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DEVID85
Joined: 05 Mar 2009
DEVID85's page
Posts: 23
2 Magic Points
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Subject: New loan rejected and score dropped
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Mon Mar 16, 2009 7:39 am
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I had an experience that when I applied for loan it got sanctioned. But in the meantime when the proposal reached at my branch, I resigned from my Job for a better opportunity. In the enquiry, my resignation was highlighted as I was released from job but not on paper due to my pending leaves. I guess, this lead to misconception that I lied the information and the loan got rejected. The score dropped.
I am now a self employed and yet a possibility of rejection of another loan as a newcomer in the biz. I heard this would further low down the score. Should I try with two banks? |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 686
17396 Magic Points
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Mon Mar 16, 2009 10:13 am
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Actually the credit score has dropped because of the hard inquiry which has been made in your credit report when you have applied for the loan. Even if you have got qualified for the loan, your credit score would have dropped because of the hard inquiry.
Whether your second loan application would be rejected or not depends on your credit score. If you have a good score, it would not be rejected, else it can be rejected.
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Where there's a will, there's a way !! |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Mon Mar 16, 2009 11:39 am
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| MARY...I never knew, until I came to this forum, that your score can drop from 'Hard Inquiries'. I was trying to apply for 'new' credit ,several places, and was wondering why my score kept dropping. Anyway.........OP, each inquiry may drop your score a little bit, however,..if you have ALOT of 'Hard Inquiries' that can 'add up' in lowering your score even more. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 686
17396 Magic Points
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Tue Mar 17, 2009 6:28 am
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Yes, each hard inquiry can lower your credit score by as much as 5 to 10 points and sometimes even more. This is because more and more hard inquiry implies that you are credit hungry which gives a negative image to your credit report and so your credit score drops. So whenever you find any unauthorized hard inquiry in your credit report, you should send letters to the inquirers and remove it from your report.
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Where there's a will, there's a way !! |
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