I was told there is now a law where in a 14 day period if you check your credit for the same type of thing (auto loan), it only hits your credit once...
2007-06-12 08:18:10 · 6 answers · asked by legaleye2005 1 in Business & Finance ➔ Credit
Yes, it will show as one inquiry during those 14 days. BUT, after the 14 days, it will show as 5 inquiries.
2007-06-12 08:23:06 · answer #1 · answered by logan j 3 · 0⤊ 0⤋
Auto finance is what I do for a living and that is true.
All of the inquiries show on your credit but you only get dinged once if all of them are done in the same 14-day period.
2007-06-12 16:42:46 · answer #2 · answered by ? 7 · 0⤊ 0⤋
I haven't heard of this new law. It may be, but I haven't heard of it.
When you are shopping for a major loan, such as a car or house, lenders know that when they see several inquiries close together, you are loan shopping and will not count it against you. Your score will take a slight hit, but virtually no lenders of major loans like that will look at the score only without looking at what is on your report and add back a few points on their own.
2007-06-12 15:25:53 · answer #3 · answered by Brian G 6 · 0⤊ 0⤋
Nope. dinged your credit 4 times. The first one was free..now everytime you apply for a loan this year it will ding it again and again.
2007-06-12 15:26:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
That is true. As long as you are within that 14-day period, your score will be effected as if it was only one inquiry and not 5. They will be listed separately, but your points will be adjusted according to one inquiry.
2007-06-12 16:08:57 · answer #5 · answered by YSIC 7 · 0⤊ 0⤋
I know it is true for mortgages, not sure about auto loans.
2007-06-12 16:06:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