Lloyds Tsb Personal loan.

sparky111_2

Hi all, first post here looking for a little help.

I have been banking with lloyds for 10 years now and in the past have had 1 loan with them and 1 credit card.
A week ago i went into the bank to get some details on a personal loan and sat down with an advisor,i wanted to borrow £10,000 to buy a newer car and the remaining £4500 to clear my lloyds tsb credit card.
He then told me that my application would have to be reffured as my "lloyds credit rating " was poor and a instant decision wasnt an option,i asked why this is so because i have never missed a payment on cc and never been in the red on my lloyds current account,
He then said that because i have been only been making minium payments on cc for the past 4 months , the fact that i didnt have any salary payments made to current account in the month of november (went on holiday for 1 month and had no holiday pay left to use) and the fact that i had no money left in my savings account (spent this on holiday) this is the reason why my loan application would have to be refured ,there in house credit score was shown to me as a class "E" ,thus meaning a refural,where as an "A,B & C" would be an instant decision.
So i left it as that and left,when i got home i checked with experian and my credit file seems to be in good order,only 6 searches in 12 months and all credit accounts in the green, ive not paid the extra to see my score so dont know what that is on,

Do you think that my credit score is only poor with lloyds tsb ?would i stand a chance getting a loan with another company ?
Whats with lloyds doing this in house score system ?

Any help will be very much appreciated

iolanthe07

All banks have in house scoring and use their own methods to assess credit worthiness. Paying only the minimum of a credit card would flash up an immediate warning to them, and it may be that the loan represents an unacceptably high proportion of your income. You might do better with another lender but you might find that the interest is a lot higher. As a rule the advice on here is that you're generally better with own bank.

sparky111_2

Thanks for the fast reply,
Yes the reason i went into the bank 1st was too see if i can get a better rate from them rather than look else where, it just annoys me that the bank send me letters about giving me a loan nearly every 2 weeks yet when you need to use there services they shoot you down, i also told them that half the loan would be used to pay the cc thus giving me more desposable income towards the loan,anyway he said he would call me in another month to let me know if my score had improved and if i would be able to get a better deal,
Is it worth checking other credit referance agencys other than the one ive already tried to see if it tells another story ?

CLAPTON

just to clarify

how much do you want to borrow
what are your exisitng debts
what is your income
do you use your overdraft

sparky111_2

CLAPTON wrote: »

just to clarify

how much do you want to borrow
what are your exisitng debts
what is your income
do you use your overdraft

Sorry
want to borrow 10,000, owe lloyds tsb cc 4400
3300 on halifax cc at 0 percent for 6 months
income is 30,000 pa and i have no overdraft

CLAPTON

you will be seen by lenders as having potential debt of 10,000 + 4,400 + 3,300 = 17,700 which is a very high level of debt on a salary of 30,000 (you may intend to clear on of the CC but there is no guarentee that you will)... combined with only paying the minimum on the CCs you will be seen as a signiificant risk