Loan Application - When to Reapply

cd1992

Back in January I moved house and applied for a loan at my new address and the loan request was declined.

Knowing all my credit accounts are up to date (and always have been with never any late payments) I made the mistake of applying for a loan another 2 time and again each of these applications were declined.

It appears as though although I had registered to vote at my new address I hadn't actually been put on the electoral register and this didn't happen until the end of February and this I believe is the reason why the loan applications were turned down.

Taking into account the applications in January and that the issue with the electoral register is now sorted when be a reasonable time to reapply for a personal loan?

Any thoughts would be much appreciated.

P.S. - Looking back I now know multiple applications was stupid but there isnt much I can do to change that now.

Foxy-Stoat_3

I would apply after 6 months has passed since the last declined application, or more if possible.

Tixy

Have you ensured that electoral information is now correctly showing with the credit reference agencies (not just with your council)?

The longer you can leave it the less of an impact those January searches should have. Ideally I'd wait 3 months from the last search if you can. If that is also declined I'd wait 6months from the last January search.

cd1992

Tixy wrote: »

Have you ensured that electoral information is now correctly showing with the credit reference agencies (not just with your council)?

No I haven't done that bit. Do I need to purchase my credit report from each of them to check or is there another method I can use to see if its updated?

Tixy

Ideally you need to check with each agency individually, as their processing times can vary.

Typically it can take around 4 weeks from you appearing on the electoral roll with the council for for this information to be showing on your credit files.

Foxy-Stoat_3

You may have to wait 6 months anyway as some loan applications have minimum requirements, one of them is that you have not been declined for credit in the last 6 months. Applying for another loan within 6 months may well trigger an instant decline.

jennyjenssen1990

At least take a minimum time gap of six months. Don't go for loan application so often.Try applying for loan after 6 months. All the best.

andyfromotley

use the loan eligibility checker on this site, it will give you a good idea of who is likely to lend to you.