Credit Advice

Inquiries for an auto loan


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Credit Advice

Inquiries for an auto loan

Dear Experian,

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?


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.

- The "Ask Experian" team

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