Loan Advice Needed

MrsH2017 wrote: »

Sorry for just removing the post, but I reworked some figures as I forgot to include some money that is coming from my parents which means that we no longer need the loan.

Since you no longer require a loan this advice is a bit moot but might help if someone in a similar situation comes across this thread.

The person you spoke to at Nationwide can only guess as to why the application failed. She won't be party to pass/fail/rate criteria that Nationwide use.

As has been said many, many times on this board and boards of this forum, lenders cannot see never mind use the ratings generated by the credit reference agencies so it doesn't matter whether Experian, Equifax, Noddle, Clear Score, etc rate you as good, excellent or poor. They don't lend money, lenders do and they each have their own way of rating you which takes into account your credit history (that's history not score), affordability and past dealings with the lender (which can go back further than the 6 years of data the credit reference agencies hold). So something in at least one of those categories was enough for Nationwide to knock you back, not even offer you a higher rate then the representative rate but flat out reject you.

One loan application on your credit file isn't going to make a huge difference if you're going to try applying for another loan soon after. However, multiple searches start to make lenders think you're desperate and that a number of lenders have already knocked you back. Where you bank is usually a good bet when trying to obtain a loan but since you've already tried there then use the MSE Loan Eligibility Calculator to try and gauge which other lenders you stand a reasonable chance of being accepted by,

How long do you expect people to live? Your 25 year old newly weds would need to live until they're 115 to celebrate their Granite wedding anniversary. Besides doesn't something like 4 in 10 marriages end in divorce?