Loan applications

StaticCentreHalf

Good afternoon,

I've been declined several times after making loan applications online but was intending to persevere with more applications in the hope that I might stumble across an institution with looser criteria. However, I’ve recently been told that the mere act of applying and being refused in itself will count as a further "black mark" on my record. Does anyone know if this is true?

Thanks.

simpywimpy

I afraid it is. Lenders look at how many searches have been done and your credit score will drop through the floor because of it.

Ive never missed a payment, use only about 20% of available credit have good savings etc etc and yet my credit score is poor and that can only be through being turned down by M&S then being searched by a couple of mortgage companies when we were looking to swop.

melorablack

simpywimpy wrote: »

I afraid it is. Lenders look at how many searches have been done and your credit score will drop through the floor because of it.

Ive never missed a payment, use only about 20% of available credit have good savings etc etc and yet my credit score is poor and that can only be through being turned down by M&S then being searched by a couple of mortgage companies when we were looking to swop.

Savings aren't looked at in a credit check and using only 20% of your available credit can make it look like you don't need another card/loan anyway.

**sigh** You can't win either way can you lol :rolleyes:

simpywimpy

True!!

I was really shocked and disapppointed when I saw my score because after years of struggling and being behind (over 10yrs ago) I am finally financially stable and expected the score to reflex this and it doesn't.

So even the best positions can struggle getting credit

jonny68

Cannot understand the credit rating system in the UK it's absolutely bizzare

theshadow

i really don't want to use FLM at all but i keep getting knocked back even by Norton finance i have never had any ccjs or problems but i have never got anything on credit or loans or credit cards so guess my credit sucks for being good @(

anyone can recommend anything im self employed but need a small loan to pick my business up or i will be back at jobcentre and i will have failed my family ...

thanks for info on FLM