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Posts: 28
Registered: ‎02-25-2012

Time frame from applying for loan to credit score drop

Hello Everyone!  I have a time frame question. Within a 3- 5 week period I will be applying for a personal loan and moving into an apartment complex that will be doing a credit check. How soon, when a credit check is done, until your score goes down? I would like to apply for the loan now but am concerned that when the application goes through for the apartment complex (3rd week of August?) my score will be already lowered and then I hurt my chances. Does anyone have a rough time fram estimate? Thanks!

Regular Contributor
Posts: 205
Registered: ‎06-04-2012

Re: Time frame from applying for loan to credit score drop

IME, the inquiry from the personal loan will show up almost instantly -I'd say within 1-3 days. Generally, inquiries only ding your score about 5-10 pts. The loan itself generally doesn't show up for 1-3 months. Of course, it all depends on what all is in your credit profile, but the new loan could hurt your score more than just the inquiry, due to 'new credit,' & the impact to AAoA.
Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013

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