How many times can I apply for a loans before it's too many?

Question

i applied for two loans one yesterday, one today. the one i applied for yesterday got denied so they obviously pulled my credit. i applied for another one today and wanted to try one other place. is that gonna have a negative effect on my credit? the last time my credit was pulled was in early may? i just basically wanna know how many times is too many in a period of time.

Answer 1

There isn't a set amount, but the more times you pull, the lower your score will go.

They say that multiple pulls in a short period of time for the same type of transaction doesn't hurt your score, but I wouldn't be so sure of that.

Instead of continuing to pull your credit, request a copy from the lenders or banks who pulled credit and analyze why the scores are low.

Look at the derogs and collections. Do your best to clear them up, then re-apply in a month or so once the credit report has been updated.

Learn more about credit, mortgage, and personal finance at:

http://www.thetruthaboutmortgage.com

Answer 2

Each time you apply for credit this transaction of asking for credit
flags your credit file. Three flags is the limit. After that the information stays on your account for 6 months. Makes you look like you can't get credit. It damages your file to have three flags with in 6 months.

It is smarter to get approved for an dollar amount before you go shopping for a car rather than let each dealer inquire.

Answer 3

You should let some time/month pass by before you apply for a Loan again because they are still going to pull up the same credit report.
And don't let them know you are so desperate for the Loan.

Answer 4

Don't continue to apply as it will adversly affect your credit score. If you keep failing get a copy of your credit report and find out why.

Answer 5

It depends. Some banks or finance companies do not like to see a lot of inquiries on a credit report.