Hi, my credit history and profile is 100% clear, except for the fact that I have 22 enquiries made on TransUnion in the past few months (5 for credit applications, 4 for insurance, and the rest are “other”)
To be honest, I was looking around for a vehicle and was using a private company so they tried at a few places for me and hence the number of credit applications – I never signed any as the cars I applied for turned out to be not the ones I really wanted.
The others were just insurance enquiries for the cars.
Now the problem is that FNB won’t give me a personal loan due to the number of enquiries, everything else is perfect (affordability, etc.) but it’s just this holding me back now. FNB use TransUnion.
Please help, what can I do to clear all these enquiries?
PS – none of them were declined, all were approved, I just never signed up.
Unfortunately a lot of enquiries in a short period of time does affect your credit score negatively.
Your best option would be to wait a month or two before applying for the loan. If they still decline your application, you can escalate the application to a manager and do a proper motivation. The private loan brokers usually have a shotgun approach and then send out an application to almost every credit provider. They then see where they can get the best rates, but that is not necessarily the best thing for your credit score.
If any of the information is incorrect on your credit report you also have the right to dispute it with the credit bureaus.