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Old 06-02-2011, 03:46 PM
 
4,246 posts, read 11,102,377 times
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I thought you get to shop around for credit without hurting your credit? I checked my credit and I have 4 inquiries within a week of each other and they all show up on my credit report from when I was looking for the best deal. It states I have to many inquiries but I only have one other one making a total of 5.
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Old 06-02-2011, 04:11 PM
 
9,093 posts, read 17,459,005 times
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Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you're 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.
Credit Report Inquiries: How Credit Checks Affect Your Credit Score
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Old 06-04-2011, 04:59 AM
 
70 posts, read 213,310 times
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That's certainly one important factor which affects your score. The lenders may choose the version of the scoring formula for the CR agency. Your FICO score is being calculated upon it.
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