Unlimited Credit Reports And Scores
2010
Car loan credit report inquiries?
I was told that if I am purchasing a new car, and multiple dealers or banks pull my credit, it would only count against my score as a single new application/credit pull. Is that accurate? If so, can I apply at an unlimited # of banks for this loan, or does the rule only apply to a certain #?
All inquiries of a similar nature done within a 3 week window are treated as one.
From one bank or from many banks.
This is to allow the customer to “shop around” for a good rate.
This does not apply to revolving credit (credit cards).
An inquiry dings your credit very minimally.
If you have good credit it can reduce it by 1 or 2 points (insignificant).
If you have bad credit an inquiry on a loan can reduce the score by 5 points.
Reminder: They will all be treated as one inquiry.
It will show up on your report for 2 years, but only affect your score for one year.
MyFico/ education …
TrueCredit: “Answering Machine”
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