Loan Advice

WoodyWoodpecker

Hi I've just had to take a loan out through Bank of Scotland to pay off a mortgage shortfall and also consolidated my debts which means I am better off each month so thats the plus side.

I needed the loan quickly to complete the sale of my house so took the deal which isnt bad................however I now have in from of me a loan option from 4.7% as I am a marks and spencer card holder which is better terms than my loan I have now.

As I have borrowed money already and it has paid mortgage shortfall and consolidated debt would I be able to apply for the M+S loan or would it be a no-no due to the minimal timescale in between applications.

Dont want to make an application to M+S and get turned down/have two loan applications in short space of time as my credit rating might be affected??

Long and short of it.................is it wise to apply? Are there any pitfalls?

Thanks

DCFC79

Just bear in mind its not a dead cert you will get the loan 4.7%. It depends if what rate your offered is better for you.

WoodyWoodpecker

DCFC79 wrote: »

Just bear in mind its not a dead cert you will get the loan 4.7%. It depends if what rate your offered is better for you.

Yes will certainly do that..............if I applied for the loan and the offer was a worse one than what I have does turning the offer down affect my credit rating?

Tixy

It would just appear as a credit application search on your credit file.

1 search has minimal impact on your credit file. Lots of searches close together would have a short term negative impact on your ability to get credit.