Do many make the error of applying for credit again ?

Cheers · 14 March 2015 at 4:57PM

..immediately, after being told encouragingly by a cra or lender who just rejected them, in the standard letter that just because one lender rejects them, another wouldn't, thus hinting they should apply for credit again straight away from someone else, which would decimate their credit report for the next half year

jd87 · 14 March 2015 at 5:04PM

Cheers wrote: »

being told encouragingly by a cra or lender who just rejected them, in the standard letter that just because one lender rejects them, another wouldn't

When do they ever do that? Standard rejection letters I've seen just say something along the lines of "as a responsible lender we look at each case individually, sorry we couldn't approve you this time, blah, blah, blah..."

solentsusie · 14 March 2015 at 5:14PM

Cheers wrote: »

..immediately, after being told encouragingly by a cra or lender who just rejected them, in the standard letter that just because one lender rejects them, another wouldn't, thus hinting they should apply for credit again straight away from someone else, which would decimate their credit report for the next half year

I have never seen that in a rejection letter. When who did you receive this from?

I hardly think that a credit report would be "decimated" for 6 months. One application - whether the applicant was or was not accepted does not show on the report - is not going to "decimate" a file, slightly dramatic don't you think?

And if the other lender accepted them then it wouldn't be a problem would it?

matttye · 14 March 2015 at 7:57PM

I imagine it might say at best that another lender "might" not reject you - not that another "would" not - what was the exact wording?

shortcrust · 14 March 2015 at 8:42PM

If you get rejected by two lenders in a row an additional search is probably well down the list of problems with your report. It's like worrying about a stain on your party frock when you're not even invited to the party.