Good score but turned down- what now?
Comments
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If you have a high income, why are you in debt? And is this the second time you have 'consolidated' it?
How much debt are you actually in? I still think you need to post a SOA on the DFW board, to get some objective views on your finances/budgets.0 -
littlebitconfused wrote: »(FYI- the MSE credit report updated the loan applications onto their report this morning when I went back to check again so they are fairly 'live'. Whether they are now taken into account or not I dont know.)
Only because you had applied via MSE Credit Club. If you had gone direct to Tesco they would not be showing. Whilst they might be showing on your MSE Credit Club file as you can see it has made SFA to the Experian generated score.
Taken into account by whom? Experian? Other lenders? MSE Credit Club? Too many searches on your credit files will make you look desperate to other lenders so in your position I wouldn't make any more as you will start to do more harm than good.0 -
If you have a high income, why are you in debt? And is this the second time you have 'consolidated' it?
How much debt are you actually in? I still think you need to post a SOA on the DFW board, to get some objective views on your finances/budgets.
Same as many people- busy life and taken my eye off the ball. Minimum payments going out every month.
Finally got a bit of time to sort it out and it seemed to me a loan would be the cheapest way. No one seems to have explained a cheaper way and as I explained my only other debts are mortgage and car loan.
This way I carry on paying the £600 as my previous loan but dont have to pay the exorbitant credit card interest. I could even bundle in the interest amount and pay it off sooner and not be out any more money per month.
I thought that would be a sensible approach!0 -
How much debt are you actually in? I still think you need to post a SOA on the DFW board, to get some objective views on your finances/budgets.[/QUOTE]Only because you had applied via MSE Credit Club. If you had gone direct to Tesco they would not be showing. Whilst they might be showing on your MSE Credit Club file as you can see it has made SFA to the Experian generated score.
Taken into account by whom? Experian? Other lenders? MSE Credit Club? Too many searches on your credit files will make you look desperate to other lenders so in your position I wouldn't make any more as you will start to do more harm than good.
I went through MSE club for Tesco not the Clydedale (went straight to their website) but they both showed on the report which disproves that theory.
The whole reason I phoned Tesco was to try to make sense of the situation rather than damage my chances more. Same reason as I posted on here! Was hoping to hear form someone who has had the same experience.
Many thanks to all for your comments but with respect its all conjecture at the end of the day.
I imagine I'll put the extra cash liberated from the completed loan straight into one of the cards for a few months then reapply for a loan in the hope the dust has settled.0 -
So you have debts including;
£25K loan (only just paid off) - consolidation?
Car loan
Credit card 1
Credit card 2
You are only just able to make 'minimum payments' on them, but don't think there's a problem. I don't mean to be unkind here - but a better way would be to post an SOA and look at maximising your income, minimising outgoings, and starting to save for emergencies.
I guess you are not ready for that though. Good luck in your loan - I hope it works out for you.0 -
So you have debts including;
£25K loan (only just paid off) - consolidation?
Car loan
Credit card 1
Credit card 2
You are only just able to make 'minimum payments' on them, but don't think there's a problem. I don't mean to be unkind here - but a better way would be to post an SOA and look at maximising your income, minimising outgoings, and starting to save for emergencies.
I guess you are not ready for that though. Good luck in your loan - I hope it works out for you.
Puddylove I'm sure you mean well but I'm afraid you are letting your imagination run away with you here and trying to put words into my mouth.
The previous 25k loan was for my kitchen- I never mentioned anything about consolidation. To be fair its a nice kitchen. You are inferring this is a recurring cycle which is not true.
Where did "only just able to make minimum payments" come from? I realise not dealing with this earlier is stupid and expensive but nonetheless here I am coming up with an achievable plan.
I appreciate your concern but please don't make up facts to suit your assertions. There are a number of people on this site who genuinely face financial hardship and come here desperate for help. Whether through good luck or hard work I am not one of them for the moment at least -you never know what the future holds.
Therefore my problem is small in comparison but I came hoping for honest advice about a specific question but the thread seems to have spun off into a general discussion about my finances.. One way or another I'll pay this off in the next few years- hopefully the quickest, cheapest way. Trying to shoehorn me into another issue altogether doesn't do you any credit, but I appreciate your best wishes.0 -
It wasn't sarcasm. It was a statement of fact.littlebitconfused wrote: »Wow! thank you for the quick replies. Less thanks for the sarcastic ones but I guess I cant please everyone. Such is life.
Problem one with that is that the staff member you spoke two may not know. A generic "computer says no" is the reason. Problem two is the loan fraud would increase dramatically if specific fail reasons are highlighted.I think it would have been more useful to me had the person I spoke to at Tesco explain specifically why it was turned down- income : outgoings ratio? other debt?
Credit files show minimum payers. Lenders can look at minimum payments negatively. It's a sign of a stretched budget. Pay £1 or more extra every month and the minimum payment marker disappears. In good time you will be seen as a better credit risk.Minimum payments going out every month.
£25,000 is a very large personal loan. Good income or not, lenders are very careful about chucking that kind of money around. Others in your position have every intention of making it their last loan. But then get tempted to spend again. A bathroom. A car. A holiday. A weekly "I'll just put that on the 0% card" that within a year has a few thousand of new debt on it.0 -
How is any lender going to know that, the fact is that you may get a loan approved and spend it on anything adding to your existing debt despite telling them it is to consolidate.littlebitconfused wrote: »There isn't much evidence of haribo addiction other than my waistline for them to base that on, and I I don't think a Beiber T-shirt would suit me for the same reasons.0 -
How is any lender going to know that, the fact is that you may get a loan approved and spend it on anything adding to your existing debt despite telling them it is to consolidate.
Thats kind of my point- they dont know that and there is no way they can.
What they do know for a fact is that Ive got a good income in a long term job, a mortgage ive never missed a payment on, no CCJs, successful paid off loans and no defaults. In their books I would hope these are considered positives against the negatives that I have high credit card debt. Perhaps thats heavily weighted in their algorithm?
What im confused about is the reason why it was turned down despite these factors which is why i turned here for advice.0 -
Are you the OP?0
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