[cardinalequity]

Thank you! Good info and theoretically makes sense and sound. My experience and the experience of others I know says something different. The most infamous example is someone walking into a car dealership with subpar credit. When the dealer puts you into dealer track(which most use) in about a minute you get sent to 7,8,9, even 12 lenders you will notice a difference in your score right away. Not because it counted as 1 inquiry but because they all counted. I've seen clients scores drop 15 points in a few minutes. Most in the Auto industry know this but they need to do it in order to see which lender bites. This of course applies to subpar credit clients. If someone walks to Mercedes Benz knowing that they have a 750 fico score and they can go with a prime bank then the 1 pull is enough. And of course I was just referencing hard pulls. Going back to the codes, I've only seen what you are referring to with Mortgage pulls and nothing else. FYI. this is not designed to be argumentative. I value everything you wrote and I know it's sound. Describing my last 8 years of experience that's all. Thanks for the info!!!!

The impact on a borrower's credit score is a function of whether it is a hard pull or a soft pull, as well as the type code of the lenders that are pulling the borrower's credit. Ignoring the hard/soft pull distinction, provided the lenders pulling the bureau all have the same type code (mortgage, auto, *actual* bank, etc.), the borrower's credit is only impacted at the first pull and then a window is open for 30-90 days depending on the type code and credit bureau being used, during which subsequent pulls from lenders with that same type code won't impact the score. This is done by the bureaus to allow borrowers to shop rates and approvals from different lenders. It should also be noted that some lenders incorporate the pull count over a certain duration into their risk scoring, so while the FICO score itself might not be impacted, multiple pulls might cast the borrower's risk profile in a negative light.

[CreditGuy]

When the dealer puts you into dealer track(which most use) in about a minute you get sent to 7,8,9, even 12 lenders you will notice a difference in your score right away. Not because it counted as 1 inquiry but because they all counted. I've seen clients scores drop 15 points in a few minutes.

This is most likely a function of the different lenders pulling credit have different type codes (bank, finance company, dealer credit, etc.). Also, a drop of 10-15 points for the initial inquiry is about right depending on the bureau.

Going back to the codes, I've only seen what you are referring to with Mortgage pulls and nothing else.

Here's an article I found from Equifax that affirms it applies to both mortgage and auto loans, again assuming that all inquiries coem from the same type code. Credit card hard pulls don't trigger a grace period for multiple inquiries given the nature of that lending market and the possibility that the applicant could in theory accept and open multiple revolvers at once.

[Chambo]

"Remember, not all inquiries are created equal; only a hard inquiry will impact your credit score. A hard inquiry is when a mortgage lender, landlord, bank, or other creditor accesses your credit report because of a transaction you initiated. The key here is that you initiated this inquiry by asking for a line of credit from a lender.

The other two types of inquiries generally do not have any effect on your score. A soft inquiry is initiated by someone other than you, such as a lender or creditor. Think of the promotional offers you get in the mail. You didn’t ask for that pre-approved credit offer, but someone at the company pulled your information."

So all you junior brokers out there who tell the merchant it is a soft credit pull are lying.

[CreditGuy]

So all you junior brokers out there who tell the merchant it is a soft credit pull are lying.

Unless they are only sending deals to lenders that have agreements with bureaus that let the inquiry count as a soft pull. I see credit reports all the time where the borrower has a balance with another lender, but there is no inquiry from said lender (or any inquiries at all) around the time they got funded initially.