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Last post Thu, Jun 18 2009, 7:51 AM by esanders. 2 replies.
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  •  Mon, Jun 15 2009, 1:03 PM

    Hi,

    I recently applied for a loan for the sum of 9,000, i was refused so i went to around 3 banks in total, each time being refused. I know the applications affect my credit report, but what i want to know, is if i apply for a smaller amount e.g. 5,000 will it be likely to succeed or be rejected, because of the previous attempts at getting the loan?
    • Post Points: 35
  •  Mon, Jun 15 2009, 9:09 PM

    It will be regarded as an additional application for credit and likely declined, irrespective of the amount applied for... if so it will add further injury to your credit rating.

    Leave it for at least three months preferably Six before applying for any further credit, to give the failed applications a chance to fall into the background.

    • Post Points: 5
  •  Thu, Jun 18 2009, 7:51 AM

    If you continue to apply, instead of benefit, It would only harm you and your credit scoring would further go down. if you need some kind of loan immediately, you can try for payday loans aka fast cash loans to help you immediately. Please see that you repay it immediately as they carry high rate of interest.
    • Post Points: 5