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  • FIRST POST
    • onefurlongout
    • By onefurlongout 2nd Dec 17, 3:50 PM
    • 161Posts
    • 11Thanks
    onefurlongout
    £700 loan refused
    • #1
    • 2nd Dec 17, 3:50 PM
    £700 loan refused 2nd Dec 17 at 3:50 PM
    Wondered if someone could help?

    I decided to take advantage of a 20mth interest free loan instead of purchasing in cash and was refused by Barclays Partner finance.

    Having finally spoke to some to find out why they just said I was declined but would not tell me why. I have an excellent credit score with both Equifax and Experian and I'm not aware of any other negative factors that could impact their decision and there aren't any issues on my file.

    Are Barclays obliged to tell me why, other than I didn't meet their lending criteria? Surely they should tell me why I was declined so I can make good any issue.

    Interestingly I've just received a letter from my bank (Barclays) that I've been pre approved for a £30k loan
Page 1
    • sourcrates
    • By sourcrates 2nd Dec 17, 4:12 PM
    • 12,673 Posts
    • 12,011 Thanks
    sourcrates
    • #2
    • 2nd Dec 17, 4:12 PM
    • #2
    • 2nd Dec 17, 4:12 PM
    . I have an excellent credit score with both Equifax and Experian and I'm not aware of any other negative factors that could impact their decision and there aren't any issues on my file.

    Are Barclays obliged to tell me why, other than I didn't meet their lending criteria? Surely they should tell me why I was declined so I can make good any issue.
    Originally posted by onefurlongout
    Just goes to show that credit scores are meaningless.

    They are under no requirement to inform you of why you were declined, just that you don't meed there current lending criteria.
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    • Arleen
    • By Arleen 2nd Dec 17, 4:26 PM
    • 1,037 Posts
    • 761 Thanks
    Arleen
    • #3
    • 2nd Dec 17, 4:26 PM
    • #3
    • 2nd Dec 17, 4:26 PM
    They don't have to tell you anything or offer you any services at all.
    • onefurlongout
    • By onefurlongout 2nd Dec 17, 7:36 PM
    • 161 Posts
    • 11 Thanks
    onefurlongout
    • #4
    • 2nd Dec 17, 7:36 PM
    • #4
    • 2nd Dec 17, 7:36 PM
    Just goes to show that credit scores are meaningless.

    They are under no requirement to inform you of why you were declined, just that you don't meed there current lending criteria.
    Originally posted by sourcrates
    Arent they just
    • DCFC79
    • By DCFC79 2nd Dec 17, 7:46 PM
    • 30,408 Posts
    • 19,223 Thanks
    DCFC79
    • #5
    • 2nd Dec 17, 7:46 PM
    • #5
    • 2nd Dec 17, 7:46 PM
    Arent they just
    Originally posted by onefurlongout
    Was that reply half finished ?

    Anyway, your credit score is neither here nor there, what matters is what on your credit file.

    Why were you after a loan for £700 ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Sarastro
    • By Sarastro 2nd Dec 17, 8:15 PM
    • 339 Posts
    • 269 Thanks
    Sarastro
    • #6
    • 2nd Dec 17, 8:15 PM
    • #6
    • 2nd Dec 17, 8:15 PM
    If your credit history is good, then it could just be that they would prefer to lend it to someone else whose credit history isn't as good and would be willing to pay a higher interest rate for the loan. I winder if you had asked for a £30k loan you probably would have met their criteria for the opposite reason.
    • onefurlongout
    • By onefurlongout 2nd Dec 17, 8:38 PM
    • 161 Posts
    • 11 Thanks
    onefurlongout
    • #7
    • 2nd Dec 17, 8:38 PM
    • #7
    • 2nd Dec 17, 8:38 PM
    Its was interest free. Instead of paying cash I opted for the pay monthly option.
    • AnotherJoe
    • By AnotherJoe 3rd Dec 17, 8:48 AM
    • 7,674 Posts
    • 8,287 Thanks
    AnotherJoe
    • #8
    • 3rd Dec 17, 8:48 AM
    • #8
    • 3rd Dec 17, 8:48 AM
    Do you have any credit cards OP ?
    • onefurlongout
    • By onefurlongout 3rd Dec 17, 9:17 AM
    • 161 Posts
    • 11 Thanks
    onefurlongout
    • #9
    • 3rd Dec 17, 9:17 AM
    • #9
    • 3rd Dec 17, 9:17 AM
    Do you have any credit cards OP ?
    Originally posted by AnotherJoe
    I do but only £300 balance which is cleared monthly.

    I have a mortgage and car loan. All which are more than affordable on my salary.
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 3rd Dec 17, 11:58 AM
    • 5,059 Posts
    • 5,201 Thanks
    poppasmurf_bewdley
    You can have a perfect 100% 'credit score' and be turned down for finance.

