Declined credit but excellent credit score

MrsTinks

Going into your overdraft every month = bad
Going into your OD by £50 couple of times a year = no big deal
Are you on the electoral register? Some will turn you down without looking at anything else if you are not...

rodgers

Yeah, on the electoral register. I've decided I'm just going to save anyway, my mam said she would loan me the money but I don't want to do that. I'm just going to save up and buy it outright which is in my opinion the best thing to do if it's possible. If I can fix a few of the niggling problems with my car I'll be able to live with it for another 6 months while I save.

I'm going to get rid of my overdraft facility and never use it. I reckon I'll never need one until I move out. I now believe that this is the reason as I've checked back my statements and it seems I've been overdrawn a few times this year. That plus my lack of history are the probable reasons I was declined.

Thanks for the advice.

jennihen

You sound like you've really got your head screwed on which will save you thousands of pounds in the future and a lot of grief. Best of luck!!

~Brock~

jennihen wrote: »

You sound like you've really got your head screwed on which will save you thousands of pounds in the future and a lot of grief. Best of luck!!

I agree. If more 21 years old were as sensible as the OP then the experience lenders have had of young people might have been a better one.

Responsible lending and responsible borrowing go hand in hand - it is impossible to separate the two for any length of time.

RogerC

If someone applies for an overdraft is a Credit check made? Does anyone know?

Also how long does it take to repair ones credit rating after you have made a few credit searches?

Joeler

rodgers wrote: »

Yeah, on the electoral register. I've decided I'm just going to save anyway, my mam said she would loan me the money but I don't want to do that. I'm just going to save up and buy it outright which is in my opinion the best thing to do if it's possible. If I can fix a few of the niggling problems with my car I'll be able to live with it for another 6 months while I save.

I'm going to get rid of my overdraft facility and never use it. I reckon I'll never need one until I move out. I now believe that this is the reason as I've checked back my statements and it seems I've been overdrawn a few times this year. That plus my lack of history are the probable reasons I was declined.

Thanks for the advice.

If you're 21 years old and able to save circa £1250.00 a month I wouldn't bother with a car and get yourself a house!

Fair play dude