I am looking to get a loan, and i was wondering if it would hurt my credit if i was turned down for it?  If i am turned down for it, i would try to get a loan from another bank.

Matt

Get a credit score on yourself FIRST if you are worried you might be turned down. If you are in debt to the point that you are worrying about getting a loan because of your earn/debt ratio then forget it.  If it's because you have no history, as long as you are not asking above what you should be asking for you should be fine.

Like I said, run a credit score, the higher it is the better off you will be in asking. 700-850, you should be in like Flynn. 740 and above you should get better rates.

If you have lots of unsecured CC debt it will hurt you, if you have late payment schedules, it'll hurt you more.

Any time you apply for a loan or CC, a credit check is run. This lowers your credit score slightly. Before I bought my car, I applied for a loan from eloan, which, incidentally, was an absolutely stupid move as I got 4.9% from the dealer. I was denied by eloan, but my credit score barely budged. I'm in the mid 700 range.  Fuck you eloan.


By law you can get one free credit report a year at annualcreditreport.com IIRC. To get a credit score it costs between 5-8 dollars from each of the three major credit beaurus. Follow the previous advice and check your own score first. This will also help you in case the loan provider tries to stick you with a higher rate than you qualify for.