What if I have applied for a number of credit or finance products in the same day?

While it is something that can be done to spread your debt around, this is one quick fire way to getting yourself over-indebted.


If you have the means to support multiple products of these types, then spreading out your debt could work in your favour. However, applying for multiple products on the same day when you cannot afford the repayments can have detrimental effects. As you would be applying with the same assessment, within the same situation, there is the chance that multiple approvals will amount to more than you can afford. Although creditors can see when and where you have had a review of your account, none of the other credit will have been granted in this time and therefore will not be taken into account when assessing your situation. You may end up having to pay more than what you would have qualified for had other debt amounts already been approved. Creditors are privy to any review or activity on your account and therefore can see when credit has been granted, denied or even when a debt counsellor has gotten involved.

Some creditors will deny credit if they see multiple applications in quick succession to protect themselves from possible reckless lending- giving you more credit than you can realistically afford to pay back.

Credit score

When applying for debt, creditors will review your credit score which can trigger a point drop. While it only stays on your record for up to two years, applying for multiple credit or finance products at once can possibly lead to your credit being denied if you no longer have the points needed to qualify.

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