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Time between loan applications

  • 31-07-2024 1:32pm
    #1
    Seanachai
    Registered Users Posts: 2,544 ✭✭✭


    I was declined for a Revolut loan yesterday, is there a recommended period to wait before applying with another lender?



Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,443 Mod ✭✭✭✭Jim2007


    It depends on the reason you were rejected, your circumstances and any change in your circumstances…



  • #3
    Mick ah
    Registered Users Posts: 144 ✭✭Mick ah


    Did Revolut give you a reason for declining the application?

    Without that information you won't know what needs to change before you try again (either with Revolut or another lender).



  • #4
    bennyx_o
    Registered Users, Registered Users 2 Posts: 4,175 ✭✭✭bennyx_o


    I believe Revolut applications are all automated and don't give reasons for decline. There is no recommended period to apply with another lender. They will, however, see a recent request and may query it (although I doubt it)



  • #5
    Seanachai
    Registered Users Posts: 2,544 ✭✭✭Seanachai


    https://www.boards.ie/discussion/comment/122449575#Comment_122449575

    The automated reply said my credit score, the last time I was in arrears was two years ago though.



  • #6
    Kimbot
    Moderators, Computer Games Moderators, Social & Fun Moderators Posts: 18,693 Mod ✭✭✭✭Kimbot


    https://www.boards.ie/discussion/comment/122482397#Comment_122482397

    that would pop up on a credit score for 5 years I believe.



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  • #7
    raxy
    Registered Users, Registered Users 2 Posts: 855 ✭✭✭raxy


    I was declined by revolut. Applied to the credit union the same day. Took them about a week before contacting me & they asked about the revolut loan. I just said I started the application to see what rate they would offer. I think the credit union jwanted yo make sure I wasn't trying to take 2 loans out at the same time.

    I think revolut declined mine as I am paid monthly but get an interim payment at the start of the month so when the automated system checked my salary it didn't match.



  • #8
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,443 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/122482439#Comment_122482439

    There is no such thing as "A" credit score, various financial institutions have their own scoring systems so there is not way of know who an individual even will impact their system.



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