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Posted in Auto Loans
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Csrs4ever

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21 hard inquiries in 3 days for an auto loan and I only went to two dealerships.
I know that FICO takes this into consideration when truly determining your score. But not a lot of businesses use or are able to afford to use the FICO system. So what is the best way I go about getting these inquiries lumped together? The majority were in a two day period. And some are the same lenders... On the same day!

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You won't be able to lumped them together, each one will/should list individually on your credit reports. You can try but probably won't get you anywhere as each lender whom picked up your credit app from dealerships, put in their own inquiries, and keep in mind that, it's the Credit Bureaus that granted their requests, so it's going to be tough to "dispute" them from CBs' side, they aren't going to say "... Ooops, we screwed up, there should be that many inquiries..."... However, If they are coded properly, they might be scored as one.

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You will learn that if they were done with in one week to one month (depending on the scoring model) all scoring models from FICO and Vantage, and any other models except for some small private ones, will consider all 21 inquireies as only one inquiry.  The government made them start doing this many years ago so that when we make a major purchase we can shop for the best rates possible.  

These may have a real bad inpact for the first 30 or so days, but once the models see that you took out a car loan, they will see this as only one inquiry.  But basically you just ride it out, and maybe do your own shopping for a loan instead of letting the dealerships do it next time.

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