will a refusal for a loan affect our score

doinright

Hello I hope someone may be able to help me, I applied for a loan with M & S ( I already had one and wanted to pay that off and have a bit extra) but I was turned down so I tried the bank we are with and they said because I had loans already and a mortgage they could not help. This was later on last year may be Nov/Dec time. Anyway we are in the process of selling our property and want to go into rented accommodation but this will involve a credit check and I was wondering if it prevent us being accepted due the previous refusals for loans? Does anyone have any experience of this or does anyone know how we will go on? Thanks in advance!

Eonel

Refusals for loans are not recorded on your credit record.

However the Search the bank made when you applied for a loan is recorded. If you apply for too many loans in a short period this can be considered Negative and can affect your credit record as you appear to be desperate for credit.

From the info provided, one loan application 2/3 months ago will not prejudice any new loan application made today - but it is always worth getting hold of your credit record to look for any other Negative indicators on there.

pauletruth

no it wont show but unless the reasons behind your banks refusal has changed then that will stop any other sensible credit offers.