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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Shotgunning a credit report||Date: 8/22/2008 3:14 PM|
|Author: aj485||Number: 277524 of 308519|
the second dealer had pulled her report 25 times, dropping her credit score
Bull, bull, bull, after five times there is no further effect on FICO.
I have seen that some scoring models do assume multiple inquiries within a certain time period (can be from 1 week - 3 months, depending on the scoring model) for the same purpose all count the same as a single inquiry. There is a catch to this - that they all have to be coded as being for the same purpose - which is up to the organization who is pulling the report. Plus, not all scoring models do this.
However, until the statement above, I have never seen anything that says that any inquiries over 5 (or any other number for that matter) are completely disregarded and do not affect one's credit score.
And even if the inquiries beyond 5 are not counted, making those 5 inquiries did affect her credit score. And the dealership did not make the multiple inquiries until after she had left the dealership, telling them that she did not want to business with them. And that's completely out of line.
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