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Posted in Student Loans
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silviag13

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Do multiple student loan applications affect credit score?
I am looking at two banks for a private student loan.
If i apply for a loan with each one, will I receive both loans or just the one I officially submit and send documents to?

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Multiple hard pulls from multiple applications will certainly have an impact on your credit score.

We can't tell you which loans you will or will not receive.  We are not underwriters for those banks and we do not have access to your scores and reports.

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When shopping for an auto loan, mortgage loan or student loan, multiple inquiries will be scored as one (with FICO) if done within a small time frame. I believe the time frame is 45 days for the newest version of FICO, but 30 days and 14 days for earlier versions of FICO, so I guess to be on the safe side, do your applications within a 14 day period. For most lenders, there will be additional paperwork that you will have to sign in addition to the application info you provide. In most cases, you would be ok to apply with different lenders and then pick one to go with after you get the approvals back.

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