Turned down by Santander!

glittermonster

I got turned down for a loan by Santander,

coul it be because I have a credit card with an outstanding balance of £3k with them - interest free deal?

or that I said the loan was for a car?

Or a reflection of my overall credit rating?

Just wondered if anyone could help -

is it worth my trying elsewhere or will other lenders answers be the same as theirs?

Thanks

The_Cappuccino_Kid

It could be any or none of those.

Have you asked Santander if they have used a Credit Reference Agency (CRA). It would be as well to check your record to see if there's any adverse reports on there.

Are you on the voters' roll?

Are you in employment?

Etc etc.

Lenders have different lending criteria so you may not be rejected elsewhere. I would check out your credit report first though.

glittermonster

The_Cappuccino_Kid wrote: »

It could be any or none of those.

Have you asked Santander if they have used a Credit Reference Agency (CRA). It would be as well to check your record to see if there's any adverse reports on there.

Are you on the voters' roll?

Are you in employment?

Etc etc.

Lenders have different lending criteria so you may not be rejected elsewhere. I would check out your credit report first though.

I am on the electrol roll, I am employed and I have another loan with tesco, a credit card with tesco and one with santander.

Where's the best place to look at my credit report? Is it somewhere like creditexpert? Will the results be easy for me to understand?

Thanks

Tixy

You can get copies of your credit reports from any of the 3 agencies (experian, equifax, callcredit) for £2. Or you can sign up for a free trial (such as creditexpert which is experian) but you need to cancel within 30days.
Not all creditors report to all 3 agencies, so unless you know what agency Santander used you won't be certain you are looking at the same info they saw.

The results are easy - you need to check that the info on there is correct.

How much of a loan did you ask for from santander?
How much do you owe on the tesco loan?
What are the debts & credit limits on your 2 cards?
Do you have any other debts?

How much do you earn?

glittermonster

Tixy wrote: »

How much of a loan did you ask for from santander?
How much do you owe on the tesco loan?
What are the debts & credit limits on your 2 cards?
Do you have any other debts?

How much do you earn?

I asked for a loan of £5,500k
the tesco loan was started in march as debt consolidation - I'd borrowed some money when I bought my flat to put as extra deposit for a better rate for the ltv, then put stuff together to in march that was £14k I pay £300 a month.
Cc are both around £3k each - I have 2
my mortgage!
A couple of credit agreements for a laptop and ipad

(gosh that was scary writing all that down, I'm off to hide behind the sofa)

I earn £27k a year plus income from my partner for rent/bills. I'll have about £600 spare a month from sept and hoping to pay off my cc asap!

Tixy

Ah -Thats probably why you were turned down and will struggle to get further credit.

Excluding the mortgage you have over £20k credit already compared to income of £27k. That would be considered by most lenders to be a too high debt to income ratio.
In the current climate people are stuggling to get new credit if they have more than 50% debt to income and you are already quite a way over that.

Simon11

The max you can borrow is half of your salary, so around £13.5k. You've already got debt of £20k+ for laptop+ipad There's no way they will see you as a safe borrower!

If you have £600 spare a month, then how come your are in so much debt?

I'm surprised that Tesco and your morgage company allowed you to take out £14k loan to use in part for a deposit, or did you lie??

I'd suggest that you reduce your spending (Ie is a brand new ipad really needed if you can't afford it?), pay off your debts then save for things in the future!

alpinehertz

After trying with some different banks I got turned down for a loan by Santander, it's so annoying!

glittermonster

I came on here for some advice not to be told off!

I know I'm in debt it's not ideal an I don't like it but it's what I've done and it's my responsibility to pay it off. Both my partner and I have been looking for work I've had some things that have needed doing to my property and expenses that have had to be paid.

If I had my time again I wouldve been a lot more careful but I can't change that now can I.

CHR15

It's no good getting ratty with people for explaining why you are getting turned down.

If you gave the full picture to start with, the first reply would have explained why you are not going to be accepted for a loan.

I'm sure when you read the posts you have made above, having £600 spare each month simply doesn't stack up.

plum44_2

Sometimes seeing it in print can be the life changing advice and telling off that we all need. Can you imagine where we will all be in another 5 years if we don't stop excusing our spending. We have to change our mindsets..no cash- no IPAD. Don't borrow any more money.