Loan Refusal Quandary

wickychoo

chani1 wrote:

i sell loans and to advise there are many factors in applying for a loan not just credit score(which yours is good) the main ones are -time at address the longer the better. income and expenditure they take your wages per month and deduct expenditures if i was you i wouldn't include child care cost as if one of you was off work you wouldn't need to pay this (its not classed as essential). Also believe it or not time you have been in your current job aswell. No matter what the advisor implies taking insurance(ppi) on the loan or not has no effect on the outcome of the loan, However just to advise that your credit score goes down every time you apply for credit, more than 1/2 searches within a space of 3 months can have a negative effect however every 3 months you don't apply for credit it goes up so my advice is to wait 3 months then try again.hope it makes sense and is useful.

Thanks! Just popped in to look for/ask the exact question you just answered! Fab.