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View Full Version : How bad is too many loan applications on a credit report?



johnsterwen
02-22-2011, 09:17 AM
About 4 months ago i was trying to apply online for an $8000 personal loan from my bank. I tried 3 times to fill out the form but it kept coming up with an error on the page so i just gave up and tried with my partners bank. They rang me back to say that i had applied 3 times for another loan on the same day and it had given me a not so good credit rating but i could still get the loan at 33% interest, so i said no thanks to that. I rang my bank to try and get them to remove the error but they had no record of it.
How bad does that look on a credit report? and how long does it stay on there for? I still would like to get this loan but im too scared it will be declined and just make my credit report even worse. Its kind of frustrating. I also have a credit card and a home loan and I've never had a late payment on those. Thanks :)
Thanks for your answers. I have a $5000 credit card with about $3200 owing on it, i had no idea it could affect your credit rating so badly.