Does being refused a loan/car loan affect your future credit

smallzoo2

This may seem a dumb question but I have seen so many conflicting bits of information on google I thought I would ask the experts

If my wife applies for a loan for £3000 over 24 months online and gets refused, does that then effect her overall score and as such mine too ?

thanks

redpete

Yours - not at all.

Hers - her score might be slightly worse because the loan application will be registered in her history, the fact that it was rejected will probably not register. More important is her chances of being accepted when she applies for credit next time, and that depends on the lender's criteria for lending, not on a score generated by an organisation that doesn't lend money.

MEM62

Who knows whether if will impact on her score? These are randomly generated numbers and can therefore be influenced by anything. Fortunately, they are meaningless so it doesn't matter.

Your credit history is what matters and is the only thing that potential lenders see. A credit search may have an impact for a short while but certainly no lasting negative effect.

DCFC79

Who knows, an entry will be added to her credit file that a seach was done and this is what lenders can see, the score only your wife can see.

Where did your wife apply for the loan ?

Maybe a credit card especially 1 with 0% on purchases might be better. Whether she would get accepted for 1 is another matter.