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Inquiries for an auto loan

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Topics addressed on October 17, 2007:

Inquiries for an auto loan

Dear Max,

When I was purchasing a car, 27 people checked my credit within six days, and all showed up on my report. Isn't there a grace period when making a major purchase? Don’t all those inquiries hurt my score and look bad?

- ARY

Dear ARY,

Credit scoring systems today recognize that you may shop for the best rates when purchasing a home or a car, and that most of us will only be buying one car or one house at a time.

While there may be a number of inquiries resulting from what is sometimes called “shotgunning” to find the best auto loan for you, they will not have a negative impact on your credit report or scores.

That is because credit scoring systems typically count all auto loan inquiries within a 14 day period as only one inquiry.

Doing so allows you or your auto dealership to find the best loan for you without you having to worry about impacting your credit report or credit scores. The same is true about inquiries when you apply for a mortgage.

Thanks for asking.

Credit Reporting

Improve your credit by understanding basic consumer credit information: what’s in a credit report, how to check it and how often you should review it.
Credit Scores

What are credit scores, and how are they calculated? Get the answers to your credit score questions.
Preventing Fraud

Learn the warning signs of credit fraud, and get the credit information you need to protect yourself. Are you already a victim? Experian can help.
Life Events and Credit

Find out how life events affect your credit and how to build good credit for the major purchases in your life.
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Ask Experian

Get credit information on the hottest topics from Experian’s team.
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What’s in a credit report, how can you check it and how often should you review it? Make sure your credit information is accurate and check your Experian, Equifax and TransUnion reports side-by-side with Experian’s 3 Bureau Online Credit Report.
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