Refused a loan - advice please

njs1999

I have just been refused a loan of £10k. My credit score was 975 and have just been approved on a mortgage of nearly £200k. Credit score has now gone down to 824.

Couple of questions...

1. Would the loan have been refused due to the mortgage?
2. Will the credit score go back up?

Thanks

asandwhen

1) possibly because of the search (each search has an impact on your score)
2) Yes it will go back up - normally after about 6 months as long as you dont have anymore searches on your file in that time.

Robert_Sterling

If you have already borrowed £200,000 perhaps you would find it difficult to repay a further £10,000 loan.

regularsaver1

affordability?

emma0787

1. Would the loan have been refused due to the mortgage?
Probally, the finance company may want to make sure you are managing to pay off your mortgage before getting yourself into anymore debt.
2. Will the credit score go back up?
Yes it should do so long as you're payments are on time and you don't miss any.

tom188

Did you pay for those scores? If so you have just wasted some of your hard earned cash as they mean absolutely nothing.