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Pinkpepperoni

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How low will my score drop when applying for multiple unsecured personal loans in a day?
I didn't know that applying for loans affects credit scores. After getting denied from WF, I applied to a couple other banks and reputable loan sites Credit Karma suggested in 1 day. I always pay my payments in full on time. My score was 730. I'm assuming the main reason I got denied for most of the loans was because of my job transition. I just started my new job last week and put my 2 weeks at my last job (I'm 23. I was a server then got job as a receptionist). My score is 730, how fast will my score drop and how much will it drop by?

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Add on

Forgot to mention, I did get an approval for one the banks. Will paying it off asap help me get my score up?

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Paying it off asap would not do any good for your scores, usually when closing accounts especially if you only have a few accounts you can expect your scores to drop when closing an account. Paying it down, but not off is the best thing to do for scoring reasons. The effect of the Hard Inquiries will depend on how many you currently have. I am not sure how the non-fico scoring systems will react, but with FICO scoring you could expect a ten to twenty point drop, but it really depends on the rest of your credit profile. SLOW DOWN and do some extensive reading about credit before you take any more action regarding credit.

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