Reapplying after a loan rejection

Being refused for credit once won't have a long-term impact on your score. Yes, lenders can see the search has been performed, but can't see the reason for the refusal (I don't think they can even see the result of the search, although I'm not 100% on that - they can see that no corresponding product has been opened certainly).

There's no 'black list' - it's just that for whatever reason, Clydesdale decided that you didn't fit the profile of applicants that they want to lend to, it doesn't mean that other lenders won't lend, they all have their own criteria.

The important thing is not to make another application unless you're reasonably certain that it will be accepted - a number of applications in a short space of time will look bad, as it makes you look desperate - you've heard the truism that banks prefer to lend to people who don't need a loan?

Being on the electoral register will, as you've identified, help your score. So will lots of other factors.

To give yourself the best chance of being successful at a loan application, I'd suggest getting a copy of your credit report, if you haven't already done so to check that there's nothing on there that will adversely impact your score - https://debtcamel.co.uk/best-way-to-check-credit-score/ has various ways to do this.

I'm not sure why you'd bother letting Clydesdale know that you'd registered on the electoral roll? Chalk it up to experience and move on.

You can use the 'soft searches' on comparison sites (and MSE!) to help you work out your chances of being accepted before committing to a full application.

willberforce wrote: »

Thank you both

I subsequently checked on mse, and there was only a 20% chance of me being approved!

I will chalk this down to experience, as you say, and reapply with a bank that I have a better chance with

I know that there's a number of things that I can do to improve my rating - I'll check out the list, but is repaying a current loan outright and early likely to be one of them? I have £444 with hitachi finance that Im 6/12 months through that I could pay off if that boosts my chances

Your history is what lenders, banks can see, not the rating.
It probably wont matter if you repay early or not, if your happy paying it monthly then keep it as it is.

SparklesJD wrote: »

Lenders see both your rating and the history, but they each have their own criteria. Where a lender has more than one type of credit, each 'product' will have a criteria in terms of minimum income, other borrowing, voter registration, etc.

What they will see is the type of product, e.g. 'personal loan' how much it originally for and how much is outstanding, then the history of repayments for the account.

Late payments will obviously impact your score negatively, but early repayments probably won't have a huge benefit, unless you have a lot of outstanding debt, in which case your score will improve if you can reduce it (but again, each lender will have their own criteria of what they are comfortable with in terms of outstanding commitments).

It will usually cost you less if you can pay it back earlier, but remember that some lenders charge an early repayment fee.

Will Hitachi not lend you more? They're offering a fairly low rate I noticed advertised at a station the other day.

Unfortunately lenders, banks dont see the credit rating/score, if you know different do let us know.

DCFC79 wrote: »

Unfortunately lenders, banks dont see the credit rating/score, if you know different do let us know.

I work for a credit union, we use Experian, we see the applicant's score. We don't use it, as we're more interested in the history, but we do see it.

It might be that the level of automation with other lenders means that all they would see is a decision?