Soft searches for loans says I’m not eligible 23 December 2021 at 11:04PM in Loans 4 replies 503 views

MrsYa8

So I have just moved into a new house today and I’m wondering if this is the cause of not being eligible for loans. I have changed my bank account address, updated my electoral roll address. Do you think it will take a week or 2 for my new address to be updated with credit reporting agencies?

Is there anything else I can do to help my chances?

I’m self employed and had a net profit last year of £44k. My credit scores appear in the excellent category. I currently owe just under £4K on credit cards which I’m going to consolidate into the loan. 

[Deleted User]

Your address change will be an issue, as will your existing debt. It may be a few months before you're considering stable. 

Your credit scores aren't a factor in lending, so ignore those and check the data on your files instead. That's what lenders will be looking at.

MrsYa8

Deleted_User said:

Your address change will be an issue, as will your existing debt. It may be a few months before you're considering stable. 

Your credit scores aren't a factor in lending, so ignore those and check the data on your files instead. That's what lenders will be looking at.

This makes sense. I have just checked my credit file and nothing (as yet) is showing my new address which is probably what’s causing nearly every soft search to decline. When you say data do you mean all personal information? 

Catsacor

Yes, that's exactly what @Deleted_User meant.

Our credit files are several pages long and contain different type of information.
Go through each section and really analyse it.

When lenders do this they're looking through commercial eyes remember, not ours/yours which will see explanations, reasons, and a degree of favouritism we naturally have !

The amount and types of debt are very relevant to those commercial eyes.

[Deleted User]

Consolidation loans are a red flag to lenders - there is no guarantee that you will use the money to pay off the debts and not just waste it so they have to consider your existing debt + new loan debt. Instead of trying to borrow your way out of debt, use your pay to pay down cards and maybe look into things you could use as tax write offs etc to make sure you're not missing out on anything