    The main reason? Income (say) £20K pa, loans outstanding £10K, then you are already over the 50% guidelines most loan companies use when calculating whether the loan is affordable, so a rejection is issued.

    Without seeing all your financial details, nobody can tell you for sure why you were rejected.
    "Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery." Mr Wilkins Micawber in David Copperfield by Charles Dickens.
    • onefurlongout
    • By onefurlongout 3rd Dec 17, 8:36 PM
    • 161 Posts
    • 11 Thanks
    onefurlongout
    You can have a perfect 100% 'credit score' and be turned down for finance.

    The main reason? Income (say) £20K pa, loans outstanding £10K, then you are already over the 50% guidelines most loan companies use when calculating whether the loan is affordable, so a rejection is issued.

    Without seeing all your financial details, nobody can tell you for sure why you were rejected.
    Originally posted by poppasmurf_bewdley
    Thatís why id like to know. Iím worried about possible fraud.

    I earn 60k pa, the wife is part time on 10k, we have £20k on car finance £260pm and a £175k mortgage £925. Never missed a payment.

    Seems pretty average to me. I mean itís £700 no £70000
    • Arleen
    • By Arleen 3rd Dec 17, 8:44 PM
    • 1,037 Posts
    • 761 Thanks
    Arleen
    The fact that on a combined income of 70k you need to borrow 700 quid is the biggest give away of your financial not so well being to the lenders. No need for any credit scores to see that.
    • dawyldthing
    • By dawyldthing 3rd Dec 17, 9:44 PM
    • 2,644 Posts
    • 2,162 Thanks
    dawyldthing
    Check on noodle, it shows all searches on your account
    My targets to end 2018:
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    Started SW16st13lbs 11/7/17 - 22 weeks in -42lbs
    -> target 12/12 to 12/6 *** 0lb lost in 0 weeks ***
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    • Clive Woody
    • By Clive Woody 3rd Dec 17, 9:47 PM
    • 4,403 Posts
    • 5,013 Thanks
    Clive Woody
    The fact that on a combined income of 70k you need to borrow 700 quid is the biggest give away of your financial not so well being to the lenders. No need for any credit scores to see that.
    Originally posted by Arleen
    He already explained that the application was due to a 0% interest offer rather than a need for credit.

    I take 0% deals if offered as I would rather the money sit in my accounts earning interest.
    Rugby Union - The Greatest Game
    • Arleen
    • By Arleen 3rd Dec 17, 9:49 PM
    • 1,037 Posts
    • 761 Thanks
    Arleen
    He already explained that the application was due to a 0% interest offer rather than a need for credit.

    I take 0% deals if offered as I would rather the money sit in my accounts earning interest.
    Originally posted by Clive Woody
    Not a different situation at all from lenders perspective. It's either someone on whom you will not make money or someone who struggled enough to needs the 700 quid on such good salary (aka likely a bad account), either way a rejection stamp.
    • onefurlongout
    • By onefurlongout 3rd Dec 17, 10:24 PM
    • 161 Posts
    • 11 Thanks
    onefurlongout
    Check on noodle, it shows all searches on your account
    Originally posted by dawyldthing
    Nothing showing as a search, checked clearscore as well
    • onefurlongout
    • By onefurlongout 3rd Dec 17, 10:25 PM
    • 161 Posts
    • 11 Thanks
    onefurlongout
    The fact that on a combined income of 70k you need to borrow 700 quid is the biggest give away of your financial not so well being to the lenders. No need for any credit scores to see that.
    Originally posted by Arleen
    As I said I was just taking advantage of 0%. Rather I keep the cash then the seller
    • onefurlongout
    • By onefurlongout 3rd Dec 17, 10:31 PM
    • 161 Posts
    • 11 Thanks
    onefurlongout
    Not a different situation at all from lenders perspective. It's either someone on whom you will not make money or someone who struggled enough to needs the 700 quid on such good salary (aka likely a bad account), either way a rejection stamp.
    Originally posted by Arleen
    But my credit score and other factors suggest itís not a Ďbad accountí and that why I want to know about it. Being Barclay they can even check my current and savings accounts. All healthy.

    The loan isnít an issue itís the reason thatís bugging me.
    • meer53
    • By meer53 3rd Dec 17, 10:51 PM
    • 8,986 Posts
    • 13,047 Thanks
    meer53
    It will have to bug you as they don't have to tell you anything apart from "you don't meet our criteria"
    • iolanthe07
    • By iolanthe07 4th Dec 17, 9:53 AM
    • 4,924 Posts
    • 4,639 Thanks
    iolanthe07
    They may just have reached their quota of loans for the month. Don't take it personally.
    I used to think that good grammar is important, but now I know that good wine is importanter.
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