Question about loans

battyboimatt

Hi All,

Sorry i'm been dosile here, like I said in an ealier post, my dad is looking for a loan but looking at most of the loan sites it says basically dont apply if you have been declined credit in the last month, but how would they know ? My dad applied with his bank last night and is waiting for them to get back to them but he may want to apply else where if the rate isnt good, so really how do people know if you have been declined in the last month, as surley it would just show as a search that he has applied else where, obvisoluy its good to shop about for a good rate but do they only want you to apply for one loan as im sure other people have applied not liked the rate and applied else where. How do they do this new if you have been declined in the last month marlarcy.

zppp

battyboimatt wrote: »

Hi All,

Sorry i'm been dosile here, like I said in an ealier post, my dad is looking for a loan but looking at most of the loan sites it says basically dont apply if you have been declined credit in the last month, but how would they know ? My dad applied with his bank last night and is waiting for them to get back to them but he may want to apply else where if the rate isnt good, so really how do people know if you have been declined in the last month, as surley it would just show as a search that he has applied else where, obvisoluy its good to shop about for a good rate but do they only want you to apply for one loan as im sure other people have applied not liked the rate and applied else where. How do they do this new if you have been declined in the last month marlarcy.

Every time an application is made, it will show up on the applicant's credit file. Different lenders will have different lending criteria, but if there is a decline on your credit file for a loan in the last month, it would be very unlkely another lender would agree.

Wutang_2

zppp wrote: »

Every time an application is made, it will show up on the applicant's credit file. Different lenders will have different lending criteria, but if there is a decline on your credit file for a loan in the last month, it would be very unlkely another lender would agree.

Whats this?

You don't get a DECLINE on your credit file - you get a visible search.

battyboimatt

Thats my point, how would they know it's a decline, as it would only show as a search, is this to discurage people applying to more than one provider at a time.

Beast

Multiple searches in a short period of time spell out credit desperation and as such, a higher risk.

CLAPTON

battyboimatt wrote: »

Hi All,

Sorry i'm been dosile here, like I said in an ealier post, my dad is looking for a loan but looking at most of the loan sites it says basically dont apply if you have been declined credit in the last month, but how would they know ? My dad applied with his bank last night and is waiting for them to get back to them but he may want to apply else where if the rate isnt good, so really how do people know if you have been declined in the last month, as surley it would just show as a search that he has applied else where, obvisoluy its good to shop about for a good rate but do they only want you to apply for one loan as im sure other people have applied not liked the rate and applied else where. How do they do this new if you have been declined in the last month marlarcy.

could you point to an example where a loan site says this?

battyboimatt

Hi Clapton,

Sure, Sainsburys

Does this sound like you?

• You're 18 years of age or older
• You have a bank or building society account
• You have a permanent UK address
• You have not been declined credit in the past month
• You don't have a history of bad credit such as arrears, county court judgements, payment default or bankruptcy

Halifax

Be an existing Halifax customer with at least one the following Halifax accounts - current account (excluding Easycash), mortgage, savings, credit card or loan
Be over 18
Be in paid employment
Not be in full time education
Have a bank/building society account
Have a permanent UK address
Not have been declined for credit in the last month
Not have a history of bad credit such as arrears, county court judgements (CCJs), default or bankruptcy

And a few others when i have been searching, which seems odd, like I say how will they know you have been declined, like my dad he is waiting for the bank to give him the go ahead so will have 1 search for the bank, however if the rate isnt good and he wants to try else where how would they look at this as some of them say not been declined for credit on the last month, it's just not something ive seen before, I mean people might not get declined but might not like the rate given and want to try else where. So how would lenders reflect this on the above stipulation

iolanthe07

Perhaps they just expect people to be truthful - silly, I know.