ForumsFinancing Tips

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I'm not sure that the previous posts really answered the question you asked . . .

Every loan application or "inquiry" has the potential to reduce your credit score. According to Fair Isaacs (the company that produces the FICO score used by most lenders), one "inquiry" will generally result in a 5 point reduction in a FICO score. If your credit history is relatively short, or involves only a few accounts, a single inquiry could have an even greater impact. So it is best to keep the number of inquiries small (although they do allow for multiple inquiries when you are obviously "shopping" for the best rate on an auto or home mortgage loan).

Bottom line, just applying for a loan could potentially reduce your credit score. If you apply and are turned down, however, I think it is unlikely that the rejection would lower your score still further (because if your score was truly "really good" and your application was turned down, it would likely be because you haven't lived in the same place or held the same jobs for long enough -- not because of factors that go into the FICO calculation).

Hope that helps. Good luck.