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Too many applications?

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Your Investment Property | 13 Oct 2011, 12:00 AM Agree 0
Could being application happy cost you in the long run?
  • Damien | 15 Dec 2015, 06:15 PM Agree 0
    Same thing happened to me and it took longer for the loan to be approved. What use is a credit score when it is based on incomplete information? How stupid?
  • Mickey C | 20 Feb 2016, 03:36 PM Agree 0
    Hey Guys,

    If you apply for credit too often it negatively impacts your credit rating (even if you are successful).
    This is where shopping around can really hurt you.

    Depending on your situation, there are lenders that will be suitable and some that are not.
    For example, if you are borrowing as a trust then there are some lenders who just do not lend to trusts and putting an application in to them is a waste of time and only hurts your credit rating. This is where a good mortgage broker comes into play. They will ensure that you don't apply to lenders who were never going to be successful with and hence helps to keep your credit rating in tact. I've seen a situation where a guy applied for four loans, was rejected for three and got pre-approval for the fourth but the interest rate was a little higher. He then tried to apply for a 5th loan to get a better interest rate but got rejected and then the pre-approval that he already had got rejected. Need to treat your credit rating with respect.

    The broker I use is pretty good and has helped me develop a nice portfolio. Happy to pass on there details if anyone is interested.

    • megan | 12 May 2016, 12:37 PM Agree 0
      Hi Mickey C I am applying for a home loan in November and have a lot of enquiries outside of 6 months. I would be interested in obtaining your brokers details please
    • Peggy | 04 Feb 2017, 06:23 PM Agree 0
      Hi,we currently have a couple of property's and would love the contact details of the broker you use.
    • Stotsis | 27 Mar 2017, 06:42 PM Agree 0
      Mikes, could you email me your broker at
  • Mick | 12 Sep 2016, 12:43 AM Agree 0
    Even if you borrow less than 80% LVR you can get rejected because of "shopping around" for credit card deals.
  • Katt | 19 Oct 2017, 10:11 PM Agree 0
    In this case it would probably depend on the reasons that you provide to the bank. If you have problems with your credit score I suggest you might want to practice good credit habits. Pay your bills in full and on time and pay down debt. All of these things could help to increase your credit score.
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