Mainstream bank loans

DrDoo

Just wondering; has anyone, with bad credit, ever had any success with obtaining a loan from their own bank?

JonT82

I had a very poor credit score due to multiple searches, not being on electoral roll, etc and still managed to get a loan with my bank (RBS)

I had been rejected online and by contacting the call centre previously, but was accepted when i actually went in the branch.

Hope this helps!

Kazipoo

The hubby and I did from Natwest. Although our credit wasn't particularly bad, it wasn't very good either, as years previously we had come very close to being bankrupt and suffered with a few CCJ's. However that is all behind us and although Halifax would give us nothing but a basic account, Natwest gave us the Advantage gold account, we got a credit card and were able to secure a loan for £15,000. That was just over two years ago, we took the loan over 3 years (our choice, higher repayments but shorter term) and the end is nigh.... yey!! Only 9 more payments and we are done woohoo!!

ampafc

Is it therefore better to visit your branch to try and get a loan?

DrDoo

That's great - thanks for your replies!

I'm with RBS and they can see that my wages go in every month and that it is a decent wage from a secure job - however unfortunately i have bad cedit from my student days. But i might see if they can do anything for me - one decline isn't going to make my credit rating much worse to be honest - its shot to pieces.

JonT82

I would definately recommend going into the branch to discuss so they can help you fill in the form as favourably as possible!

My credit score was woeful and I managed to get 10k from RBS

My score was so low due to student days, credit searches and not even being on the electoral role!

Kazipoo

Yeah I would definitely go into the branch. We had previously been declined over the phone, but in branch, because they can see your income and outgoings and see if its affordable, they can fight your corner if necessary.

DrDoo

Well called the branch and they weren't much help really - they couldn't tell me much but implied that if i didn't get past the credit scoring there would be no hope. Fair enough.

Just wanted to pay off the high interest Aqua credit card and get rid of the thing.

Kazipoo

DrDoo wrote: »

Well called the branch and they weren't much help really - they couldn't tell me much but implied that if i didn't get past the credit scoring there would be no hope. Fair enough.

Just wanted to pay off the high interest Aqua credit card and get rid of the thing.

We had the exact opposite info from our local Natwest branch. They said that if we fail on credit score and I can show a good credit file, they may be able to change the outcome, or if we fail on affordability, she has shown that a loan would be more than affordable because we would be saving money every month, and again they could get onto the powers that be and ask a person to review the application, as all initial applications are accepted or rejected by a computer. We decided not to go ahead as our exisiting loan is so close to finishing and we will be nearly £500 a month better off in 9 months woohoo!!

chambta

Kazipoo wrote: »

We had the exact opposite info from our local Natwest branch. They said that if we fail on credit score and I can show a good credit file, they may be able to change the outcome, or if we fail on affordability, she has shown that a loan would be more than affordable because we would be saving money every month, and again they could get onto the powers that be and ask a person to review the application, as all initial applications are accepted or rejected by a computer. We decided not to go ahead as our exisiting loan is so close to finishing and we will be nearly £500 a month better off in 9 months woohoo!!

The Natwest staff were wrong to say what they did in actual fact. If declined on credit scoring the chance of the branch referring it on and it being approved is close to nil.

How could you 'show a good credit file' if the loan declined due to credit scoring as that history is used in the decision making?

Kazipoo

chambta wrote: »

The Natwest staff were wrong to say what they did in actual fact. If declined on credit scoring the chance of the branch referring it on and it being approved is close to nil.

How could you 'show a good credit file' if the loan declined due to credit scoring as that history is used in the decision making?

I can show that all payments have been made and up to date, all green zero's etc, we checked it out before hand, but we decided against getting another loan as it was just a temporary solution and ours will be gone in 9 months, so we are just trundling through.

Sometimes I think banks just turn people down for the sake of it. What makes me a worse customer than just over 2 years ago when I took out the loan, when I have never been late with any payments and pay all my bills on time and have a very small overdraft that is never used?? The economy is the problem, not the credit file. Banks are unwilling to lend like they were a few years back, and when they do the rates are much higher.

It was actually the branch manager that offered the information to me when I went in for a "review" a few months back. She also said 18 months ago 75% of applications were accepted, now 75% of applications are rejected.