Can I apply for a loan without it showing on my credit report?

Sutty

I've recently applied for a loan for which i was turned down. I obtained my credit reports from experian and equifax and could see the problems. Much of the information is in error so i have spoken to both agencies who are rectifying the problems. I want to get a loan for a new car early next year but would like to be sure that I can get the loan before i place an order. I've read somewhere that you can ask for a quotation search which doesn't show up to other lenders. Does anyone have any experience of this?

asandwhen

This would be just a quote and still subject to status - you will only get the agreement after a credit search.

Sutty

From what i was lead to believe though the loan company could do a credit check but it doesn't show up to other lenders as it is for quotation purposes only.

Phoenix79_2

I'd just wait until Experian and Equifax have amended your records before you start putting more searches on it.

piggeh

And you might want to check your credit record with Callcredit as well

piggeh

Also..

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1149605730,95768,

Get a 'quotation search' not a 'credit search'. While it's not always possible, if you're just trying to get a specific quote for a loan, ask the lender to do a ‘quotation search’ and not a ‘credit search’. This means the enquiry won't have a negative impact on your credit score. Sadly many lenders haven't yet adopted this practice, but it is worth trying. If not, do consider whether you really want to get a quote - if it's unlikely you'll get the product, don't bother.

Sutty

Thanks everyone. I'm going to be leaving it for 4 to 6 months now and ensure that all the info is correct before i apply again. I will ask for the quotation search next time. If you don't ask you don't get so it's worth a try.

Sutty

Does anyone know what credit companies consider to be too many credit searches on your report? I have 3, would that appear to be a problem?

piggeh

Get a correcting note put onto your credit record, saying that these were for quotations and were not taken up. Companies will otherwise assume that they could have been accepted and will consider you already having x amount of credit.

tom188

Sutty wrote:

Does anyone know what credit companies consider to be too many credit searches on your report? I have 3, would that appear to be a problem?

Depends on the timescale - over 1 year pretty normal, over 1 month and danger signals will start appearing.