2007-03-30 07:00:30 · 8 answers · asked by stacey p 2 in Business & Finance ➔ Credit
Yes. If they were all on the same day then it wouldn't count as 11 hits to your credit, but if you went to multiple dealers, and they sent it in to multiple banks, then yes... the number of inquiries did drag your score down.
2007-03-30 07:05:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Credit Scores account for this "rate" shopping, so any inquiries in a given amount of time will be counted as one. Depending on the scoring system they usually treat any within 5-7 days as one inquiry.
Also, the scores really ignore any inquiry over a year old. So by now that is probably having very little effect. Now they will stay on your report for 2 years, but are just basically ignored. Then with the FICO system it accounts for only 10% of your total score so it has a small effect to begin with.
2007-03-30 08:34:08 · answer #2 · answered by OC1999 7 · 0⤊ 0⤋
If you have 11 inquiries it means that you already have bad credit, the first lender couldn't give you a loan and the dealer tried with another one and another one.
Or -remember that there are 3 diff bureaus- Every bureau put an inquery in your report.
Now, it may affect your fico, but not as much as you think. Inqueries only affect 10% of your credit, and 11 is not a big number. There are many questions open: same day? same bureau? These inquieries may take 2 to 6 points of 800!! where are the other points? credit history, balance of the accounts, collections?
DOn't worry about what happened, now you have to worry in how to rise your credit!!!! sometimes we say.. I missed the test by 1 point, but it's not true, you missed the test by 41 points (60% you pass)
2007-03-30 08:08:02 · answer #3 · answered by yansycr 2 · 0⤊ 0⤋
Yes it does! More inquiries makes it look like you are desperate for a loan. Did you apply for a car loan at a dealership? If so, they will run several inquiries from several banks until one approves you. I would never apply for a loan through the dealership for this reason. Inquiries will remain on your credit report for up to two years.
2007-03-30 07:17:50 · answer #4 · answered by ALFimzadi 5 · 0⤊ 0⤋
Yes...inquiries count against your score. If you shopped around for your car loan within a two week period, then all of the credit pulls will count as one inquiry.
2007-03-30 07:25:01 · answer #5 · answered by YSIC 7 · 0⤊ 0⤋
It depends, if you went to one dealer and they submitted you 11-times in the same day, that counts as 1-hit. If you went to several dealers and they submitted you 11-times on different days it could count as 11-hits.
11-inquiries is a lot. I am in the business and I never have had to submit someone 11-times to get them bought. Whoever you were working with did not know what they were doing.
2007-03-30 07:09:03 · answer #6 · answered by ? 7 · 0⤊ 0⤋
confident, assorted inquiries for motor vehicle creditors and loan creditors interior of a quick quantity of time all count huge sort as purely a million inquiry on your FICO score. it quite is obvious which you're procuring for a loan and not taking away assorted motor vehicle loans.
2016-10-01 22:54:14 · answer #7 · answered by ? 4 · 0⤊ 0⤋
yes anything more than 6 inquiry's makes your score go down, so u have to wait for them to be removed and it takes two years..
2007-03-30 07:07:42 · answer #8 · answered by shorty21 5 · 0⤊ 0⤋