Newbie! Need help! refused two loans?

iBEN_2

HI,

A bit of background..

21
Same Address for 21 years
Self employed for 2 years & 6 months
With HSBC for 7 years, left them just over two years ago to bank with TSB (business accounts with them)
take home £24,000 per year, plus £12,000 in dividend
Most of my outgoings are through the business, i only have a mobile phone, loan payment, and insurace which i pay through my current account.

Current Credit

I had a TSB credit card which was at its limit (£3000) i paid the minimum payments for 9 months, then cleared the whole balence two weeks ago, balence now £0

A&L loan for £3000 (about £2600 left)

Over-draft limit of £1400 but i have a positive balence of around £8,000 (i lived in it for a few months about 3 months ago (never went over the offical limit and had credits going in weekley)

History

I have no CCJ's, bankcrupcys (sp) etc

WHAT I WANT

Im looking to borrow on a personal loan £11,000 to buy a new car, but ive been declinded from RBS, TESCO and MoneyBank!

Why is this? im scared to do a credit check incase this affects my rating further? as ive applied for 3 loans!


HELP!

iBEN_2

i have 5 buy to let mortgages too? is that affecting it?

dhassen

You seem to have a lot of debt already - especially with 5 mortgages.......

I don't think lenders like people who are self-employed, you don't have guaranteed income.

Getting your credit files is a really good idea, especially because you've been refused by 3 different comps. Checking your files doesn't have any adverse affect, but getting refused for credit several times within a short period does.

I'd suggest waiting before applying again, the searches already made normally stay on file for 12 months. If you really want to apply for another loan, try your own bank, at least they know your incomings and outgoings

iBEN_2

own bank are trying to sort it out now, but there rate sucks.

who do i do the refrence from then? all 3 agencys? just one?

dhassen

all 3 is best because different lenders use different agencies. go for the £2 cheque method

_Andy_

Basic question but are you on the electoral role?

iBEN_2

not sure, how do i find out?

iBEN_2

yep just checked the internet, it seems im listed on there from 2002

JaRocks28

Get a credit report from Equifax.
check that is ok, it might just be the relationship you hold with your bank you failed their criteria.

remember, every application you make leaves a footprint on your credit rating.

TheKeyMaker

Do get Credit reports from the 3 agencies: Equifax, Experian and CallCredit.
Once you sure that you don’t have ANY adverse information with ALL 3 credit agencies, then only one thing seems to me as a problem:
OVERCOMMITMENT: Most of us don’t realize it though…
The banks might think that you already overcommited enough for your income ...