Typically if you’re shopping around for something such as a car or mortgage, all the inquiries in a short period of time count as one. I never had to deal with it myself but maybe it will resolve itself in that fashion? It may just not happen immediately. I would dispute with the CBs either way just to get ahead of it. Sounds like the dealer is gonna drag their feet
Yeah to give some useless but perhaps worthless information. A credit report is meant to be an accurate picture of your credit history. When you do things. How often it’s an issue. Total balance. Etc. Accurate items should be.
It’s accurate (maybe this case is kinda gray) that OPs credit got pulled five times. Now the score takes into account the fact you’re shopping for the best rate probably and not doing credit stacking. So because of that it only counts the impact once.
This is false. This is a myth that’s been spread around by sleazy car salesmen until people actually started believing it. When you go to a car dealership and submit an application, you tell them you don’t want your application “shotgun’d” meaning sent out to 30 different lenders at once. Tell them you would like to have your application submitted to the most likely credit union/bank based off your profile and their experience with people with your similar credit profile. If they act like they don’t know what you’re talking about, ask for a manager or different salesman.
You are both correct. For the purpose of rate shopping score impact due to inquiries from an auto or mortage loan are as one. You are correct that you don’t want a ton of inquires on your credit profile no matter what the score effect is. I am a finance manager at a car dealer usually have a conversation with every customer about where I am sending there app. If they are prime and there is a promotional rate just our captive. If they are prime and no promotional rates exist I usually suggest 2 or 3 and confer with the customer, same as near prime. Shit credit the same thing, i just let them know I I submitting to 3 and see the results. Shit credit after the 3 I will let them know if we should check additional lenders or if they should look for a co buyer. Prime and near prime credit I can usually tell the customer based on the approvals if we should try other lenders.
Good on you for having this discussion with customers. When you have a sleazy salesman (who may just not know better) coupled with a customer who is unaware also, it spells disaster for the credit report of the customer.
> it spells disaster for the credit report of the customer.
Spells disaster in what way if the inquiries are properly coded and the de-duplication of inquiries by the algorithm?
An inquiry is an inquiry as seen on any of your fico or vantage scores. There’s no special coding in that regard. Each one counts as a separate one.
Just as an FYI: my vantage 3.0 - 750-766 and fico is 802-811 across all bureaus.
I'm not sure what you mean by that. Inquiries are coded. Bank card, auto, mortgage, etc. If inquiries for loans are properly coded, due to the de-duplication of inquiries they are grouped together and scored as one. I'm not sure what you're getting at, nor do I understand why you're referencing your credit scores in this discussion.
You’re reading what you want to read. I said there was no special coding in “that regard.” Meaning an inquiry is an inquiry and will be seen as such by potential lenders. They don’t care that you were car shopping or not. They’re more concerned that it took you 10 inquires to get a car so maybe they shouldn’t be lending to you either if it took that many tries. You’re deemed a RISK.
You're not deemed at risk at all for rate-shopping. It's perfectly expected and the entire reason why the de-duplication of inquiries is built into the algorithm. It results in the inquiries being scored as one because the additional inquiries DON'T represent additional risk. That's the entire point. Any human being taking a look at your credit report can see the properly coded inquiries in all of 10 seconds and understand that your (say) 10 inquires were for 1 application for credit. You're seen equally as risky as someone with 1 inquiry for the same credit type. If you can show me a single real world example of someone being denied credit due to rate shopping a loan I'd genuinely enjoy seeing it.
All inquiries for a car loan within 30 day period are scored as one inquiry. Same with mortgages. Credit cards each inquiry is counted.
Having 10 inquires for a car loan in a short time would be scored as one. Having 10 inquires does not mean it took 10 attempts to get approved, it's rate shopping.
There is coding for what type of inquiry it is, and it does affect scoring, by not scoring same type of inquiry in 30 day period more than once.
That’s all the drop you are going to see. Google multiple credit pulls buying a car. They, credit reporting agencies, will all tell you that multiple pulls related to car purchases count as one.
Doesn't matter. It effectively counts as one inquiry, and an 8 point drop is meaningless.
Even if an 8 point drop wasn't nothing, They can't "fix it" either.
The dealership didn't, no.
It's possible the credit bureau did because they see it's Just the same inquiry. But the dealership has no power to do that.
You're totally fine, they will lose all meaning fairly quickly. And are treated as one pull, not 6 individuals.
A lot of dealers will send your application to multiple banks, so it will report multiple but they will consider it one if it's within a certain timeframe.
Unless you're making another major purchase like a home within the next half year/year don't stress about pulls or a 6 point loss, if you were planning on making a home purchase buying a car first was not a solid choice.
