.  I'm a member and considering the auto loan through them.  Recommended?  For pre-approvals it looks like you actually need to wait for them to send a hard copy check to you (nowhere near a branch to pick up).  Is this true?  How long does it take?  Seems like you should get a pre-approval email to show the dealer and then they can do everything they need to electronically.  

[Mr_Mojo_Risin]

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@Anonymous wrote:

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@Mr_Mojo_Risin wrote:

From a scoring perspective, they should be grouped as 1 as long as they are done within a certain period of time. 

You will have each HP on your credit report though. Instances have happened where members were  denied for a CC due to inquiries by an algorithm. Members have had to recon to get human eyes  on their report.

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Thanks.  Makes sense.  Btw, looks like you're a NFCU person.  I'm a member and considering the auto loan through them.  Recommended?  For pre-approvals it looks like you actually need to wait for them to send a hard copy check to you (nowhere near a branch to pick up).  Is this true?  How long does it take?  Seems like you should get a pre-approval email to show the dealer and then they can do everything they need to electronically.  

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I definitely recommend them. When I applied for my auto loan it was instant approval. Really quick and easy process. I had the check within 2 days of applying then took the check to the dealership.

The dealership will speak with NFCU on the phone and verify the check. Its really an easy process.

[Anonymous]

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@Mr_Mojo_Risin wrote:

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@Anonymous wrote:

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@Mr_Mojo_Risin wrote:

From a scoring perspective, they should be grouped as 1 as long as they are done within a certain period of time. 

You will have each HP on your credit report though. Instances have happened where members were  denied for a CC due to inquiries by an algorithm. Members have had to recon to get human eyes  on their report.

---

Thanks.  Makes sense.  Btw, looks like you're a NFCU person.  I'm a member and considering the auto loan through them.  Recommended?  For pre-approvals it looks like you actually need to wait for them to send a hard copy check to you (nowhere near a branch to pick up).  Is this true?  How long does it take?  Seems like you should get a pre-approval email to show the dealer and then they can do everything they need to electronically.  

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I definitely recommend them. When I applied for my auto loan it was instant approval. Really quick and easy process. I had the check within 2 days of applying then took the check to the dealership.

The dealership will speak with NFCU on the phone and verify the check. Its really an easy process.

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One of my kids has a student loan with them and they are great.  

Just approved for the auto loan actually...3.99% which I feel is very good for a used car.

[Mr_Mojo_Risin]

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@Anonymous wrote:

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@Mr_Mojo_Risin wrote:

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@Anonymous wrote:

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@Mr_Mojo_Risin wrote:

From a scoring perspective, they should be grouped as 1 as long as they are done within a certain period of time. 

You will have each HP on your credit report though. Instances have happened where members were  denied for a CC due to inquiries by an algorithm. Members have had to recon to get human eyes  on their report.

---

Thanks.  Makes sense.  Btw, looks like you're a NFCU person.  I'm a member and considering the auto loan through them.  Recommended?  For pre-approvals it looks like you actually need to wait for them to send a hard copy check to you (nowhere near a branch to pick up).  Is this true?  How long does it take?  Seems like you should get a pre-approval email to show the dealer and then they can do everything they need to electronically.  

---

I definitely recommend them. When I applied for my auto loan it was instant approval. Really quick and easy process. I had the check within 2 days of applying then took the check to the dealership.

The dealership will speak with NFCU on the phone and verify the check. Its really an easy process.

---

One of my kids has a student loan with them and they are great.  

Just approved for the auto loan actually...3.99% which I feel is very good for a used car.

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Yeah that's really good, glad it worked out for you. Should only take 1-2 days tops to get the check and other documents in the mail from FedEx.

[Anonymous]

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@Mr_Mojo_Risin wrote:

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@Anonymous wrote:

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@Mr_Mojo_Risin wrote:

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@Anonymous wrote:

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@Mr_Mojo_Risin wrote:

From a scoring perspective, they should be grouped as 1 as long as they are done within a certain period of time. 

You will have each HP on your credit report though. Instances have happened where members were  denied for a CC due to inquiries by an algorithm. Members have had to recon to get human eyes  on their report.

---

Thanks.  Makes sense.  Btw, looks like you're a NFCU person.  I'm a member and considering the auto loan through them.  Recommended?  For pre-approvals it looks like you actually need to wait for them to send a hard copy check to you (nowhere near a branch to pick up).  Is this true?  How long does it take?  Seems like you should get a pre-approval email to show the dealer and then they can do everything they need to electronically.  

---

I definitely recommend them. When I applied for my auto loan it was instant approval. Really quick and easy process. I had the check within 2 days of applying then took the check to the dealership.

The dealership will speak with NFCU on the phone and verify the check. Its really an easy process.

---

One of my kids has a student loan with them and they are great.  

Just approved for the auto loan actually...3.99% which I feel is very good for a used car.

---

Yeah that's really good, glad it worked out for you. Should only take 1-2 days tops to get the check and other documents in the mail from FedEx.

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Yup. I paid the extra $5 for FedEx. 

[Anonymous]

Also keep in mind that for inquiries to be lumped/viewed/scored as 1, they need to be correctly coded.  We've seen many examples on this forum of members referencing auto inquiries being coded incorrectly.