Loan Refusals

[gotsomenow]

Hi,

Can anyone tell me how long the ICB keep record of a loan application being declined.

Thanks

G

 

[demoivre]

AFAIK they don't - it might be on record that the instution in question examined your records though.

 

[Molly]

demoivre is correct... the ICB does not record application for credit declines.

 

[moneyhoney]

No - but it does show every 'query' on your report and some lenders will assume that a query with no matching loan amounts to a refusal.

 

[demoivre]

No - but it does show every 'query' on your report and some lenders will assume that a query with no matching loan amounts to a refusal.

True but so what? Different lending institutions have different lending criteria. Over the years I have often been declined investment mortgages by one institution and obtained them elsewhere.

 

[Molly]

but it does show every 'query' on your report and some lenders will assume that a query with no matching loan amounts to a refusal

.

I dont think this is the case, I have spoken to a number of underwriters in various lenders and they pay little or no attention to the query's...

Shopping around for a more competitive product should not be deemed a negative.

 

[gotsomenow]

Thanks all, I am very glad to hear that.