Should I update credit report info b4 loan application?

Gryphon_2

Hi, I've applied twice for an unsecured loan and been turned down both times.

My cards and bank details are registered to my parents address but last year I moved into a new place. I've seen one of my credit reports and it has my new address as a linked address.

On previous applications for loans/ credit cards etc I've always simply used my parents address.

I'm currently talking directly to my bank about getting the loan. They say they can't see any reason why they'd turn me down. But I does kind of feel like this could be strike 3 so I really want to get it right.

My question is: Should I update my bank details to my new address before applying or will that look worse than simply giving my new current address but keeping the bank details registered to my parents?

Thanks

inmypocketnottheirs

The best thing to do is to have all your financial affairs linked to the address you live at. You should also be on the electoral register. Then when companies search you on the credit reference agencies, they can identify you and check where you live. Then when you apply for credit it is a greater chance of being accepted than having two separate addresses with a link.

HTH

loopylou54

Hi i havnt posted anything before so i hope im in the right forum! i have been trying to find out the best available loan online but i kept getting refused for this, contacted a credit scoring company to find out if i had bad credit which i did not, althought they informed me that when looking for the best loan this should be done over the phone as when searching online this can go against you which has now happened to me, apparently i now have to wait for six months for this to clear, which is going to make things worse off, so when looking fior the best available loan di it over the phone!

inmypocketnottheirs

loopylou54 wrote: »

Hi i havnt posted anything before so i hope im in the right forum! i have been trying to find out the best available loan online but i kept getting refused for this, contacted a credit scoring company to find out if i had bad credit which i did not, althought they informed me that when looking for the best loan this should be done over the phone as when searching online this can go against you which has now happened to me, apparently i now have to wait for six months for this to clear, which is going to make things worse off, so when looking fior the best available loan di it over the phone!

Whether you apply on line, over the phone, in a branch or through the post makes no difference. A search with the credit reference agencies will show on your file regardless of the application method.

Whilst there is no specific guidelines as to how long to leave it between applications, it is not a good idea to have more than two searches in a six month period. This is because possible lenders could take the view that you are borrowing heavily. A search does not show that you have not taken any loan or finance, but lenders will assume that you have.

Always the best place to start is anywhere that you have a good financial relationship, i.e. your current bank. They are often more lenient with lending to existing customers than to new ones.

Hope this helps.

Gryphon_2

Many thanks for the help