credit file

Any general questions you might have in regards to loans and finance.
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buffalo
Posts: 22
Joined: Wed Jun 24, 2009 5:04 pm

credit file

Post by buffalo »

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!

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Otto Dargan
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: credit file

Post by Otto Dargan »

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.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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