why has my bank refused me?

mercat

Nothing prevents you from trying other bank, but your application might be declined for the same reason the original bank declined you. Also, be careful, each new application leaves a footprint in your credit profile and which is taken into consideration by banks when making their decision. So you probably need to pick a loan with a higher typical rate (it shows they are willing to take a bit more risk) to make sure you do not get declined again.

glenandemm

hi cheers for comments guys,you answered everything i was thinking!
just one more question,how long will the searches by other banks last on my credit file?

Teacher2301

Most use Experian which is a credit file company and they usually have a file of all our finacial activities for the last six years - if you've applied for credit cards, the status of current credit cards (plus any defaults), mortgage payments and their history plus other details about addresses, links with other people (I did hear this was supposed to being stopped but not heard anything more) and any CCJ's etc from courts.

Searches can take a day - then the bank will apply their own credit scoring system (sorry I don't know details for each bank or institution) and the score will ultimately determine risk of lending.

I know how to improve your score is to get a copy of your credit file and challenge any incorrect entries - you'll need proof and ask them to change the details - this can be a lengthy process so start a file now and keep absolutely everything - even write down the names of people who you talk to first and who they pass you onto - believe me it makes things very easy to track down later on.

chambta

Within RBS and Natwest the 'affordability' levels calculated on application are a) stricter and b) checked far more internally, so it's not that they don't want to help; they can't.