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Posted in Auto Loans
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Ashhere

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Hard enquires affecting my credit score
I had recently bought a car and my dealer assured me that the credit inquiries they did not will not affect my credit score. They did for more than 7 inquiries. Now I see that my credit score has gone down a lot. What shall I do now

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Give it time

Hard inquiries stay on your credit report for 2 years, though their impact should diminish after about 6-12 months and your credit scores should bounce back.

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I am not sure what Vantage does about this (scores you get here), but most FICO scoring systems will count multiple auto inquiries only as one inquiry when done within a short period of time. Even though you will still see all the Hard Inquiries on your reports, they will only be scored as one as long as the lenders coded the inquiry correctly.

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