If i apply for a bank loan will an inquiry be placed on my credit report?
Rese asked:
It’s a line of credit, all I need is $300 for this month and I will pay it back in full the next month? Or is there a better way to get a loan for a small amount?
It’s a line of credit, all I need is $300 for this month and I will pay it back in full the next month? Or is there a better way to get a loan for a small amount?
3 Responses to “If i apply for a bank loan will an inquiry be placed on my credit report?”
Yes..it’ll show and show as paid when you pay it.
For any new form of credit an inquiry will be placed on your credit report it doesn’t matter if it’s for a line of credit, a credit card etc…
When the bank pulls your credit it will show as an inquiry. Is this line of credit attached to your checking account so that it works like a safety net if you need a little extra cash and have to overdraw your account and then you can pay it back within the month or make minimum payments til paid in full. This is used like a floating loan attached to your chkg acct. It’s there when you need it…so it would be best to go with the line of credit because the interest will be a little cheaper…Also once you pay it back it will be available again when you need it. Your credit will only be pulled once but the availability of this amount will be there for you as long as you keep up your payments…I’d say this would be the best way to go…if you borrow a one time loan…it’s only good for that one time…and if you ever need it again you have to have your credit pulled again….Go for the line of credit….at my bank we called it a “premium line”…like a floating loan that’s there when you need it…I hope this helps you decide…HH