How long do i have to wait before making another loan application?

CHIHUAHUA · 20 October 2006 at 1:40PM

my friend has a problem - great credit history until she made a mistake whilst browsing for loan quotations for 10k over 60 months - 2 companies made her offers which i didn't take up as the interest rate was too high then when she applied to another bank was refused - the assistant said she didn't know why but thought it might be because she'd made so many applications recently - i.e 4 in the last 3 months
has now got copies of credit files and have written back with notices of correction as 2 of the loan companies seem to have shown her as applying for a loan rather than just making a search for a quotation.There is nothing else on either credit report that looks like a non payment or default.

The question is how long does she need to wait before can risk applying for another loan or credit card?? she doesn't want to risk making it any worse - please help as i'm not sure how to advise her.
Thanks

CHIHUAHUA · 21 October 2006 at 6:02PM

has anyone got any idea of how long to wait before reapplying for a further loan or credit card - my friend is worrying that she'll make her situation seem worse if she applies again too soon - please help

robinson79 · 22 October 2006 at 1:23AM

CHIHUAHUA wrote:

my friend has a problem - great credit history until she made a mistake whilst browsing for loan quotations for 10k over 60 months - 2 companies made her offers which i didn't take up as the interest rate was too high then when she applied to another bank was refused - the assistant said she didn't know why but thought it might be because she'd made so many applications recently - i.e 4 in the last 3 months

thought this was about your friend? :rolleyes:

x

chani1 · 22 October 2006 at 1:26PM

yes i work for a bank and it seems that at least 3 months wait is ok.

CHIHUAHUA · 22 October 2006 at 2:32PM

robinson79 wrote:

thought this was about your friend? :rolleyes:
x

sorry typo - how observant of you! - i managed to get 5.7% with Northern Rock with out any PPI or hassly calls from them - however didn't apply to more than company - my friend kept applying in the hope of an offer of a lower interest rate and now has this problem - if it was me who had the problem i wouldn't have minded saying so

:rotfl:

CHIHUAHUA · 22 October 2006 at 2:36PM

chani1 wrote:

yes i work for a bank and it seems that at least 3 months wait is ok.[/QUOT

thanks - thought that would probably be a safe amount of time but wasn't sure if she should wait longer - any idea about credit card applications - would you say 3 months for those too?
thanks for your help:T