When you apply for finance, whether a credit card, personal loan or more importantly a mortgage, your credit file is the first thing that gets amended, looked at and carefully scrutinized, forming what is ultimately your ‘credit score’ which determines the likelihood of that institution doing business with you. This means that every time you apply for finance it is logged and registered on your report and will stick around for up to 7 years! Don’t get me wrong….this is not the 
end of the world, and we all need to do this at some time or another for that new phone contract or car finance. What some clients don’t realise however is that when a lender says ‘no’ it might be prudent to find out why, as you may suffer the same fate with another lender for the same reasons, and now a snowball effect starts taking place with not only the original reason rearing it’s head again and again, but the new emerging negating factor of an increasingly busy credit file. So just to re-iterate…. if you get declined, STOP! Find out why, and maybe enlist a professional to step in and give you a hand to get what you want. If they are worth their salt they will dig a bit deeper and maybe structure the application properly so it fits better within the lender’s guidelines and parameters. This means that your credit file will remain as clean as possible, leaving you ready for your most important application ever, a mortgage.
Now for the good news. Even the busiest credit report will be considered, as long as the overall application contains enough strength, ie employment longevity, income, collateral etc. Some of the larger players will even play ball at the highest risk levels, one major mortgage lender for example will take on a client as long as the last 6 months had less than 6 enquiries. So even if you smashed your file over the last 12 months as a serial online applier, it is a relatively short wait to bring things back into a ‘clean enough’ state of affairs.
Oh and it also stands to reason when you get approved for credit, stick by your contractual agreement and pay that thing off ON TIME, as these days financiers will list your adverse conduct on your file faster that you can say “What do you mean I’m declined?”
If you feel that you’re credit file is stopping you from getting ahead, contact us today to look deeper and identify problem areas, and more importantly solutions.