How many loans to apply for?

robrymond

We have seen a car that we want and have applied for a loan from Smile. They won't give an instant decision as we don't bank with them. The other option is Halifax whom we have a mortgage with though the interest rate is higher.

Would it be damaging to the credit score/history to apply for both at the same time and see what is offered or is it best to wait for one then apply for the other? Its more the time issue that is a factor here.

knoxvillain

If its only the 2 you've applied for recently and no other credit products, I wouldn't think it'd be particularly damaging however if you've already applied for the cheaper of the products, I'd just have some patience and wait for the outcome to be honest.

robrymond

Yeah it is the cheaper one, just thought it may give us a head start if they come back and offer a different rate to the one advertised. At least with Halifax we have the backup of being customers and they don't penealise for paying any money off.

knoxvillain

I think these days it only starts to become an issue when its 3 or more in a short period of time so it would depend if you've recently taken out any other credit like overdrafts or mobile phone contracts etc.

Assuming you've not, like I said from a credit record point of view I don't think it would be massively damaging and any effect would fade over time anyway.

Thing to remember is there is LOTS of used cars out there so if you miss the one you see at the moment, its not hard to find another.

robrymond

Thanks. Yeah there are no other products being taken out at the moment and I'd never do more than two anyway.

knoxvillain

No problem, happy motoring

SeanG79

If you are only having the 2 searches done against your name, it will not have any significant effect on your credit rating, provided you aren't intending to have many more searches done in the next 3-6 months.

BugsyBrowne

SeanG79 wrote: »

If you are only having the 2 searches done against your name, it will not have any significant effect on your credit rating, provided you aren't intending to have many more searches done in the next 3-6 months.

2 searches are still a more of a negative to a lender then none so 2 searches will still hit your credit rating whatever way you look at it.

But yes 2 are better then say 4 in a 6 month period.

knoxvillain

BugsyBrowne wrote: »

2 searches are still a more of a negative to a lender then none so 2 searches will still hit your credit rating whatever way you look at it.

But yes 2 are better then say 4 in a 6 month period.

The key word in SeanG79's post is "significant". And he's correct. Not really sure what your post adds to this thread. Not a lot I suspect.

kilasuit

BugsyBrowne wrote: »

Listen here default Dave why don't you take your bullsh*t and stick it up your defaulted ar*e and then stick your defaulted credit report and stick it in your defaulted gob.

or maybe you calm down log out and think before you write a response like that?

knoxvillain

BugsyBrowne wrote: »

Listen here default Dave why don't you take your bullsh*t and stick it up your defaulted ar*e and then stick your defaulted credit report and stick it in your defaulted gob.

lol I might just do that, probably still be more useful to the OP than your post.

Seems you're good at dishing out your "honesty" to everyone but not so good at taking it.