[CBR/LS1]

I have a friend at work and she is wanting to buy a car. I heard not to long ago that if you have your credit ran a bunch of times within a 30 day period while searching for a car it only counts as one inquiry. Is this true?

 

[baffula]

AFAIK, multiple inquires of the same 'type' within 14 days are classified as one inquiry on your report. This 14 days is considered an average shopping period. However dependent upon who pulls your credit, after the auto purchase, they may look at 45 days as opposed to 14 days.

You must also realize that if you are looking for an auto or a mortgage loan, the credit score will automatically not account for any of the same 'type' inquiries within the past 30 days. What this means to you, is that, any inquiries made in that 30 day period won't affect your score, which is used to determine your rate, so long as the loan is obtained in those 30 days. After that, the two rules apply above as far as the counting of the inquiries.

 

[Rob94]

no, anytime a car dealership runs your credit it counts as a inquiry. Tell her to arrnage her own financing prior to visiting the dealership. This will save her from having to let 5 dealerships pull her credit and she may get a lower rate.

 

[CBR/LS1]

AFAIK, multiple inquires of the same 'type' within 14 days are classified as one inquiry on your report. This 14 days is considered an average shopping period. However dependent upon who pulls your credit, after the auto purchase, they may look at 45 days as opposed to 14 days.

You must also realize that if you are looking for an auto or a mortgage loan, the credit score will automatically not account for any of the same 'type' inquiries within the past 30 days. What this means to you, is that, any inquiries made in that 30 day period won't affect your score, which is used to determine your rate, so long as the loan is obtained in those 30 days. After that, the two rules apply above as far as the counting of the inquiries.

So it's 14 days. I thought it was 30 but it's still better than a ton of inquiries. Thanks.

 

[DamnRock]

It is 14 days. All inquiries of the same type within 14 days are counted as one inquiry. I recently bought a house so I can attest to the truthfulness of this statement.

what I do when buying a car is find the rate e-loan and peoplefirst (bankone?) will give... basically the competitive new-car rate for online financing... then when I call the dealer, tell them that I can get that rate from e-loan and if they can beat that rate by 0.5% I'll finance through them.... you'd be surprised how much flexibility dealers have when setting the rate they'll finance you at... it is NOT fixed unless you're taking advantage of some promotion. They can knock off a % here or there for no reason at all. But it also means taht if you dont' give them a target, they'll offer you the highest interest rate thye think you'll accept... so know what the going rates are fo rthe type of loan you're applying for.

Dealers are stealers if you let them be.

Rock

 

[CBR/LS1]

It is 14 days. All inquiries of the same type within 14 days are counted as one inquiry. I recently bought a house so I can attest to the truthfulness of this statement.

what I do when buying a car is find the rate e-loan and peoplefirst (bankone?) will give... basically the competitive new-car rate for online financing... then when I call the dealer, tell them that I can get that rate from e-loan and if they can beat that rate by 0.5% I'll finance through them.... you'd be surprised how much flexibility dealers have when setting the rate they'll finance you at... it is NOT fixed unless you're taking advantage of some promotion. They can knock off a % here or there for no reason at all. But it also means taht if you dont' give them a target, they'll offer you the highest interest rate thye think you'll accept... so know what the going rates are fo rthe type of loan you're applying for.

Dealers are stealers if you let them be.

Rock

Thanks. I will let her know this also.

 

[Drew303]

no, anytime a car dealership runs your credit it counts as a inquiry. Tell her to arrnage her own financing prior to visiting the dealership. This will save her from having to let 5 dealerships pull her credit and she may get a lower rate.

WRONG. The same type of pulls count as one pull.

 

[caboarder2001]

no, anytime a car dealership runs your credit it counts as a inquiry. Tell her to arrnage her own financing prior to visiting the dealership. This will save her from having to let 5 dealerships pull her credit and she may get a lower rate.

Some people are so mis-informed lol. Like everyone said, ur cool if its the same type.

 

[Ichiro]

how long do these inquiries stay on your credit report? i got one inquiry from two yrs ago, and it's probably the only thing keeping my fico from hitting 800+

 

[baffula]

WRONG. The same type of pulls count as one pull.

Only for auto or mortgage and only within the determined 'shopping period' :hello: