Learn How to Protect Your Credit Score
We all love to shop around for a good deal online. However when it comes to borrowing money, shopping around can be a very risky thing to do.
Let me explain. When applying online with numerous banks and finance websites, each application will often trigger a credit check. When a credit check is done, it creates an Enquiry on your Credit Score.
Too many Enquiries in a short space of time will dramatically reduce your Credit Score. A low Credit Score makes it much harder to get business finance, and even personal finance.
So here’s how to protect your credit score.
It is the little secret that many people aren’t aware of.
- Only make one loan application at a time, and wait to be contacted by the lender or broker before making any further loan applications.
- If you are unsuccessful with that application, ask lots of questions as to why you were unsuccessful.
- Then only apply with lenders or brokers who have solutions that match your circumstances. (based on what you were told by the previous lender)
- Once again, follow Step 1 and repeat the process.
The mistake so many people make is by making a lot of applications at once, thinking it will increase their chances of getting approved. The reality is, it does the exact opposite.
Let our team do all the running around to fund the most suitable loan for you or your business.
If you have already applied with us, please DO NOT APPLY ANYWHERE ELSE until you hear from our team or one of our lenders.
If you haven’t applied yet, click the Apply Now Button at the top of this page and lets get started.