How long to wait in between loan applications?

Mandy77_2

Hi,
Can anyone help? How long until I should wait between loan applications?

I've never had a loan but do have alot of other credit and my credit rating is 865. I was declined today by my bank and building society stupid I know but thought the bank application was just a tester. I own my home, i'm married and 30 but i am not employed as i have been sick but it was joint applications and my husband works full time and we have other benefits.

Would a credit card be a better idea?
Please help Thanks.

CannyJock

Mandy77 wrote: »

Hi,
Can anyone help? How long until I should wait between loan applications?

I've never had a loan but do have alot of other credit and my credit rating is 865. I was declined today by my bank and building society stupid I know but thought the bank application was just a tester. I own my home, i'm married and 30 but i am not employed as i have been sick but it was joint applications and my husband works full time and we have other benefits.

Would a credit card be a better idea?
Please help Thanks.

Unlikely.

You need to understand first why you were refused which sounds like you need to get both your husband and your own credit files and go over them to see what black marks, if any, there are. Or what else like "unused credit cards" are on your file that you didn't know about.

Will also make a different whether you ask for a secure or unsecured loan and who you ask - current mortgage provider probably won't be happy to provide a secured loan on property if current property value and current mortgage balance doesn't leave enough of a gap.

Off the top of my head I'd say spend this month getting your credit files and looking for reasons why you wouldn't get credit - add up total amount of "available credit" from credit cards and loans already on your file.

No point applying straight away for more credit with two rejections already. Other posters have mentioned 6 months between applications.