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ridethis

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bank personal loan
I want to apply for a personal loan from my bank of 15 yrs. for $3000 to pay off 2 credit cards. If I'm turned down, how bad will it effect my credit score ? ( 720 right now)

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Just the cost of the inquiry

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Your score does not count approvals or declines from creditors.  It will however show the inquiry on your credit report and that will ding your credit by a few points. 

The good news is that most scoring models will actually let you "shop" around a bit for a better rate, so you can apply for several loans in a short amount of time and your score will only count one inquiry against you.  (VantageScore 3.0 scoring model counts all inquiries regardless if it is a credit card, personal loan, or other, with-in 2 weeks of each other as 1; FICO bankcard 8 scoring model actually counts all personal loan inquires in a month of each other as one, but will count each credit card inquiry separately regardless of how much time is between them) 

Your credit report will still show every inquiry separately and websites like CK may tell you, that you have too many inquiries, but your score will actually only be counting one with-in the time frames above depending on the scoring model used to calculate your score.

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It depends on how many hard inquiries you currently have on your reports. If you have no or just a couple current inquiries it should only cause your scores to fall a few points. If you do not currently have any installment loans it may cause an increase to your scores by adding an installment loan, but can also ding you for adding a new account and more debt, but once you pay the loan down, it should work in your favor scorewise in either case. Everyone's profiles are different so it is hard to give a better answer. If you don't get approved, you may want to look for another lender as sometimes local banks can be difficult to deal with. Also remember that your bank will most likely use a version of Fico scores and not the scores found on here.

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