Loan Refusals

ronan1981

_Andy_ wrote: »

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.

I never said it was a mystery I just wanted people's opinions not some sarcastic comment. I'm fully aware its been pointed out to me the 3 late payments would go against my credit score but I was asking for suggestions, if 3 missed payments is the sole reason I'm refused loans then fair enough but I was looking for further suggestions not knowitall type replies.

_Andy_

There was no sarcasm in my post, there's no need to be so defensive. Further suggestion would be to leave it at least 6 months or so before re-applying for any credit and ensure any other commitments are paid on time from now on.

http://en.wikipedia.org/wiki/Sarcasm

tictax

ronan1981 wrote: »

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.

Any suggestions?

That credit score is a load of rubbish in my opinion. The "score" that experian have sold you is what they are calculating it as.

What really happens is the credit companies design their own scores (how the score is generated is highly confidential and is something that the general public never get to see obviously to prevent people falsifying applications to manipulate the score). Scores along with the companys appetite for taking on riskier customers are continually re-evaluated.

It is possible that if we were in 2007 prior to the credit crunch occuring that you would have got a loan however as I added in a previous quote in the current economic climate the three missed payments makes you inherently more risky in the banks opinion and this is why you are getting declined.

How do I know this? I work for one of the high street banks and work closely with the risk department who design the credit scores so I know that these scores that are generated and the scores that we come up with can be completely different (in fact wildly different in many cases).

jonesMUFCforever

If you have surplus funds now use that to repay the overdraft.
I presume the overdraft is no longer interest free so the quicker you start the better it will be for you.
Unless you have the funds for the Laptop save up for it - my thinking is that they will be a lot cheaper in the run up to Christmas anyway.

WallyMan

As previously noted it is quite possible your late payments are the cause of the declines. However, it could be something much more fundamental. Certainly worth checking you are in the electoral role and I assume you have no CCJs in your past? Both of these are likely to auto decline for all lenders.

I would have thought it likely that prev late payments might at least refer to an underwriter which would give you an opportunity to get the loan. You're not asking for a lot but the fact that you are using this pay off for another debt may also count against you