Jun
19
little miss sunshine asked:
I just want to know if applying for multiple student loans would have anything to do with harming or ruining my credit because I’ve applied for multiple student loans that have all denied me because I didn’t apply with a cosigner and they indicated that I don’t have that much credit history.
Any feedback would be greatly apprecaited.
I just want to know if applying for multiple student loans would have anything to do with harming or ruining my credit because I’ve applied for multiple student loans that have all denied me because I didn’t apply with a cosigner and they indicated that I don’t have that much credit history.
Any feedback would be greatly apprecaited.
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3 Responses to “Will applying for multiple student loans harm or ruin my credit?”
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I had a personal line of credit that was cancelled after the bank’s routine look at customer credit ratings showed that I had applied, and was denied, several times for a personal loan.
I suggest you look into a state sponsored student loan, and be certain to pay on time and in full. This will be the first step in building your credit history. It can be a good history or a bad history. The choice is yours.
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You have to have at least a single line of credit already established in order to have any type of credit. Though credit reporting bureaus may record one credit line, most lenders require you to have at least 3. If you don’t have those 3 credit lines most lenders will turn you down for not having enough credit history.
You are allow a few inquiries against your credit each month; this is what applying for a student loan or any loan may do. If you had credit history, then more than 2 inquiries would drop your credit score by a few points.
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Applying for mulitple loans and offers will decrease your score alot. lenders think you are desperate and think you are not financial responsible. You need to do check your credit first before applying for anything. If your credit is not good, you need to ask for a co-signer or have collateral