When someone applies for a credit card and gets rejected, does this reflect and reduce his/her credit scoring?
2007-06-07 00:25:04 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
In essence, your credit score reflects the data in your credit report. And the Fair Credit Reporting Act dictates that any organization that turns down your application for credit, employment or insurance, has to provide you with your credit report as long as you request it within 60 days of being notified of the rejection. Read more from: http://www.credit-card-gallery.com/article/139,Why_Is_Your_Credit_Score_So_Important
2007-06-07 01:04:38 · answer #1 · answered by grierGRIER h 3 · 0⤊ 1⤋
If your credit application is checked for loans or credit cards your points ofcorse reflect and reduce on your credit score!!
thx
sam
2007-06-07 09:20:02 · answer #2 · answered by Sameer 3 · 1⤊ 0⤋
Yes! Also the more credit you apply for (whether or not you're approved) reduces your score.
2007-06-07 07:28:05 · answer #3 · answered by Charlie P 4 · 0⤊ 0⤋
Your fico score will come down by about 5 pts each time a company rejects you. That is why if you apply too many times, your score is affected.
2007-06-07 08:39:16 · answer #4 · answered by TURANDOT 6 · 0⤊ 0⤋
The more the inquiries the lower the credit score...
2007-06-07 07:34:28 · answer #5 · answered by Redeemed 5 · 0⤊ 0⤋
every time you credit is checked for any applications for loans or credit cards your points are lowered on your credit score !!
2007-06-07 07:30:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes.
Every time someone checks your credit, your BEACON, credit score goes down.
Wait till you have better credit.
2007-06-07 07:27:57 · answer #7 · answered by Mom of 2 great boys 7 · 0⤊ 0⤋
Yes. 10% of score is dedicated to inq. and new credit
2007-06-07 07:29:27 · answer #8 · answered by wizjp 7 · 0⤊ 0⤋
yes
2007-06-07 11:43:54 · answer #9 · answered by shorty21 5 · 0⤊ 0⤋