News

    Monday, 16 October 2017 09:11

    Simply applying for a loan may dent your credit score

    Everyone in their lifetime will apply for a loan – it’s just one of those things that is part of life. We all need money and the banks give us a helping hand to make sure we get essentials such as homes and cars.

    It comes as somewhat of a surprise then to learn that even just applying for a loan at one of the country’s biggest banks may leave a blemish on your credit score – something that is all important to getting loans in the first place.

    We have learnt that well known British banks are punishing customers for applying for a loan by giving them a black mark on their credit score if they opt to choose a loan from elsewhere and don’t go through with their loan application.

    This could have serious implications if all the banks start doing this. Think about it? If all the banks did this, your credit score could be damaged beyond repair within the day if they all hacked at your credentials just for looking into getting a loan.

    Many experts in the finance sector say that the banks are being too harsh with the credit score bashing and are displaying an aggressive attitude which doesn’t help anyone.

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    Warning: Late repayment can cause you serious money problems. For help, go to the MoneyAdviceService.org.uk 

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