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Posted in Auto Loans
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BM284503

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Hard Inquiries for Shopping
I bought a new car a few moths ago, during the process I was told by the dealer finance department that I was allowed to "shop around" and that pulling multiple reports at once to get the best rate would not count as separate inquiries. I now notice I have 3 separate hard inquiries all within a day of each-other and this has lowered my credit score. What can I do?

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FICO will score multiple auto loan inquiries as one when they are done within a short period of time. You will still see the inquiries on your reports, but they are only scored as one as long as the lender entered the information correctly for the inquiry. This works for home and student loans as well. I am only addressing FICO scoring models as I am unsure how the non-fico scoring systems do this.

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