Multiple UK Loan Applications Lead To Higher Rejection Rates
- Date: 2006-12-12 - Word Count: 328
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Customers who make multiple UK loan applications may be 'shooting themselves in the foot' because in their enthusiasm to secure a loan, they may appear to be desperate to lenders, who can see how many applications have been recorded on a central database.
- And this can make them wonder whether every other lender has rejected the person's application - and perhaps with good reason!
A number of lenders also subscribe to a cunning software service, which compares the information applicants give to different lending companies.
So it's vitally important to ensure that how long you've been at your address, with employer, with your bank… etc is always both truthful and consistent across all the loan and credit card applications you make.
Because if it is not - even a small, honest inconsistency could cost you a few points in your credit score, which itself could make the difference between being offered the lender's best interest rate, or being accepted for the loan at all.
Without doubt, the best strategy is to spend your time researching the UK loans and UK credit card offers properly and building up your plan before applying at all.
Then you need to be very careful and organised about each application you make to ensure that you are absolutely consistent and accurate every time.
Don't, whatever you do 'blitz' the market with applications, even though the Internet makes this easy to do.
Only apply at first to the company which appears to offer the best deal for which you want to be accepted, and believe that you will be able to secure, then give them time to assess your application before approaching any other lender.
Then, while waiting for their response, choose your fall-back position, or stand-by lender/s who you feel confident will be ready to approve you for the facility you seek - perhaps approaching those offering a slightly higher interest rate will help you secure a facility for which another lender has rejected your application.
- And this can make them wonder whether every other lender has rejected the person's application - and perhaps with good reason!
A number of lenders also subscribe to a cunning software service, which compares the information applicants give to different lending companies.
So it's vitally important to ensure that how long you've been at your address, with employer, with your bank… etc is always both truthful and consistent across all the loan and credit card applications you make.
Because if it is not - even a small, honest inconsistency could cost you a few points in your credit score, which itself could make the difference between being offered the lender's best interest rate, or being accepted for the loan at all.
Without doubt, the best strategy is to spend your time researching the UK loans and UK credit card offers properly and building up your plan before applying at all.
Then you need to be very careful and organised about each application you make to ensure that you are absolutely consistent and accurate every time.
Don't, whatever you do 'blitz' the market with applications, even though the Internet makes this easy to do.
Only apply at first to the company which appears to offer the best deal for which you want to be accepted, and believe that you will be able to secure, then give them time to assess your application before approaching any other lender.
Then, while waiting for their response, choose your fall-back position, or stand-by lender/s who you feel confident will be ready to approve you for the facility you seek - perhaps approaching those offering a slightly higher interest rate will help you secure a facility for which another lender has rejected your application.
Related Tags: credit card, car loan, unsecured personal loan, loan uk, homeowner loan, small business loan, instant loan
www.low-rate-loan-uk.com UK loans and credit cards exposed. Read this before you apply for a UK loan or credit card. Ex senior marketing manager David Burton reveals lending - from the lenders' points of view.
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