Chances of getting a loan with my bank (Barclays)
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Hi, I appreciate this must have been discussed previously, but a quick search doesn't provide an answer.
Could someone suggest what my chances are of getting a personal loan with my own bank (Barclays)? I have had an account with them for 10 years. I have a reasonable sum of money on the account. I also have 2 credit cards (NOT with Barclays), with borrowing limits of £3200 and £200.
Salary is £32000.
When I apply for the loan, it will be at least 6 months since my last credit application. I am looking to borrow £15000, but could also go with £10000 (if I knew decreasing it to £10000 would improve the chances significantly). Will the amount (£10k or £15k) make a big difference to the probability of approval?
Thanks.
Could someone suggest what my chances are of getting a personal loan with my own bank (Barclays)? I have had an account with them for 10 years. I have a reasonable sum of money on the account. I also have 2 credit cards (NOT with Barclays), with borrowing limits of £3200 and £200.
Salary is £32000.
When I apply for the loan, it will be at least 6 months since my last credit application. I am looking to borrow £15000, but could also go with £10000 (if I knew decreasing it to £10000 would improve the chances significantly). Will the amount (£10k or £15k) make a big difference to the probability of approval?
Thanks.
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Comments
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What is your credit history like? Do you use the credit cards? Have you use other credit in the past?
The two main issues appear to be your income compared to your loan requirements, and the fact both your cards have low limits.0 -
I have had no major events affecting my credit history (not paying for things, etc). Looking at my file on MSE club, my score is 970 out of 999 (if it actually means anything), but affordability score is very weak/weak borderline (no idea why).Deleted_User wrote: »What is your credit history like? Do you use the credit cards? Have you use other credit in the past?
The two main issues appear to be your income compared to your loan requirements, and the fact both your cards have low limits.
I do use my credit cards, have never exceeded the limit, always pay on time. The only reason I use them is to improve the credit history. These two cards are the only form of credit I have had.
So what amount would be reasonable for good chance of approval?0 -
The credit score means nothing and can be ignored.
I would use a soft search eligibility checker. You seem to have a fairly thin file, but I wouldn't restrict your search just to Barclays.0 -
I have just done a soft search. The results of likelihood are:
Barclays (my bank) Eligibility percentage unavailable
Sainsbury's 80%
TSB 70%
Zopa 80%
Admiral 80%
Halifax 80%
Ikano 70%
Strangely, changing the amount to be borrowed from £15 000 to £10 000 or even £5000 does not change this percentages at all, surely it would have an affect on the chances in real life?
I don't mind taking a loan from another provider, the only reason I am thinking about Barclays is because I bank with them and I am assuming here that the chances would be better.
They have also pre-selected me to apply for up to £30 000, this message appears every time I log-in to my online banking, I even received a letter a year ago telling me about this. But I understand this pre-selection does not guarantee anything.0 -
I have just done a soft search. The results of likelihood are:
Barclays (my bank) Eligibility percentage unavailable
Sainsbury's 80%
TSB 70%
Zopa 80%
Admiral 80%
Halifax 80%
Ikano 70%
Strangely, changing the amount to be borrowed from £15 000 to £10 000 or even £5000 does not change this percentages at all, surely it would have an affect on the chances in real life?
I don't mind taking a loan from another provider, the only reason I am thinking about Barclays is because I bank with them and I am assuming here that the chances would be better.
They have also pre-selected me to apply for up to £30 000, this message appears every time I log-in to my online banking, I even received a letter a year ago telling me about this. But I understand this pre-selection does not guarantee anything.
Pre-selection means nothing, it’s just a marketing gimmick to try and get you to apply – you will still undergo a full credit search and there is no guarantee that your application will be successful. Changing your borrowing level from £15k to £10k would make no difference because it’s usually when you go lower than £7.5k that the rate changes.
You need to understand that there is no such thing as bank loyalty these days. You could bank with an institution for years and they’ll still turn you down for certain things because each department works separately (e.g. credit cards, loans etc.) and has their own criteria to meet. It’s all done on credit scoring and whether you meet their criteria.
All you can do is apply and see what happens. I would make a max of 2 applications, (assuming you were declined for one in the first instance) and then if still no luck, come back here and we can advise you further.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Unfortunately we dont provide infortmation on your chances, you need to pick a lender and apply, pick one of the lenders who give an 80% chance but be aware you can be rejected or you get offered a rate you weren't expecting.0
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If you bank with Barclays, pop into their branch locally and ask them to have a look.
They will have their own internal scoring on you, so wont need to do any hard searches and likely can offer a more definitive response, even if it wont be at the best rates on the market.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
If you bank with Barclays, pop into their branch locally and ask them to have a look.
They will have their own internal scoring on you, so wont need to do any hard searches and likely can offer a more definitive response, even if it wont be at the best rates on the market.
Lol have you been inside a Barclays lately? They have literally tried to rebrand it so there is minimal counter service/face to face interaction as possible.
Also don't forget this isn't like the 1980s where you could have a word with the manager and get applications approved willy nilly, nowadays everything is a hard credit search and the sales clerks at Barclays won't be able to tell you any different if you will be approved for a loan or not, it's no different than you yourself applying online - the only difference being you would be wasting time out of your day to visit a branch and getting one of their staff to fill the form online for you. The results will still be the same after the hard search and if you were declined all the staff member can do is refer you to check your credit reports. Don't bother wasting your time.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
I wouldn't think you would have a problem with this. It's not an abnormally large amount to request on a £32k salary.0
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I bank with Barclays and, both on the app and online banking, there is the feature to apply and get an answer in minutes.I came into this world with nothing and I've got most of it left.0
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