Auto Loans & Mortgages

That said, the credit industry understands the importance of comparison shopping for auto loans and mortgages. In fact, most lenders want to encourage shopping—since it increases the chance that you’ll give them a try. So, some changes to credit scoring models make in the 1990s and 2000s take into account the likelihood that a smart borrower may generate multiple inquiries along these lines.

Under the FICO scoring model, it doesn’t matter how many inquiries for an auto or home loan that you generate in a 14-day period. They all count as a single inquiry.

What’s more, your score does not include any mortgage or auto loan inquiries that were made in the 30 days prior to scoring. So, you’ve essentially got 44 days to get your act together.

Once you’ve started filling out applications and generating inquiries, remember: The clock is ticking.

Next: Credit Card Inquiries