Will it effect my credit?

[Anonymous]

i have been apply for a loan to multiple loan companies for a vehicle to start my job and i have no previous credit i haven’t done anything to effect my credit i have a zero but i was told when a loan company checks your credit it hurts your credit if i have no credit will it go negative i have tried 5 different companies but denied by 4 of them and the 5th has yet to respond i am trying to take 2k for a car or bike if some sort will this damage my credit when they check it multiple times or is it temporary or not at all

[Oliverlogan263]

Hmm yeah applying for loans can sometimes affect your credit if you're not careful. Since you don't have any established credit history yet, the loan companies see you as kind of risky.

Getting denied a few times probably won't totally wreck your credit score though. As long as you're not like maxing out credit cards or missing payments on stuff, I don't think getting rejected once or twice will make it go negative. It might just stay at zero for now.

The loan applications do show up as inquiries on your report though. Too many inquiries in a short time can lower your score a little. But a couple is usually fine, especially if you're like job hunting and need transportation.

Maybe wait a bit before applying to the 5th place, and see if the first guy gets back to you? Try to space it out over a few months if you have to keep looking. As long as you don't go nuts applying everywhere, it shouldn't hurt too much with no previous history.

And make sure to pay on time for anything you do get approved for! That'll help establish you can be trusted with credit. Good luck man, hope you can find something so you can start the new gig!

[BoopBoopBeep]

You don't have a zero credit score. You may have no credit history, but that's not the same as a zero score. There are plenty of free ways to get your credit score online. You need to do at least one of them so you can find out what your credit score actually is, and from there determine if you're going to need a cosigner or not. The temporary hit from the credit checks will be surpassed by the increase you get from paying promptly on the loan.

[rosemilk]

if you have no credit, it cannot go negative

but in general, yes, running a credit score check can drop your score but only temporarily

you got denied because 2k is too much when you have no credit history

[HelpfulWoman]

it can depending on the loan companies themselves, especially if you've done multiple it can hurt it.

[Lliam]

You're not negatively effecting your credit rating.
Have you tried your local credit union?

[Anonymous]

You should be fine.