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If I apply for a loan will it affect my credit rating?

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Yes, each time you apply for credit with any lending institution you will sign a privacy disclosure that allows them to check your current credit history and this enquiry will also leave a footprint showing that you made an application for credit. When the lender makes a decision they will take into consideration how many enquiries you have previously made and to whom, they may even come back and ask you why you have just applied with 3 different banks for the same loan if that was the case and ask why it did not proceed with them. More importantly lenders are looking for any defaults, judgments or bankruptcies (Bad credit enquiries) that you have not paid in the past. Although I often hear many imaginative reasons as to why people have not paid their bills or credit cards unfortunately most lenders look very harshly on this. I do however have lenders that may make exceptions depending on the circumstances so it is always worth coming in for a chat. You can obtain your own copy of your credit file at www.mycreditfile.com.au. 


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