T-Mobile & Natwest Fiasco

soupcoder

I recently applied for and was rejected for a t-mobile account (£20 a month), this kind of surprised me as i see myself as a reasonable credit risk and pretty good income. And there is no obvious issues in my credit report having recently got one from Experian and Equifax! With T-mobile i didnt put flat 'b' into the form as there was no place for it. This was last week. and i assumed that everything was all well, as i didnt need my phone yet and would sort it out with them shortly.

Today when i met with my bank i was outright rejected for a loan, which was a bit of a surprise because i applied and received a loan of the same size from the same bank last year, which i had paid off in January this year. A personal Loan of 10k. Worse at the bank they said this was to do with my credit score and so would not be able to do anything about it. if it was with some other aspect then no problem.

I am trying to understand if the two items are linked and if there is anything i can do to mend adjust this. Somehow while paying everything on time etc my credit has got worse. Is this because of the credit crunch etc, and reductions in lending or is this some mini conspriacy poised to ruin my "Bank" week end.

the only thing i can add is that i have been in the UK now for 2.5 years although a British Citizen. My wife and i are currently on our 3rd flat, and maybe that has a bearing...

Any insight into what i might do or how this happened would be much appreciated.

thanks in advance.

Rafter

Something is obviously getting you a computer says no response.

Lots of changes to rented property will set alarm bells ringing potentially - as will time in UK.

Repaying debt early at nat west could also have annoyed their computers, as you didn't pay enough interest in the first year to cover the cost of setting up the loan and the commission paid to the branch staff etc.

Just do all you can to improve your rating. Make sure you are on electoral roll, get a home phone number, apply in joint names. Triple check that the ratings agencies have all the right details about you etc.

Good luck

R.

soupcoder

Thanks for getting back to me.

I kind of hope it is related to our status as renters or our time in the UK. Seems crazy to be penalised if you pay loans back early, but with commissions etc, it makes sense.

At the moment.
I am on the electorial role, have a home number, and have checked credit ratings. We could apply in joint names i suppose. But it was a nice to have more than anything.

Considering RBS's own finances kind of funny.

again thanks for your time and insight.