when you get denied for credit how many points does your credit score go down by?

Question

or how many points does it go down if you keep applying for credit being credit cards or store cards

Answer 1

Like the first poster said, being denied does nothing to your score.

Every time you apply for credit you will get a ding on your scores from the hard inquiry.

The dings vary for each inquiry, from as little as 1 point up to somewhere around 7 , in rare instances, more than 7. Theres no way to know exactly how many points it will drop when you apply.

You can apply one day and it will drop 6 points, then you can apply the next day and it will only drop 2 points (or vice versa)

The only sure thing about it is that you will have a point drop with each hard inquiry.

Answer 2

As others have said, it's the looking at your credit report (the hard inquiry) that hurts your score, not being denied credit.

The only case where this isn't true is if you're shopping around for the best interest rates on loans when you want to buy a car or house. You can have a lot of inquires in a short period of time (two weeks seems to be standard) without it hurting your credit.

Answer 3

Its the number of inquires that reduces your score not the fact that you have been denied, too many inquires can reduce you score by 50+ points. inquires stay on your credit report for 2 years. anything more than 2 or 3 in the last 2 years starts to reduce your score. 8 inquires is about 40-50 points.

Answer 4

Getting denied credit doesn't affect your credit score. When you have a lot of inquiries into your credit in a very short period of time, it could lower your score a few (emphasis on few) points...and that's only for a few months.

There could be many reasons you were denied credit. Ask the creditor what was their reason for denying you.

Answer 5

CRedit denial wont harm you credit score, its a myth


Credit Score Myths Explained
http://www.debt-loan-refinance-mortgage-credit.com/category/Credit-Score-Myths-Explained.html

Answer 6

You don't lose points by applying. You lose points by not paying debt.