Loan application - Rejected

vickylee07

Hi

Im new to MSE, was just after a bit of advice re: personnel loan.

This was my first time ever applying for a loan so didnt know much info!

I was rejected and later found out that I wasnt on the electoral list, so I have sorted that out and also closed down a dormat barclays account.

I have however only just moved into a new address 6 weeks ago.

I am going to wait til Feb to apply for another loan, as I dont want to be caught up in the rejection spiral and apply numerous times in a short time..


My question is....do you think this is a reasonable time to wait to apply for my next loan, thus boostin my chances of being accepted next time?

The last thing I want is to be rejected again and damage my credit rating further..

IWantToBeFree_2

Before you apply again, order your credit report (can get a paper copy for £2) and ensure you are on the electoral roll and that there are no other blemishes on your credit file.

Too many searches on your file can reduce your chances of getting credit, but 1 isn't going to damage it drastically, if you wait 3 months it will more than likely be disregarded anyway.

Obviously there are many other factors than just being on the electoral roll and number of searches - do you have a reasonable income?

Rafter

vicky,

You seem to be on the right track getting on the electoral roll etc.

Whatever your credit report says though, how much you can borrow will depend on your income, any existing debt, your age, your postcode and any other criteria the loan company wants to plug into its computer systems!

If you do get rejected again, try your own bank who at least know your history a bit better and can make a more informed decision based on how you current manage your accounts with them.

Good luck

R.

vickylee07

Hi, yes, I have a reasonable monthly income, with about £700 disposable each month.

I think its the electoral list and the short time at my new address that may be the main factors.

So hopefully If I apply again end of feb, I should be successful.

As I say Ive never applied for a loan before so had no idea about the electoral list, and apparently most people have little chance of getting any success without being on it!

Should have looked at MSE before applying!

vickylee07

Rafter wrote: »

vicky,

You seem to be on the right track getting on the electoral roll etc.

Whatever your credit report says though, how much you can borrow will depend on your income, any existing debt, your age, your postcode and any other criteria the loan company wants to plug into its computer systems!

If you do get rejected again, try your own bank who at least know your history a bit better and can make a more informed decision based on how you current manage your accounts with them.

Good luck

R.

Thanks for that, I have no credit cards or other loans so I think it may be the small technicallitys that have went against me this time!

CLAPTON

what's you income?
how much did you want to borow?

having no previous credit (no CC or loan) will go against you as there will be no history of whether you handle credit well which is why it's probably best to try your bank first who will know you handle your bank a/c well.