Getting a Quotation
Quotes are difficult to get without lenders undertaking a credit search, but do ask anyway.
Remember : If a credit search is undertaken by a lender this will appear on your credit file. Applying for any financial product puts fresh data on your credit file which ultimately affects your credit score. Be careful where and when you apply!
Are you a Safe Investment?
Profiling potential loans is big business. You have more chance if you own your own home rather than being a tenant. Equally being gainfully employed rather than being self-employed has a significant impact. If you have been with the same employer for a long period of time and a long standing customer of a bank will also go a long way in helping your credit rating.
Check Your Credit File
It is important to check to see if the data you use is consistent. Check telephone numbers you have listed in applications. Check your addresses also. Inconsistent information can play havoc with your credit rating.
Avoiding the downward spiral
This is one scenario you want to avoid at all cost.
• You make an application
• Your application is rejected
• You make applications elsewhere
• Your application is rejected yet again
There must be something wrong and you must check your credit file. Once you have made any amendments, that is providing any can be made, and assuming everything is put right.
• You make an application again
• You are rejected
This time it is not due to any errors. However because you attempted on several occasions to get credit all these show on your credit file and therefore lenders will reject your application. The moral of this is DO NOT simply try and try again. Take a look at your credit file and get it fixed. Ask the lender which agency it used to assess your application and contact that agency.