Can I apply for two loans at once?

mariat
mariat Posts: 163 Forumite
Part of the Furniture 100 Posts Combo Breaker
Would applying for two loans at the same time, in case one of them doesn't accept me, affect my credit score and chance of being offered one of them? I've checked my eligibility and have a good chance of being accepted, and have a very good credit score. Also I'd like the option of choosing between two interest rates if possible. This is the first time I've applied for a personal loan so haven't a clue how it all works. 

Comments

  • TadleyBaggie
    TadleyBaggie Posts: 6,532 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    You don't have a credit score, or rather you don't have a credit score that anyone else can see. If you apply for two loans at the same time, both will almost certainly do a hard search. The one that does in second might get spooked by the other one...or they might not. 
  • Doing them in close succession, i.e. within the same hour means you'll more likely than not get them both evaluated based on your credit history. The second application would not be impacted by the first, i.e. the first won't report the hard check in time to impact the second application, if done soon enough after the first.
  • fergie_
    fergie_ Posts: 258 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Some lenders will offer a 'soft check' which won't impact at all. This would be your best route.

    However, if you apply for 2 close together they are unlikely to impact each other, but will mark your record when they catch up.
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