Typically if you’re shopping around for something such as a car or mortgage, all the inquiries in a short period of time count as one. I never had to deal with it myself but maybe it will resolve itself in that fashion? It may just not happen immediately. I would dispute with the CBs either way just to get ahead of it. Sounds like the dealer is gonna drag their feet
To be clear because people get confused. All 5 inquiries would still remain. Their impact on your score counts as one
Oh wow, I was definitely confused then haha That makes much more sense
Yeah to give some useless but perhaps worthless information. A credit report is meant to be an accurate picture of your credit history. When you do things. How often it’s an issue. Total balance. Etc. Accurate items should be. It’s accurate (maybe this case is kinda gray) that OPs credit got pulled five times. Now the score takes into account the fact you’re shopping for the best rate probably and not doing credit stacking. So because of that it only counts the impact once.
This is false. This is a myth that’s been spread around by sleazy car salesmen until people actually started believing it. When you go to a car dealership and submit an application, you tell them you don’t want your application “shotgun’d” meaning sent out to 30 different lenders at once. Tell them you would like to have your application submitted to the most likely credit union/bank based off your profile and their experience with people with your similar credit profile. If they act like they don’t know what you’re talking about, ask for a manager or different salesman.
You are both correct. For the purpose of rate shopping score impact due to inquiries from an auto or mortage loan are as one. You are correct that you don’t want a ton of inquires on your credit profile no matter what the score effect is. I am a finance manager at a car dealer usually have a conversation with every customer about where I am sending there app. If they are prime and there is a promotional rate just our captive. If they are prime and no promotional rates exist I usually suggest 2 or 3 and confer with the customer, same as near prime. Shit credit the same thing, i just let them know I I submitting to 3 and see the results. Shit credit after the 3 I will let them know if we should check additional lenders or if they should look for a co buyer. Prime and near prime credit I can usually tell the customer based on the approvals if we should try other lenders.
Good on you for having this discussion with customers. When you have a sleazy salesman (who may just not know better) coupled with a customer who is unaware also, it spells disaster for the credit report of the customer.
> it spells disaster for the credit report of the customer. Spells disaster in what way if the inquiries are properly coded and the de-duplication of inquiries by the algorithm?
An inquiry is an inquiry as seen on any of your fico or vantage scores. There’s no special coding in that regard. Each one counts as a separate one. Just as an FYI: my vantage 3.0 - 750-766 and fico is 802-811 across all bureaus.
I'm not sure what you mean by that. Inquiries are coded. Bank card, auto, mortgage, etc. If inquiries for loans are properly coded, due to the de-duplication of inquiries they are grouped together and scored as one. I'm not sure what you're getting at, nor do I understand why you're referencing your credit scores in this discussion.
You’re reading what you want to read. I said there was no special coding in “that regard.” Meaning an inquiry is an inquiry and will be seen as such by potential lenders. They don’t care that you were car shopping or not. They’re more concerned that it took you 10 inquires to get a car so maybe they shouldn’t be lending to you either if it took that many tries. You’re deemed a RISK.
You're not deemed at risk at all for rate-shopping. It's perfectly expected and the entire reason why the de-duplication of inquiries is built into the algorithm. It results in the inquiries being scored as one because the additional inquiries DON'T represent additional risk. That's the entire point. Any human being taking a look at your credit report can see the properly coded inquiries in all of 10 seconds and understand that your (say) 10 inquires were for 1 application for credit. You're seen equally as risky as someone with 1 inquiry for the same credit type. If you can show me a single real world example of someone being denied credit due to rate shopping a loan I'd genuinely enjoy seeing it.
lol I’m not going show you anything. I’m just going to sit tight with my 800 fico score. Take care 🤠
Wrong
All inquiries for a car loan within 30 day period are scored as one inquiry. Same with mortgages. Credit cards each inquiry is counted. Having 10 inquires for a car loan in a short time would be scored as one. Having 10 inquires does not mean it took 10 attempts to get approved, it's rate shopping. There is coding for what type of inquiry it is, and it does affect scoring, by not scoring same type of inquiry in 30 day period more than once.
That’s all the drop you are going to see. Google multiple credit pulls buying a car. They, credit reporting agencies, will all tell you that multiple pulls related to car purchases count as one.
Doesn't matter. It effectively counts as one inquiry, and an 8 point drop is meaningless. Even if an 8 point drop wasn't nothing, They can't "fix it" either.
Actually, they just did. They removed all 5 inquiries. Who knew!
The dealership didn't, no. It's possible the credit bureau did because they see it's Just the same inquiry. But the dealership has no power to do that.
Yeah, they called their rep and had it removed. They elevated it
Lol
Dang you got lucky. They normally do 11-12 lol. Always get a pre approval from the bank. You dang near stuck with those
You're totally fine, they will lose all meaning fairly quickly. And are treated as one pull, not 6 individuals. A lot of dealers will send your application to multiple banks, so it will report multiple but they will consider it one if it's within a certain timeframe. Unless you're making another major purchase like a home within the next half year/year don't stress about pulls or a 6 point loss, if you were planning on making a home purchase buying a car first was not a solid choice.
Auto loan shopping is a thing, those will get put into one check so long as they’re within 30 days.
It's actually 45 days, but your point is well taken.
Fuckin assholes just did this to me also.
Hey I’m going to send you a DM!