Rejected and Deflated

scheung15

I've deleted the initial post cos it contained private information..
Any advice is welcome. Thanks.

Tixy

Did they tell you why you had been refused?

My guess is it might be due to the amount of credit you already have. If you already have £11,700 credit + your overdraft and were applying for more, the lenders may be worried about your affordability (although this of course would depend on your salary etc).

If this is why then you may find another provider comes back with the same response. Generally the more applications you have close together the worse it looks on your report.

That said trying your own bank can often be a good idea - if you have managed the account well.

scheung15

Thank you very much for your prompt reply.

I'm trying to be an adult and consolidate all of my debt with a loan - cut all of my credit cards! I'll wait for the rejection letter and go from there...

iolanthe07

The problem for lenders is that, from their point of view, there is no guarantee that you will actually use the loan to consolidate. They will see it as adding debt on to debt. Consolidation is rarely a good idea anyway unless you are very disciplined, because it gives the illusion of having paid off debt when in fact you have really only added to it. There are lots of posts on here from people who find themselves in deep pooh after multiple consolidations. You might like to visit the debtfreewanabee part of this site and post your SOA and get some friendly and helpful advice as to how to manage without taking on more debt.

Dewi

Why you were refused we can only speculate on. Different lenders have different criteria. But from what you noted:

- Your total credit lines run to about 12,000
- You are using 70% of that credit

That might be too high for some lenders. You also note you have an overdraft. Are you using that?

Without your salary it would also be difficult to define any further risk based on income. How much you have left after all bills, and credit commitments is the key factor.

If you have a good relationship with your bank, you might go there for debt consolidation loans.