I've applied with 6 banks and been declined by all of them. What does this mean for my credit file??
Any help would be appreciated!! Thanks!
credit file
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
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Re: credit file
Everytime you apply for a loan the banks will put an enquiry on your credit file. So all of the banks you apply with know you have been declined (or at least applied) with another lender. It looks terrible to a bank to see that you have shopped around so much. They think "What is wrong with their situation? Why did the others decline the loan?". This would greatly reduce your credit score.
For that reason I would suggest you wait 6 - 12 months before applying for a loan again or find out why you were declined and then seek to fix that problem.
For that reason I would suggest you wait 6 - 12 months before applying for a loan again or find out why you were declined and then seek to fix that problem.