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Why won't my bank give me a loan?
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# 1
crocodile007
Old 25-05-2010, 1:52 PM
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Default Why won't my bank give me a loan?

Hi,

I have had 3 previous loans from my bank one was 15,000+ and i never missed a single payment and they are all now settled. I have checked my Experian credit rating which is 999 and my Equifax one which is 496.

I recently applied for an online loan from Natwest for 4,000. I only have one current credit card with a balance of 2,000 but yet i was rejected.

I called and spoke to their loans department and advised the above (at the time i didn't have my Equifax rating and was told that they use Equifax and i must have failed that. I then ordered my Equifax credit rating which came back at 496 (excellent) so i don't understand what possible criteria could be excluding me. I have been with the bank for over 10 years, liuved at my current address for 8 years, have been in the same job for 6 years, on the electoroll etc.

Also this is the first bit of credit i have applied for for over a year.

Any Ideas anyone?

Thanks in advance.

EDIT: Can anyone recomment a good current account as opposed to my Natwest Advantage Gold account. Thanks again.

Last edited by crocodile007; 25-05-2010 at 3:09 PM. Reason: EDIT
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# 2
crocodile007
Old 25-05-2010, 3:31 PM
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Please help, surely someone must know what i am doing wrong?
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# 3
Tixy
Old 25-05-2010, 3:36 PM
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Did you get your full equifax credit report? what is showing on there? how many open credit accounts, how many settled/closed accounts?

What do you want a new bank account for? because natwest refused the loan?
Do you have an overdraft on that account? do you use it?

What is the limit on the credit card with a 2k balance?
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# 4
crocodile007
Old 25-05-2010, 3:49 PM
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Hi,

Thanks for your reply.

Yes a got my full Equifax report. It showed 6 accounts, 5 settled.

The balance on the card owing 2k is 2500

The report shows no missed payments whatsover for any of my previous agreements or the existing one and my actual score is 486 which they show as excellent. The same applies for my Experian report and score which is 999.

It's not just the loan refusal why i wan't to move, there are other things such as previous loans which i specifically advised i did not want PPI but when i went back through my old agreements i had been charged ofr it on every single one. I reported this to Natwest who said they would send it off to be reviewed. When i didn't hear anything back i called and they said they couldn't trace any previous agreements. This has been going on now for over 8 months and i'm getting no where. Also they upgraded my account to Advantage Gold which would cost 12.95 per month but give me access to better loan rates if needed (i dont need or want the other perks like mobile phone cover etc.) but now that i need to use it, i can't even get a loan let alone a better rate.

I have been with them for over 10 years and they have never done anything to warrant my custom. Also the customer service is awful if you are complaining.
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# 5
Tixy
Old 25-05-2010, 3:58 PM
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Nothing obvious to suggest why your loan was declined (unless the fact that you are trying to reclaim the PPI has meant they won't give you any new accounts).

Have you used the process on the reclaim PPI board to try to get this reclaimed? http://forums.moneysavingexpert.com/...play.php?f=169

Assume you are employed etc?

As to which current account - it very much depends on the person you ask, personally I am very happy with my HSBC account but I know people who think they are dreadful.

You could have a read of this article and see whether you could get one of the accounts with a switching bonus http://www.moneysavingexpert.com/ban...nk-accounts?dd
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# 6
crocodile007
Old 25-05-2010, 4:27 PM
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Yes in full time employement at the same place for over 6 years.

This is what bugs me as you quite rightly point out that nothing obvious seems to be stopping me. Maybe it is this PPI thing and i will use the links you gave me.

I think i'll probably try someone else who i don't have ongoing issues with.

Thank you very much for your help and advice, glad someone can see my point of view.
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# 7
Tixy
Old 25-05-2010, 6:04 PM
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Crocodile - just thought of something else (whilst repsonding to another thread) are you financially associated with anyone on your credit report - could they have a problem credit history that is causing you problems?
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