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re: Car shopping & multiple credit checks
Posted on 6/4/12 at 10:42 am to ashy larry
Posted on 6/4/12 at 10:42 am to ashy larry
I'm pretty sure you can have as many as you want in a two week window and it will only show up as 1.
2
Posted on 6/4/12 at 10:48 am to LSU1018
quote:
What to know about "rate shopping."Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.
LINK
Posted on 6/4/12 at 10:06 pm to LSU1018
quote:
I'm pretty sure you can have as many as you want in a two week window and it will only show up as 1.
This is correct. Every inquiry will show up on your credit report but supposedly will only affect your score the same as 1 inquiry.
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