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 I paid a loan off last year.the account was closed but my bank is now chasing me for the money again? |
| Last september i paid off a loan of £5000 in full to lloyds tsb. i recieved a letter saying that they had received the cheque and that the balance had been paid in full. My account was closed and ... |
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 I need to make £20 until the 5. April, Any advice? |
I am in need of £20 until 5. April, because I have only £10 at home and want to buy new shoes immediately.
Can anybody help me how to make money? I am a student by the way.
P... |
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 Ways to make a little extra money? |
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 Bad credit. Is it better to pay off several small accounts or larger ones? |
Additional Details
All is old debt, mostly in collection. Also pay off revolving accounts or more current accounts?... |
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 Bank of America? |
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| Make money as a preteen? |
How can I do it? I'm a mature 6th grader, and I have good computer skills and I am open to other suggestions too. No snow shoveling, we've been getting mild winters in NJ.
Additional D... |
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 Whats the best credit card to get? |
ironic question I know cos they are all sh#t. But I need one for online transactions and i can have one for emergencies.
Ps capital one looks rubbish typical APR is 35% ! variable. The ... |
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 Ways to save money...? |
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 Nedd some money soon as pos? |
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loveva | Each time you apply for a loan does it affect your credit scoring...? |
does it make the score decrease for example if you get declined by a lender, pls advise..thanks |
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kathy6676
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It does not decrease your score if you are denied by a lender but every time you apply for credit it shows on your credit which is not good. If you are applying for a car or a mortgage it is best to get different rates within a short period of time so that is only one mark on your credit. |
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jeanimus
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Any application for a loan will usually generate an entry on your credit history as a search. If the loan isnt granted, that will be shown cos there will be no payment history. So effectively a prospective lender can work out how many loans youve applied for. But they wont know wether you turned them down or they turned you down. This indicates to them that maybe youve been turned down for a lot of loans, which will maybe make them wary of lending to you. On the other hand it may indicate that youve applied to very strict lenders whove turned you down, and if they are a more generous lender, it wont matter to them. High street lenders (banks etc) are most likely to turn you down if you have a lot of searches. Sub prime lenders may not (Paragon and so on). |
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NICHOLA W
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in a word loveva, yes. unfortunately each time we apply for credit, whether declined or approved, is recorded by a credit reference agency. each time we apply this report can be pulled up by the credit provider to help them decide whether or not we would be suitable for finance, ultimately the more declines we have the worse it bears for future applications. |
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Jasmine
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Oh Yeah, it sure does. Which will eventually cause your score to go down and thus you'll get a higher interest rate. It's a vicious cycle |
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SARAH D
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it leaves something called a foot print i think on your credit rating if thats any help. |
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Lachlan Dagostino
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Yes each time they do a credit check your points go down, with the exception of car and home loans when you are getting multiple checks because the system knows that you have shopping for the best rate and will not penalize you for it. |
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JD
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personally, I don't think so...what happens is: your credit gets and inq (inquiry) on it that's all. just shows that you're shopping for a purchase and financing; but shopping for a good rate. I think that the creditors look at the "OVERALL" or top view of your credit report based on how you pay your bills, if you pay constantly and on time etc. this is what they look at to afford to you more monies to lend and longer time and lower monthly payments (this is why people w/good credit get the breaks!) happy shopping!... |
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homeschoolmom
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Yes and no. If you apply every month for a store credit card and are declined, it will negatively effect your credit score. If you apply to four different places in a two week period for a mortgage (called "shopping around"), it is obvious to lenders what you are doing and the score will not be impacted. |
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SPIFIMAN1
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Boy, It never ceases to amaze me the people out there that do not have a clue.
Being declined or approved for a loan doe's not effect your credit.
What doe's is when the lender that you applied with pulls your credit report. (Lowers your score about 2-3 points) Unless you are shopping for a mortgage or a car and the applications are all on the same date.
The other thing that works against you is every time you apply it shows up as a inquiry on your credit. These take 2-years to drop off your credit and to many inquiries can actually hurt you. I have seen people turned down because of to many inquiries. |
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Snickers
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Yes, every time you have your credit score run it will affect your score. Even if you are approved for the loan your score will be affected!! |
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Jenny
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yes if they say no to you |
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bassmonkey1969
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Every time you apply for credit it shows on your credit report, so if you apply for one loan from five different lenders then it'll show and the lenders will want you to prove you didn't get any money from the other lenders.
It will also reduce your credit rating every time your credit is pulled by the lenders, although being declined doesn't do anything to your score. |
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JJ
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Unfortunately getting turned down for loans does negatively affect your scoring, so you should limit the number of applications you make. |
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Ariom
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Actually it does affect yyour credit score..and like most people have said..it also stays on your credit report for quite some time. |
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island3girl
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no, but when you are declined it does show up as a request on your credit report and so applying for a lot of cards may hurt you because you'll have a bunch of inquiries in your report and that seems suspicious. |
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