Time between loan applications

Seanachai

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

Jim2007

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

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).

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)

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.

Kimbot

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

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

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.

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.