how soon to apply

jobdone1

I have a santander loan at 11.8% and £13000 outstanding 4 years. I did apply for a lower apr and was accepted for 9.9% but would like better so declined the offer this was 2 months ago. My question is when should i apply again to try to get a better deal without further damaging my credit rateing ????????

Tixy

Its generally advised on these forums to limit credit applications to 3 to 4 in a 6month period.

In terms of that particular search appearing on your file - I would imagine that by the time 2months are up it would be clear that you did not take out a new credit agreement as a result of that search that they can see.

Is there anything different about your finances now that make you think you might get a lower APR - or are you just hoping to try another bank in the hope they may offer lower?

jobdone1

Tixy wrote: »

Its generally advised on these forums to limit credit applications to 3 to 4 in a 6month period.

In terms of that particular search appearing on your file - I would imagine that by the time 2months are up it would be clear that you did not take out a new credit agreement as a result of that search that they can see.

Is there anything different about your finances now that make you think you might get a lower APR - or are you just hoping to try another bank in the hope they may offer lower?

In answer to your question i have paid over £7000 of debt off halved my overdraft to £750 so in a much better state now. I think i may have jumped the gun and applyed to early to reduce the apr so the next time i apply i want it to be in a good credit state if you get where i am coming from:D

[Deleted User]

depending on the amount of loan 9.9%apr may be a good deal,if it was for less than £7.5k then 9.9% is a good deal

iolanthe07

halved my overdraft to £750 s

Well done for halving your overdraft, but people who live with perpetual overdrafts are not looked on kindly by lenders, in general. Perhaps unfairly, it is seen as indicating an inability to live within one's means and budget properly.