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too many inquiries?

roxy382
Regular Contributor

too many inquiries?

I am in the process of trying to get an auto loan. before that I had 4 TU inquiries, 4 EQ inquiries, and 2 EX inquiries. I went to one dealership and my inquires now total up to 10 TU 9 EQ and 3 EX. I know that FICO scoring will only count the auto inquiries as one but if I try to apply for a new credit card in the next few months will the credit card companies see these all as one inquiry too or will they look at the total number of inquiries?

In My Wallet: Amazon (5/2011) $2200 -- CareCredit (9/11) $4200 -- Capital One Green Cash Rewards (01/12) $3000 -- Citi Forward (1/12) $2500 -- Walmart Store Card (1/12) $1100 -- Maurices (8/12) $200

Starting Score: EX 567 9/13/2010
Current Score: EX(FAKO) 639 EQ(FAKO) 628 TU(FAKO) 662 11/13/2012
Goal Score: 750
Message 1 of 17
16 REPLIES 16
MarineVietVet
Moderator Emeritus

Re: too many inquiries?


@roxy382 wrote:

I am in the process of trying to get an auto loan. before that I had 4 TU inquiries, 4 EQ inquiries, and 2 EX inquiries. I went to one dealership and my inquires now total up to 10 TU 9 EQ and 3 EX. I know that FICO scoring will only count the auto inquiries as one but if I try to apply for a new credit card in the next few months will the credit card companies see these all as one inquiry too or will they look at the total number of inquiries?


Even though all those inquiries while shopping for a car will be scored as one the lenders could see every one of them depending on which CRA they look at. So if they pull all three scores they'll see all 22 inquiries.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 2 of 17
roxy382
Regular Contributor

Re: too many inquiries?

That really sucks. I wish that the car dealership would have mentioned that they weren't going to have my credit pulled once but 12 times.

In My Wallet: Amazon (5/2011) $2200 -- CareCredit (9/11) $4200 -- Capital One Green Cash Rewards (01/12) $3000 -- Citi Forward (1/12) $2500 -- Walmart Store Card (1/12) $1100 -- Maurices (8/12) $200

Starting Score: EX 567 9/13/2010
Current Score: EX(FAKO) 639 EQ(FAKO) 628 TU(FAKO) 662 11/13/2012
Goal Score: 750
Message 3 of 17
pizzadude
Super Contributor

Re: too many inquiries?

Most car dealers will "shotgun" your CR to their financing companies, which as you now know, means a lot of inquiries.

Dealers want to sell you the car, and arrange your financing if possible. There is money to be made by doing both.

If you were to be denied credit for this, like by a CC for example, you should recon the denial and point out the fact that they are all auto related.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 17
haulingthescoreup
Moderator Emerita

Re: too many inquiries?


@pizzadude wrote:
Most car dealers will "shotgun" your CR to their financing companies, which as you now know, means a lot of inquiries.

Dealers want to sell you the car, and arrange your financing if possible. There is money to be made by doing both.

If you were to be denied credit for this, like by a CC for example, you should recon the denial and point out the fact that they are all auto related.

+1  Many denials are done by computers, which don't differentiate between a dozen apps for CC's and a dozen for a car. It's unlikely that you were shopping for 12 cars, but there are plenty of members here with 12 apps for 12 different CC's.

 

Also, next time around, you might want to get with a local credit union first. Their rates are generally way better, and it will only be one app.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 17
LS2982
Mega Contributor

Re: too many inquiries?


@roxy382 wrote:

I am in the process of trying to get an auto loan. before that I had 4 TU inquiries, 4 EQ inquiries, and 2 EX inquiries. I went to one dealership and my inquires now total up to 10 TU 9 EQ and 3 EX. I know that FICO scoring will only count the auto inquiries as one but if I try to apply for a new credit card in the next few months will the credit card companies see these all as one inquiry too or will they look at the total number of inquiries?


You may get denied by the computer but it is a easy recon!




EQ FICO 548 3/3/16
Message 6 of 17
beamMEup
Moderator Emeritus

Re: too many inquiries?

And, as a side note, it's a vote for arranging your own financing before going in to the dealer.  In our case, we don't even tell them we're financing.  We tell them we've got the purchase covered, so they don't know if it's cash or financing until we actually purchase the car.  I know that's not always the optimal solution, but it's one to consider when going out.  Those dealers can be tricky - pulling credit even if you're just window shopping.  

Just puttin' syrup on something, don't make it pancakes.
Message 7 of 17
RobertEG
Legendary Contributor

Re: too many inquiries?

+!

FICO has provided the ability to "de-dupe" auto and mortgage related inquiries, but implementation, of course, depends upon the proper coding of those inquiries by the inquirees.

Would you rely on an auto dealer to understand the importance of such coding in FICO scoring?

Message 8 of 17
CS800
Super Contributor

Re: too many inquiries?

Since we are on the topic of inqs. IS there a ceiling that inqs can affect us pointwise?

 

Like if you have 14 and above you get hit with the same penalty?

 

0-2

3-6 etc




Message 9 of 17
jenrhi
New Contributor

Re: too many inquiries?

I too have this issue and my question is this, can I request to have those inquiries removed if I did not authorize all those different lenders to check my credit? I went to one dealer, not several? I dont recall signing anything to allow them to run my credit, of course what I did sign di not have any particular name of a bank either??

Message 10 of 17
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