I recently had one car loan and ended up with 5 hard inquiries... This effects my score correct? Can I dispute these ? Any direction
Yes they hurt your score, but only about 3 points each. In addition, they only last a few months before going back up. Its only temporary and unless you are applying for a home loan or other large loan in the next 6 months, there's no reason to worry.
If they are all in about 14 days, and are all coded as car loan inquiries, FICO counts them as one inquiry, and assumes you were just shopping for the best loan. See this: http://www.myfico.com/CreditEducation/CreditInquiries.aspx "What to know about "rate shopping." Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto 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 auto or mortgage inquiries older than 30 days. If it finds some, it counts all 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. "
