Applied to more than one loan:Ruined chances?

Love2Spend1986

Hi,

I've recently wanted to borrow £3000.00 to pay off my credit card debts that have haunted me for almost 5 years. I'm 22 now and decided to get a loan and consolidate. Being a bit of a newcomer to loans i decided to apply to a few and see how eligible I was. My Credit score is great according to Experien (and according the most retailers, I've never been refused credit).

Now I feel like I've made a mistake. The loan i want I'm currently in the process of getting from Tesco, I've passed the preliminary but have to wait for the final decision.

Does anybody think applying to those other loans will make Tesco re-consider my application? I only want the one loan, I just didnt realise that applying to others could affect my application.

hur575

Tesco has done the credit check on you, they will not go back and see if you applied to others. the problem starts if tesco refused you loan!! then all these searches will count against you to reapply to anyone else for ate least the next 6months.

Rafter

All depends. All the searches may not have registered when Tesco do their search.

Not sure how you managed to get a credit card before your 18th birthday, but glad you are dealing with them.

Just make sure you tear them up once they are paid off - or just keep one for 'emergency' use only and I mean emergency!

Good luck

R.

kilasuit

Rafter wrote: »

All depends. All the searches may not have registered when Tesco do their search.

Not sure how you managed to get a credit card before your 18th birthday, but glad you are dealing with them.

Just make sure you tear them up once they are paid off - or just keep one for 'emergency' use only and I mean emergency!

Good luck

R.

Love2Spend1986 wrote: »

Hi,

I've recently wanted to borrow £3000.00 to pay off my credit card debts that have haunted me for almost 5 years. I'm 22 now

Probable got it just after thier 18th as 18+5=23 bear in mind we dont know when they shall be 23. it could be 2morrow for all we know.

I'd say keep your fingers crossed and please let us know if you do get the loan as a firend is in a similar position to yourself and we've been debating on whether this is a good idea or not.

Love2Spend1986

Hi,

Yes I am almost 23. I managed to get a credit card when i was 18 as I was a student and the bank offered me a credit card in conjunction with my overdraft and informed me to use the credit card for "emergencies". 5 years and £3000 later the card has become an emergency all on its own. Even though I haven't got the loan yet I would already recommend Tesco, very helpful so far..will let you know if I get it.

posted_2

Why not attempt to pay it off instead?

Love2Spend1986

The Rate is too high. currently 21.9% and likely to rise. I don't want the hassle of moving the debt onto 0% cards as I don't fully understand this process. I have managed to pay large parts of it off before but ended up spending on it again. Id rather get a loan and stay clear of credit cards altogether.

posted_2

The danger of all consolidation is that you continue to spend, and the debt gets higher. The crux is dealing with the temptation/spending.