Are you having problems with finance being declined? – Mitchell spoke to a broker to get answers
Mitchell had always been diligent with his finances. He paid his bills on time, maintained the same steady job for years, and even managed to save a bit each month. However, there was one crucial aspect of his financial health that he was unaware of: the impact of credit enquiries on his credit file.
Mitchell loved staying informed about the best deals. Retail shopping purchases with instore credit and even credit card transfers with enticing rewards, he made frequent credit enquiries online to compare options. He believed that shopping around was a smart move.
When Mitchell started spending his savings on car repairs on a frequent basis, his grandmother suggested that he give his beloved car to the smash repairer, keep what was left of savings and apply for finance for a new car that would last him a while. He thought this was a great idea and went online rate shopping for lenders with the lowest advertised rate.
He was puzzled when an application with one of the lender’s declined his loan as he had always been responsible with his finances. He didn’t understand how his diligent comparison shopping was harming his creditworthiness. He was told that he didn’t meet their criteria, but what he didn’t realise was that each of these enquiries left a mark on his credit file.
Credit Score takes hits from too many enquiries
Confident in his financial habits, he approached several lenders, only to be met with rejection. What he wasn’t aware of was that his credit score had taken too many hits from all the enquiries, and lenders saw him as a higher risk.
Feeling frustrated and uncertain, Mitchell turned to Thrive Broking for assistance. Thrive Broking had a reputation for helping individuals navigate the complexities of finance, and Mitchell hoped they could provide some clarity.
When Mitchell met with Emma from Thrive Broking, she immediately identified the issue. She explained how multiple and frequent credit enquiries lower the credit score and could signal to lenders that an individual might be desperate for credit, or experiencing hardship. Emma assured Mitchell that they could work on a strategy to improve his credit score and secure the necessary finance.
Emma and her team at Thrive Broking helped Mitchell understand the importance of managing credit enquiries carefully. They also introduced him to the concept of a “soft enquiry,” which doesn’t impact the credit score, and recommended ways to check his credit options without harming his file.
With Thrive Broking’s guidance, they helped him dispute any inaccuracies on his credit file, facilitated a financial literacy program and guided him on obtaining a healthy credit score. Mitchell’s credit score improved, he was able to consolidate his current loans and credit cards and secure the new car he needed with favourable terms.
Have you had Finance Declined from Credit Score Problems? Talk to a broker
Mitchell’s experience was a valuable lesson in why you don’t go direct to a bank or a lender and use the services of a broker instead. He learned the significance of understanding the nuances of credit management and the impact of his actions on his financial health. Thanks to Thrive Broking, Mitchell not only resolved his financial needs but also gained the knowledge to make better financial decisions in the future.
Thrive Broking’s commitment to educating and assisting clients like Mitchell highlights their dedication to promoting financial wellness. Mitchell’s story is a testament to the importance of seeking professional advice and the positive outcomes it can bring. Let Thrive Broking do the work for you.
Are you looking for Car Loan finance? – Talk to Emma today before you start enquiring about finance.
