Can no longer get a loan

FLIPFLOP_3

Hi there,newbie here

I have a quick question about credit rating.
I have recently applied for a small loan through various companies but no-one will touch me with a barge-pole! My credit score was excellent 4 months ago when I applied for another loan;which I had no trouble getting.My circumstances haven't changed so it is very frustrating to be in this position.
Does the amount of the loan you require and the repayment term affect your credit score?

Any help would be appreciated
Thanks xx

Robert_Sterling_3

The fact that you got a loan recently may count against you.
You have not yet got evidence to show that you are making regular repayments to the existing loan.

as400

Apply to all three CRA's for a copy of your credit report. Something smells fishy to me. Maybe try https://www.checkmyfile.com

Rafter

Be careful. The number of searches you do will effect your score. Don't apply for anything else until you have checked your credit file.

Here is a checklist of other things you can do.....

1. Make sure you are on the electoral roll.

2. Call your existing loan company and see if they will give you a 'top-up'

3. Make sure your credit file is consistent with your application form and that you get any incorrect data changed.


The amount of loan certainly effects your score.

Lenders will look at your income and the amount everyone needs to live: basic rent, food, travel costs for example.

They will then gauge how much disposable income you have to service debt and then work out the maximum they will lend you.

So somebody earning £17k a year might be able to borrow £5,000 on cards and loans which is 30% of their salary. Someone earning £40k a year might be able to borrow £20k which is 50% of their salary.

Lenders are also getting more cautious at the moment because of the amount of bad debt around.

Good luck.

R.