Credit Inquires

[darrellx]

I bought a new car yesterday and got a notice on my credit monitoring service that the dealership went to 8 different banks that pulled my credit. I have several rental property mortgages in an LLC that is showing up on my personal credit reports and my income did not show sufficient to cover my expenses. My score was in the 790's but because of the ratio many banks were not interested. How bad is all of those hits in one day going to hurt my fico and is there anything that I can do to soften the blow since they were all in one day.

Thanks

darrell

[improving]

Dispute them all since you had no knowledge that so many pulls were being made.

It may damage your score some - but I don't think it would be too drastic.

You're in the 790's!! I think you're in better shape than most of us here.

Good luck!

[Trish]

You can try disputing them off as improving suggested but don't get too stressed out if they come back verified.

This happens a lot (multiple inquiries) when you are applying for an auto or mortgage loan. The agents send your info out to several different lenders to try and get you the best deal/interest rate.

It will not affect your score adversely because FICO will know you are "rate shopping" since all of the inquiries are in a short period of time

This is from myfico.com:

What to know about "rate shopping."
Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan 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 mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts 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.

HTH