Loan Refusals

ronan1981

I'm trying to get a £2000 loan to pay off my overdraft and go towards a new laptop but I keep getting refused loans and I havent a single clue why. I have applied to Halifax, A&L and Abbey and all refused.

I'm not too sure what my credit score is but I assume its not bad, the only problem was last year I was out of work and missed 3 payments on my credit card ... surely thats not going to mess up your credit score all that much? I've had loans and finance before and paid them all off no problem.

I can easily make the repayments. Just wondering if only those 3 missed payments on my credit card would have messed up my credit score that badly? any advice?

It's seriously annoying when the banks dont even give you a reason why, why cant they? I cant see any harm of them telling you why they have refused.

CLAPTON

get copies of your credit records and see what they say..


why do you need to replace the OD... is the bank insisting you do so..what is the APR of the OD?

jonesMUFCforever

If you can easily afford the repayments this suggests that you have surplus funds now so why are you overdrawn?

beanielou

Three applications in a short time will have damaged your credit score as well.

nomoneytoday

To put it politely. 3 missed payments in the last year will mess your credit record loads...

Kev_L

Hi,

You'll need to get a copy of your credit file, generally missed payments will effect your credit rating for around 12 months.

There are a couple of websites you can try, I know with credit expert you get a free 30 day trail. Also if you sign up throught this website:

http://www.cashbackwow.co.uk/r/?l=1018382

they will give you cashback for going through them.

jonesMUFCforever

And you Kevin get what for the referral.

tictax

nomoneytoday wrote: »

To put it politely. 3 missed payments in the last year will mess your credit record loads...

especially in the current economic climate

ronan1981

jonesMUFCforever wrote: »

If you can easily afford the repayments this suggests that you have surplus funds now so why are you overdrawn?

Now I have surplus funds, my overdraft is from when I was a student 3 years a go. Tbh I've just left the overdraft as it is while using another bank account. It's always been under the limit set but I've decided to get the loan to pay it off finally and get a laptop also. As far as I've always been aware as long as you are under the agreed overdraft limit it doesnt go against your credit score?

If I find out me keeping that overdraft going longer is the reason why I cant get a loan now I will be more then !!!!ed off ... I know I should have paid the overdraft off earlier but tbh the bank havent been hassling me about it until now and thats because its no longer a graduate account.

I've applied for 5 loans now and all refused :mad: (given up now because I know its messing my credit even more) and I'm seriously beginning to worry. My experdian credit file says my credit score is 820 which I thought isnt bad? I'm genuinely more then worried at the moment because I was intending to get a car start of next year also and if I cant even get a £2000 loan there is little chance of getting enough for a car.

I currently earn £18,000 and in full-time employment, I hardly pay out much because I'm still living with my parents (could that be going against me?) so I could make the repayments with no problems.

Any suggestions?

ronan1981

nomoneytoday wrote: »

To put it politely. 3 missed payments in the last year will mess your credit record loads...

Seems a tad harsh to me, by missed payments I do mean late payments btw ... I did actually make the payments but a couple of days/weeks late on 3 of them. I could maybe understand it messing it up a bit but loads seems a bit harsh to me considering the payments were actually made but just a little late.

If anyone can suggest anything I will be seriously grateful because I havent one damn clue why I keep being refused. I just wish they would at least tell you why they refuse you.

_Andy_

It's already been pointed out why you're getting refused - 3 missed payments which demonstrate a higher risk to the lender and mulitple credit searches on your file. No mystery at all.