How to shop around without lots of credit searches

Porky_Pine

Hi,
I am looking at taking out a loan and have put my details into the eligibility calculator thing on this site to check out my chances.
It has basically thrown up three providers with similar liklihood percentages (50, 50, 40) all showing more or less the same rate, repayments etc. However, I have also read on here (somewhere) that it is likely that providers may offer a higher rate/repayment to some applicants, which may affect what I ask for and/or who I go with
What is the best way to proceed from here, given that as soon as I contact one provider that will put an extra credit search onto my file, which will presumably count against me with the others.
In other words, how can I go to all three in order to establish what they can do for me, without the very act of doing so, having a negative impact on my status, which may in turn mean that I no longer meet their requirements???

[Deleted User]

If you insist on going to all of them, I would suggest simultaneously is the way to go.

Candyapple

If your odds are 50%, 50% and 40% I would say unless you are desperate, you are not going to be offered the headline rate at all and your APR quoted will likely be a lot higher.

Before you start making applications, what is the loan amount you want and the length of term?

Do you have any other loans / overdraft / car finance etc?

Please list all credit card limits along with outstanding balances.

Do you have any late payments / defaults / CCJs?

What is your annual salary?

Are you on the electoral roll (does it show on all 3 files?)

Do you have any other closed / settled accounts in your history?

Do you have many other 'credit' accounts showing on your files such as bank account / mobile phone etc.?

Have you made any credit applications in the last 12 months?

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

Porky_Pine

That's my point - I know I'm probably not going to get the headline rate, so really need to talk to all three to see what they CAN offer (if anything).

I'm ideally looking at about 12k loan over 5 yrs - partly to consolidate current payments, partly for other reasons. In theory, I will be able to use the loan to clear-off about £300k of current monthly payments, with headline rates suggesting c£220/m for 12k & c£180/m for 10k.

Obviously my rates will be higher than these, but I want to be able to establish what amounts I could borrow for 300/m or less over this period, to see whether the whole thing is worthwhile, but if I go to one, get an offer, go to another to see if they are better, that might tip the first offer over the edge and mean it is no longer available - or is that not how it works?

The MSE checker reckons I have a fair rating, but weak on disposable income (goo/v good on credit utilization & debt ratio). IT shows 7 credit accounts, and most other factors have green smiley faces against them...

[Deleted User]

Have you spoken to your own bank? They know you best.

Porky_Pine

yes, it was them that put me onto this site.....

Candyapple

Porky_Pine wrote: »

yes, it was them that put me onto this site.....

And yet you still haven't answered any of the questions posed to you which is what will actually determine the next course of action....