Article Score0

Im 20 years old and i don’t have very many things on my credit. I recently bought a car but before i was able to purchase the car i got denied a few times (6 times actually). The 1st time i got denied i called and checked my credit score and it was average (in the high 600 range). I was just wondering, on average how many points are deducted from your credit score every time you get denied for a loan. I figure they may have taken more points off for me because all the applications were submitted in like 5 minute intervals. Thanks so much for your help.

1 Thought on on average how many points are deducted from your credit score every time you get denied for a loan?
  1. Reply
    Judy
    July 25, 2011 at 6:34 am

    I just read an article on bankrate.com
    in the credit card section

    All similar inquries done in a 2 or 3 week window count as one.
    To make things worse all agencies are different – some are one month.
    This is to allow the customer to “shop around”.

    The inquries affect your credit 1 to 5 points (5 if your credit is really bad).
    They stay on your report for two years
    but only affect your score for 1

    In conclusion – inquiries is the least you should worry about.
    If you have any credit card debt – pay it in full each month to give your score (a huge boost).
    /

    Leave a reply

    Register New Account
    Reset Password