IVE APPLYED FOR CREDIT CARDS AND LOANS ONLINE AND BEEN REFUSED, WILL THIS AFFECT MY CREDIT RATING?
2006-09-13 11:21:42 · 6 answers · asked by Leesa 2 in Business & Finance ➔ Credit
Inquiries effect your rating, not refusals/turn downs. If you made multiple inquiries all within a close time frame, this is better than spreading the inquiries out.
Your rating will take a small ding becuase of the inquiries.
2006-09-13 11:25:31 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The amount of times you apply shouldn't affect your rating. It's your history with existing credit, the amount/types of credit outstanding. If you don't have credit look at a secured loan through a bank, to start.
2006-09-13 11:28:52 · answer #2 · answered by chadspolka.matrix 2 · 0⤊ 1⤋
Most have given you the correct answer that they will affect your scores.
I just wanted to clear up one wrong answer. Inquirys only last for 2 years on your reports. About 6 months after the inq has hit your report, it will have less of an impact. Once it hits the 1 year mark, it will have no impact. (inq's "do not" last on your reports for 7 years)
I agree, since you have been denied, order your free denial report from each bureau and look them over to see what is going on.
Each denial letter should show which bureau was pulled and include a phone number for that bureau.
2006-09-13 12:32:26 · answer #3 · answered by echo 7 · 0⤊ 0⤋
yes it will - multiple inquiries, esp. from multiple sources (credit card companies and loan companies, according to your quesion) in a short amount of time, will have a negative effect on your credit rating.
the fact that you are getting multiple rejections from these various companies also indicates your credit score may be currently fairly low
the good news is that if you apply for credit and get rejected, you can get a free credit report from the agencies that rejected you. you should take advantage of this and pull your reports so that you can see what's on there that's making you unattractive as a credit risk to these companies
2006-09-13 11:29:38 · answer #4 · answered by I ♥ AUG 6 · 1⤊ 0⤋
Yes, It will affect your credit rating
2006-09-13 23:44:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes. your credit rating will be affected by inquiries from the card companies. it will be on record for 7 years. so you should be sensible while applying for cards and see your chances of getting approved depending on the issuer of the card. for eg: Citibank and Chase are tight on issuing cards where as, amex and Bank of america are liberal. so you have to choose sensibly before applyiing.
2006-09-13 11:32:00 · answer #6 · answered by casanova_indica 5 · 0⤊ 1⤋