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How Many Inquiries


Freak
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I have heard that when someone is loan shopping, a certain number of inquiries within a certain numbers of days is disregarded - or looked at as one. Does anyone know if this is true?

I have several regarding a car loan I shopped about 18 months ago. I'm not going to worry about them now, but was just curious. I think I remember reading 2 weeks, but i also remember 45 days somewhere else.

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Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

-r

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I also have been told this, I have heard 14 days and I have heard 30 days. However, when I look at my reports, it is counting EACH inquiry, though I had 3 inquiries within 2 days for an auto loan, and a year and a half ago, I had 3 inquiries for mortgage loan- it is counting each of them separately too when it lists number of Inq's....I guess I just don't understand how that works.....

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I get that asked to me almost everyday. "Will running my report again hurt my score".

I have found out if you have 3 tri-merges ran within one week, it will drop your score. Resulting - a posting to your report, "credit affected by the number of inquiries".

If you are shopping for a mortgage, you should have it ran once to find out your scores, then do not give it out to anyone else until you find a better offer.

It's heathy to check your credit a few times a year. It's ok to have creditors check it from time to time. Having your report checked every month, will reduce your score.

Good Luck

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I also have been told this, I have heard 14 days and I have heard 30 days. However, when I look at my reports, it is counting EACH inquiry, though I had 3 inquiries within 2 days for an auto loan, and a year and a half ago, I had 3 inquiries for mortgage loan- it is counting each of them separately too when it lists number of Inq's....I guess I just don't understand how that works.....

You will still see the inquiries, the FICO score just doesn't count them separately.

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