Is it worth it...?

nicks

I have applied & been accepted for an A & L loan - 5.9%. I tried the Tesco loan calculator & it was going to save us £7.00 pm = £420.00 over the whole loan term (we are borrowing £10,000 over 5 years).

Is it worth appling for the Tesco loan instead? Although we haven't signed the loan agrement with A & L yet, is there such a thing as applying for too many loans, even if you don't take them out? Do these applications go on your Credit Rating file?

Many thanks

Nicks

nicks

OK, I have just read that multiple applications can hurt your credit rating. Not worth appling for only a £450 saving....
Nicks

Xbigman

Are you likely to apply for anything else in the next 6 months? This is how long this sort of thing is on your credit record for.

If you have applied for a loan and been accepted AND have the agreement ready to sign then you might as well apply for the Tesco loan and see what happens.
You could save £450. If I mugged you and took £450 you would think it pretty significant, wouldn't you?
Or worst case, you get turned down and have a slightly lower credit rating for 6 months.
Regards


X

Seaxwyn

Nicks, if your credit rating is good it will probably not hurt it much to make a second application - and you have the first one in the bag anyway. So go for it.