Let me get this straight

[J.opt]

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I can apply for several private loans within 45 days and it will only appear as one inquiry in my credit history, right?

 

[Blade28]

Not sure about the timeline, but I know it's around that area...maybe 2-4 weeks?

 

[J.opt]

Not sure about the timeline, but I know it's around that area...maybe 2-4 weeks?

Thanks

 

[box29]

Thanks

It is usually 2 weeks. Check out the resources on myfico.com...there is a lot of information on that site.

 

[J.opt]

It is usually 2 weeks. Check out the resources on myfico.com...there is a lot of information on that site.

Great,

Also, I started to apply for several loans, and realized that all, Bank One, Citi, and Bank of america, took me through the same website during the application. Does that mean that all of these banks offer the exact same loan? Does it matter which bank I use?

Thanks,

J.opt

 

[Truth_seeker]

No, I don't think that means they offer the same loans. I think that is just a standardized web loan application program. They have to assess your credit worthiness and then they'll apply that info. to their loan products which are different from bank to bank.

 

[J.opt]

Thanks for the replies,
I was talking to a customer service representative at Bank of America this week, and I asked her the exact length of time that I was given to apply for student loans and only have one inquiry on my credit. She put me on hold and then told me that each student loan that I apply to is going to appear, and count, against my credit. She said that the 14-day deal (or whatever long it is) is only for mortgages and not for student loans.
Do you think that this is accurate, or was she just trying to prevent me from applying at other banks?

 

[mshheaddoc]

your inquiries will not hurt your credit that bad, I wouldnt worry about it unless you're applying to 20 different loans. It might knock you down a couple of points but your revolving balances, delinquent accounts, and judgments/bankruptcies are the big things.