Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
beaufortbeauty

0 Contributions
0 People Helped
Why do hard credit inquiries count when it is obvious that no new credit was extened?
Shopped for a new car and as is typical the dealer was looking for lower rates, I knew they were there but only one lender was used. Why does it take two years to drop these inquires when it is obvious that only 1 loan was entered into?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
179 Contributions
334 People Helped
Most Helpful Response

Looks Tricky, I know...

Helpful to 2 out of 2 people

It's likely that your score is only counting 1 inquiry in that whole time even though it’s showing you them all.  While there are actually hundreds if not thousands of different scoring models out there for companies to use, most scoring models (like the FICO Credit Model 8 and the VantageScore 3.0 scoring model used here on CK) only count 1 inquiry for similar finance inquiries with-in 2 weeks of each other in your actual score.  However, you have a right to know who was looking in that time, so your credit report still shows them, it just doesn’t count them more than once.

Thumbs up if this helps you.

3 Contributions
0 People Helped

Inquirys

Lenders look at inquirys because if a potential borrower is asking for credit from multiple lenders, it is more likely that the borrower may obtain more credit than they can manage in the future. Most credit scoring modules take into account that people routinly shop around a bit when looking for home or auto loans. They normally would'nt ding your credit multiple times if they are all applications for the same type of credit and are close together in time. 

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.