Can you have more than one loan with Rocket Loans?

Applicants need a minimum credit score of 640 to get a personal loan from Rocket Loans, according to multiple third-party sources. That means the Rocket Loans personal loan credit score requirement is in the fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.... read full answer

Keep in mind that just having a 640 credit score is not enough to qualify you for a Rocket Loans personal loan. Rocket Loans will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Rocket Loans with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.

If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a Rocket Loans personal loan online to gauge your chances of getting approved with your current credit score.

Rocket Loans’s requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a credit score of at least 640. You will also need to have a verifiable bank account to qualify for a Rocket Loans personal loan.

Rocket Loans Requirements for Borrowers... read full answer

• Credit Score: 640
• Income: $24,000
• Age: 18 years old (at least 19 years old in Nebraska and Alabama)
• Citizenship: U.S. citizen or permanent resident
• Identification: Social Security number
• Bank Account: Verifiable bank account
• Residency: All states state except for Nevada, Iowa, and West Virginia

Before you apply for any personal loan, it’s a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it’s never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub’s free pre-qualification tool.

Yes, Rocket Loans does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

Rocket Loans's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the ... read full answercredit score simulator on WalletHub.

It's worth noting that some people may be uncertain about whether Rocket Loans does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.

If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include OppLoans, NetCredit and Integra Credit.