why can't i get an unsecured loan???

craig_94

im nearly 23 years old, have a perfect credit report, (with credit history), no missed payments, live with parents, have a little outstanding credit card debt but will be consolidated with the loan.

have been bounced by two banks now but neither can give a reason as to why????

any ideas???

many thanks

craig

dawyldthing

it could be because you don't have an asset such as a house, depending on how much it is for. It also could be what it is for, as they can refuse it for many reasons. Also be careful as those 2 could show on your credit file now, especially if they are one after the other, so it could affect your chances of getting one at the mo because of it

[Deleted User]

the lenders are being ultra selective atm,have you asked them why you were rejected?did you try your own bank?how much did you ask for?are you on latest electoral register?

craig_94

yeah on the latest electoral register, asked for 10,000 over 5 years for a new car and debt consolodation. that was thru nationwide (my building society) and also tried santander. no reasons as of yet. The lady i saw at nationwide has said she will appeal it.
yeah i undertsand what ya mean by assets but i thought that was the point in having homeowner loans and then unsecure loans????lol
well thats whats annoyed me as they both are on my credit file but have givin no reason for being declined!!!! aaahhhhhhh!!!!

Coveredinbees!!!!

£10K is a lot of money, maybe your asking for too much at your age, sorry to be boring but you should try paying off what you owe and do some saving.

womble374

I too was declined recently. First ensure your contact number registered is a house number not a mobile, silly I know but I remember martin at some point saying this makes a difference. For any credit card you have, reduce the credit limit to slightly less. My bank then accepted me, and then I thought about changing the amount. They advised against it as they said this would be treated as an additional search and their general rule is any more than 2 credits searches in 3 months, almost always means an automatic rejection - and that was from TSB who gave me £5k.

I tried through CreditExpert, got my profile and then checked who to apply through. Stayed with the original option anyway but worth a shot. Or you may need to wait 3 months, but in that time at least you can carry on paying any debt you have.

craig_94

yea i see what you mean but to be fair my outstanding debt is less than 2 grand so its nowhere near the majorities from what i have researched.
Whats really annoying is i guarantee i could get stupid rate hp....... why wouldnt the bank regard the car as being an asset then???
Im just really annoyed that they can leave a mark on my credit report but can't tell me why i have been declined!!!????