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Creatine may increase the rate of balding in men with Male Pattern Baldness, although the data needs to be replicated a bit to be more conclusive. This may only practically apply to persons with a family history or already present receding hairlines, since there is a significant genetic component for hair loss in male youth.
The reasoning for the above is through the androgen and testosterone metabolite, dihydrotestosterone. Through the enzyme 5-alpha reductase, testosterone converts into the more potent androgen, DHT and this enzyme's results are noted in the scalp as well. Dihydrotestosterone (DHT) seems to be a main player in male pattern baldness, and higher circulating DHT levels are correlated with a higher rate of hair loss in those susceptible to the effects of DHT.
Dihydrotestosterone (DHT) is connected to hair loss in people genetically susceptable to hair loss (if it runs in the family); due to this, anything that increases DHT may cause suspicion for accelerating hair loss
Creatine supplementation has been implicated in increasing DHT in one study conducted on male rugby players (to varying levels of 40-56%, with the lower amount being with 5g daily usage), after three weeks of usage. The documented response to this study inquired mostly about methods, but found no statistical faults. Although this study was statistically sound, other studies that measured androgens are mixed both positively and negatively for testosterone.
The mechanisms as to why Creatine may increase DHT could be related to testosterone per se, but Creatine also increased the ratio of DHT:Testosterone; this is currently unexplained.
Creatine has been implicated once in increasing DHT. The study has not been replicated, and direct studies between creatine and hair loss have not been conducted
If we are to assume that creatine increases hair loss rates, then intervention with a 5-alpha reductase inhibitor can possibly attenuate the rate of hair loss. This has not been investigated either, but there is a significant amount of evidence backing the efficacy of the most common 5-alpha reductase inhibitor known as Finasteride (Propecia) for reducing the effects of androgens.