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Turning down a loan offer
VictoriaBlyth
Posts: 64 Forumite
Hello,
I think I have made a mistake and need some advice.
I decided to take a look at my Experian account for the first time in years. I know the 'score' means nothing, but it shows as 999, Excellent, all up to date and everything looks good. So, as I was on the site anyway, I took advantage of the link to search for loans that suited my circumstances best.
I have had an offer from Creditplus, all I have to do is ring them and email a copy of my driving licence.
However, (too late, I know), having checked them out on here, I am not too happy.
My question is, if I have had this offer and I refuse it, how badly would this affect my credit rating? I know that getting turned down for a loan has an adverse effect, but if I choose not to go ahead, would this also reflect badly?
Thank you for any help:)
I think I have made a mistake and need some advice.
I decided to take a look at my Experian account for the first time in years. I know the 'score' means nothing, but it shows as 999, Excellent, all up to date and everything looks good. So, as I was on the site anyway, I took advantage of the link to search for loans that suited my circumstances best.
I have had an offer from Creditplus, all I have to do is ring them and email a copy of my driving licence.
However, (too late, I know), having checked them out on here, I am not too happy.
My question is, if I have had this offer and I refuse it, how badly would this affect my credit rating? I know that getting turned down for a loan has an adverse effect, but if I choose not to go ahead, would this also reflect badly?
Thank you for any help:)
0
Comments
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Who the hell are creditplus??
Forgetting about your silly score what do your credit files tell you??
Credit cards?
Salary?
Missed/late payments?
Balances?
Loans?
Elec Roll?"You know when it's cold outside when you go outside and it's cold"0 -
And stop clicking adverts on webpages.
You can monitor your credit file anyway to see if they gave conducted a search on you. One search is neither here nor there but many searches are not good.
This looks like the first warning signs.
Do you actually need a loan for a specific purchase or are you simply skint and fancy treating yourself?0 -
As I was on the Experian website anyway, I naively thought it would be a good place to start looking - obviously a mistake, but an honest one.
I am looking to change cars, so it is for a car loan. I have no defaults, one other small loan (joint with husband), 1 credit card, paid in full every month, no late payments. I also have a settled credit card showing on there, as well as a settled car loan fro 2 years ago and 5 years ago respectively.
To be honest, my question was not about getting a loan, it is just the concern that having a search made might affect a future application, even if I am the one who has decided to take this one no further.
Have learned my lesson about clicking through! Part bloody laziness on my part, part thinking it was a good idea to use what I thought was a legitimate and ethical site to search from.
Thanks0 -
I'm fairly sure it's the search that affects the rating, not the rejection (from either side). As someone pointed out above, I wouldn't expect one or two searches to make much difference.
One problem with adverts on websites is that often there is no link between the website owner and the advertiser - e.g. the web site owner might allow Google ads to be put on their site but they have no relationship with the individual advertisers. Google use the context of the website and your own browsing / searching history to put 'relevant' ads in the space.loose does not rhyme with choose but lose does and is the word you meant to write.0 -
Thanks - lesson learned!
I would never just click on googleads or anything that looked a bit questionable. I think I got caught out because as I was scrolling through my credit report, there was a section that said 'loans - tailored to your credit rating' (not those exact words, but you get the picture). I honestly thought it was an Experien driven service, to instantly link your credit report with lenders happy to quote the lowest apr.
Serves me right for not investigating first.....!0 -
If you don't accept the loan (i.e. sign anything and receive funds/enter into a credit agreement), all that will have taken place is a credit search, which will basically not do any damage to your credit file at all, as long as you don't suddenly get a large amount of searches registered against you, as that would indicate to lenders you might be desperately looking for credit for some reason, indicating a higher risk.
How many searches in x amount of time is too much? Who knows, all depends on the criteria a certain lender uses and on the rest of your financial circumstances.
Undoubtedly your Experian score will suffer, just ignore it, it means nothing to actual lenders they just take information from your credit file, input it into their own systems and carry out a risk assessment based on their own criteria, not on Experian's.0 -
You didnt give them any bank details did you,or you may be missing £70 already..........0
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Oldhand - I am stupid, but not that stupid:p0
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Who the hell are creditplus??
The "UK's leading online car finance provider", apparently. Well, that's what they say.
Nice flashy website, but it's just another dodgy loan broker dealing with car finance.
It's always interesting to see who's behind these things. In CreditPlus' case, http://www.nominet.org.uk/whois/lookup?query=creditplus.co.uk:Domain name:
creditplus.co.uk
Registrant:
Shaun Armstrong
Trading as:
Personal Account
Registrant type:
UK Individual
Registrant's address:
The registrant is a non-trading individual who has opted to have their address omitted from the WHOIS service.
That means dodgy. And the premium rate phone number inspires even less confidence in this sham outfit.0 -
It's always interesting to see who's behind these things. In CreditPlus' case, http://www.nominet.org.uk/whois/lookup?query=creditplus.co.uk:
Unfortunately for Shaun, his address is now open for every one to see.:rotfl:0
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