Soft searches for loans says I’m not eligible
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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.
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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.
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.