Yes, Citizens Bank 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.
Citizens Bank'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 credit score simulator on WalletHub.
If you're looking for a lender that does not do a hard inquiry at all, you could consider Opploans, Integra Credit, and NetCredit.
Yes, a Citizens Bank personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a Citizens Bank personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How a Citizens Bank Personal Loan Affects Your Credit Score
Hard pull: When you apply for a Citizens Bank personal loan, Citizens Bank will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out a Citizens Bank personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a Citizens Bank personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how a Citizens Bank personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a Citizens Bank personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
To apply for a Citizens Bank personal loan, first decide which way you will apply (online, by phone or in person), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
Decide which way to apply. You can apply for a Citizens Bank personal loan online, by phone or in person. Applying online is the best way because it typically offers the fastest decision.
Enter your personal information on the application. Citizens Bank requires the following personal information on the application: your name, date of birth, Social Security number, address, phone number and email .
Enter your financial information on the application. Citizens Bank requires the following financial information on the application: your income, sources of income, housing status, monthly housing payment and employment status.
Double check the application for accuracy. To ensure that your Citizens Bank personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Citizens Bank will typically provide a decision on your application within 4 to 16 business days (for both approval and funding time).
If you are approved for a Citizens Bank personal loan, you will generally receive the funds within 1 to 2 business days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.
Applicants need a credit score of 680 to get a personal loan from Citizens Bank, according to multiple third-party sources. That means the Citizens Bank 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 680 credit score is not enough to qualify you for a Citizens Bank personal loan. Citizens Bank 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 Citizens Bank 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 Citizens Bank personal loan online to gauge your chances of getting approved with your current credit score.
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