Pre-approved Loans & Poor Credit

[Deleted User]

That's not too many.  Stop taking notice of any advice the CRAs give you.  

You might as well ask a cat.

DCFC79

hdr said:

Deleted_User said:

hdr said:

Also, isn't a search on your record a bad thing?

No.  It's the only way to get credit.

True that! But when I check my credit file it's telling me that too many Hard Searches are not good for me. I've made 3 this year. 2 were for car insurance and 1 for a mobile phone from Sky. Apparently that's too many?!

Is it just a blanket message to everyone rather just directed at you ?

hdr

DCFC79 said:

hdr said:

Deleted_User said:

hdr said:

Also, isn't a search on your record a bad thing?

No.  It's the only way to get credit.

True that! But when I check my credit file it's telling me that too many Hard Searches are not good for me. I've made 3 this year. 2 were for car insurance and 1 for a mobile phone from Sky. Apparently that's too many?!

Is it just a blanket message to everyone rather just directed at you ?

Directed at me.

foxy-stoat

You said earlier you are going to be homeless, so I wouldn't worry about how many searches you have on your credit file, 3,4, 5,10 it doesn't matter as the only credit open to you is very high interest rate loans/credit cards, so you are a long way off a perfect credit file with single figure rates.

DCFC79

hdr said:

DCFC79 said:

hdr said:

Deleted_User said:

hdr said:

Also, isn't a search on your record a bad thing?

No.  It's the only way to get credit.

True that! But when I check my credit file it's telling me that too many Hard Searches are not good for me. I've made 3 this year. 2 were for car insurance and 1 for a mobile phone from Sky. Apparently that's too many?!

Is it just a blanket message to everyone rather just directed at you ?

Directed at me.

I agree with ZX, 3 searches isnt too many, too many would be 8 a month.

ceremony

As others have said, searches don't matter right now.

You've only just started tidying up your finances and credit file. You've got many years ahead of you before any 'big red flags' on your file will have dropped off.

Searches stop being seen as important after a year. So if you need this loan to free up funds to move, take it. Clear the insanely high interest loan, don't borrow anything more and spend the next year or two paying this off while slowly building a small emergency fund.

By the time you've done that all your credit file issues should be starting to heal anyway.

Then the real trick is managing to not get in the same mess again.

hdr

Update: I got accepted for the loan. Thank you for all your advice.

foxy-stoat

Good man, see you in a few months when you ask how you can get out of a hideously high interest loan.....mis-sell type thread.

hdr

foxy-stoat said:

Good man, see you in a few months when you ask how you can get out of a hideously high interest loan.....mis-sell type thread.

Not sure if this was sarcastic or not?! It'll be paid off within 6months. I've spent almost 2 years now sorting through my finances. I have cleared over 6 accounts this year and should close the remaining few by mid 2021. 

foxy-stoat

Hope your plan goes exactly like that.  Good lucks.