Can a loan application affect my credit score? Your Does Applying for a Loan Hurt My Credit Score? - NerdWalletDoes Applying for a Loan Hurt My Credit Score? - NerdWalletWhen applying for a loan, or any type of credit, it’s important to understand the impact it may have on both your credit report and credit score. Our partners at Fairstone explain when and how a loan application may show up on your credit report. First, you need to understand the difference between a soft and hard credit check18/05/2016 · Scoring models typically view a loan application as potentially increasing your risk as a borrower. That means your application, whether it is approved or not, can shave a few points off ;· However, it's important to be aware of how applying for a loan can affect your credit score. While you may experience a short-term dip when you submit your application, you could ;· Length of Credit History: How long you’ve been borrowing (15% of your credit score) Credit Mix: The different types of loans you have including mortgages, student loans and credit cards (10% of your credit score) New Credit: Your ability to obtain and maintain new credit (10% of your credit score) This last factor called “new credit” is the one that can be affected by applying for new loans, but that …

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