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bac512

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credit score drop from buying a car?
my credit score dropped about 30 points when I bought a car. My real concern is, when I went to buy the car, the auto dealer 'searched' for a loan. through 11 lenders. each pulled my credit, all on the same day, pretty much at the same time. Credit Karma is rating each pull as a separate hit, saying I now have 11 credit inquiries. My understanding or credit scores is credit inquires on loans within a short period of time count as one inquiry. Is this true? If not, is there anything I can do to correct this?

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You are correct, it only counts as one inquiry as long as all reports were pulled within the same 30 day period.  Credit Karma will show all inquiries, not just hard ones.  Besides, inquiries only count for 10% of your score, which is minimal.  Any time you open a new account your score will always drop at first, but then it should move up as you make monthly ontime payments.  Best of luck!

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