Are my bank turning me down for a loan because...

CaimanReid

I've indicated I want to use it to pay off the credit card and overdraft with them? (and hence they won't rake interest in from me?)

I've approached my bank about getting a loan to clear an £800 credit card debt and remove my £2000 overdraft limit (I've asked for £3000). I've previously had a £3000 loan from the bank when I was on a lower salary and paid each installment on time and in full. The loan is now settled, this was around 8 months ago.

In my recent application, I've received a standard decline.

I did recently move to a new house, in July- I have been on the electoral register since August, though have checked my credit report online today via creditexpert and notice it says my name is not listed yet. Having double checked with the council, it definitely is on there- could this affect my application to the bank even though they are aware of my previous history with them?

In turn... I have unfortunately previously mismanaged my credit card and gone over my credit limit a couple of times, and subsequently been charged. I imagine internally this has put red strikes against my name with them?

I really feel that using a loan is the only way I can get these debts paid off, I've tried to do them both incrementally over the past year and failed, whereas having a fixed, single payment each month for the next two years is much more managable for me. Would it be worth applying again once my name appears on the credit report's electoral roll information, or perhaps going into a branch and speaking to an adviser?

jon_boy75

being on the electoral roll is key. some lenders just do an auto-decline if your'e not on it, without looking at your other application details. also, just because the local authority have you registered, doesn't mean the CRAs have updated their files yet...get onto them and ask them

aside from that, you recently moved house, so some lenders prefer to see longer term stability before lending, but not always

and finally, a few late payments, or instances of going over your limit don't look great, but it depends how long ago they were, if they were back to back and by how much

you may need to wait a few months for these things to be corrected or to be distant enough in the past not to matter as much

CaimanReid

Thanks for your advice. I'm certainly chasing up the CRA on my electoral role status, though I understand they can't instantly update these things.