It happens more than you’d think…

Someone’s keen to get approved, so they start applying with a bunch of banks or brokers thinking they’ll compare the offers and go with the best one.

Makes sense in theory.

But in practice? That’s one of the quickest ways to fry your credit score.

Every time you hit “submit” on a loan application, the lender runs a credit enquiry. Do that once or twice – no big deal. But if you apply with 4 or 5 lenders in a short period? 

To a bank, they don’t see if you were approved/declined – or whether you took out the loan or not. They just see lots of enquiries on your file – and that sends a big red flag: They think “Why are all these other lenders saying no?”

Even if that’s not the case, your credit file starts to look desperate. Some lenders will auto-decline just based on the number of recent applications. Some lenders have internal credit scoring systems that penalise busy credit files – they simply see them as being a higher risk. 

What to do instead:

✔️ Talk to a broker (like me 😄) who can shop around behind the scenes without triggering credit hits.

✔️ Only apply once we’ve confirmed the best lender for your situation. We apply once – and we get it right the first time. 

✔️ Keep your credit profile clean and your options wide open.

If you’re planning to refinance or borrow in the next few months, now’s the perfect time to do a quick strategy check – feel free to respond to this email and I’ll be in touch.