Refused loan and have high credit score

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  • MallyGirl
    MallyGirl Posts: 6,627 Senior Ambassador
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    You mention that you have credit cards. What is the total limit (not what you have spent, what you could spend) and how does that compare to your income. More than 50% can put off some lenders. It is about affordability.
    Are you on the electoral roll?
    Do you have long history with any of the cards?
    Check your credit history with all 3 CRAs to make sure there is nothing nasty lurking in there.
    Why get a £9k limit cc if you don't intend to use it?
    What did you give as the reason for the loan?
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  • MallyGirl
    MallyGirl Posts: 6,627 Senior Ambassador
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    andju6290 wrote: »
    If I apply to another bank can I just ask for a quote which won't show up on a credit check ?

    If they do a soft search that won't be visible. Have you tried the eligibility checker on here?
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • BoGoF
    BoGoF Posts: 7,099 Forumite
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    You have £9k you could spend on top of any loan you are asking for. Why did you apply for the credit card if you dont intend using it?
  • andju6290
    andju6290 Posts: 34 Forumite
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    I've a feeling I'm going to learn something from this !
    My total credit cards adds up to 17000, That includes 2 cards I never use. I suspect I should scrap those accounts and ask for a lesserr limit on the one with 9000 should I ?

    I did credit check with the three main ones and scored highly can't see anything on there. And I am on the electoral register.
  • andju6290
    andju6290 Posts: 34 Forumite
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    Yes I did and the eligibility checker on MSE was positive
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    You really need to stop looking at your scores. You may as well read the tea leaves.

    Your limits are low, so that is unlikely to be the issue, although it may be he recency of your card.

    Have you checked the actual data on your three files (NOT the scores)?
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
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    Why do you need a loan (which will not be interest free) of £7k when you have a 0% credit card with a £9k limit? Why not use that?

    There could be all sorts of reasons why you were refused a loan but if you have numerous credit cards then affordability could be an issue. Is the £17k the total limits including the £9k clear one or do you have a balance of £17k on credit cards?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
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    M & S may simply have reached their loan target for the month or quarter or whatever period they use. It could be nothing to do with the applicant.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • andju6290
    andju6290 Posts: 34 Forumite
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    I wanted to take the loan given the advertised very low interest rates but as I'm discovering they are not likely to be as low as advertised. I may just leave it for now, cancel the credit cards I'm not using and use my 0% interest card for now .

    What I am keen to do is to make credit work for me better so may do a bit more homework on this site!
    Thanks for your replies everyone
  • andju6290
    andju6290 Posts: 34 Forumite
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    The 17 k is my limits , my balance is about 1 k currently
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