Personal Loan Advice

joeyd75

Thanks for the info, the guy at the bank also said he couldn't understand why the computer said no either!

The trouble is I need to get a car for work now as the company lease car is only available to me for another month. I can't really wait 6 months. My payrise is to cover for a car. I know I could always go to a car finance company but I'm worried that this would be declined there also leaving my credit history in a worse state

If I did try somebody like tesco/santander would the fact that HSBC declined me make a difference to my credit history/rating?

joeyd75

Do you think applying for a smaller loan would help?

carlw

I think as somebody has already suggested, lending criteria has definitely changed, if you no longer fit the criteria then they just wont lend to you. All lenders have their own criteria, and a guy i know that works for HSBC did always say they were quite strict in comparison to other high street banks which i why they weathered the banking crisis better. I dont know if that’s true or not.

If i were you i would wait until you have cleared the current loan and apply for a loan through another lender. Look at the best buy tables on here, you could probably get a better rate elsewhere also, or get a zero % on purchases credit card (M&S is 15months) and use that, then balance transfer at the end, that’s what i have done for my car and over 3 years its cost me roughly 2.8%, which is cheaper than any loan rates.

Good luck

joeyd75

Again, thanks for your help

I will wait until I've paid my last installment and then take things from there.
My last payment is on Friday so will try again this time next week

I'm worried about applying for something again so soon though, will it not mess with my chances/ratings?

I don't think its my credit rating though as the chap at the bank said that usually the refusal will state bad credit rating and it didn't

bahhh....I've banked with HSBC for years, I thought they would have come up trumps being my bank, maybe it's time for a change?
It might be a blessing in disguise though as I've seen better rates advertised elsewhere

BugsyBrowne

joeyd75 wrote: »

Again, thanks for your help

I will wait until I've paid my last installment and then take things from there.
My last payment is on Friday so will try again this time next week

I'm worried about applying for something again so soon though, will it not mess with my chances/ratings?

I don't think its my credit rating though as the chap at the bank said that usually the refusal will state bad credit rating and it didn't

bahhh....I've banked with HSBC for years, I thought they would have come up trumps being my bank, maybe it's time for a change?
It might be a blessing in disguise though as I've seen better rates advertised elsewhere

You say the chap at the bank said that usually the refusal will state bad credit and yours didn't, sorry but the guy at the bank wouldn't know this.

joeyd75

Ahhh....I wonder why he said that then?? That's an odd thing for him to say
I was really baffled by the whole process to be honest!!

Maybe the fact that I was 2 days late with my next account could be the problem then. If it is I will really kick myself!
It's not like me to miss something, it just slipped my mind as I wasn't in work and usually do my payments/admin gubbins at my desk!

BugsyBrowne

joeyd75 wrote: »

Ahhh....I wonder why he said that then?? That's an odd thing for him to say
I was really baffled by the whole process to be honest!!

Maybe the fact that I was 2 days late with my next account could be the problem then. If it is I will really kick myself!
It's not like me to miss something, it just slipped my mind as I wasn't in work and usually do my payments/admin gubbins at my desk!

I personally think these days getting a 15k loan with even the perfect credit score can be difficult.
Also applying for a loan with a late payment would be a certain No straight away.

joeyd75

Bummer - I've not helped myself then have I!??

BugsyBrowne

joeyd75 wrote: »

Bummer - I've not helped myself then have I!??

No that late payment mark would of been flagged up straight away unfortunately.

jonjamie1970

The late payment certainly wouldnt have helped but I think its a simple case of £15k against a £30k salary plus your current other debts means the risk for them outweights the benefits, all the banks have to be seen now to be lending responsibly and thats not.

I get a car allowance after giving back my company car, it comes in my salary, I have bought a car where the monthly payments are less than than the allowance meaning I'm slightly better off and dont get taxed for a company car. I also had credit issues so purchased a car on a PCP through BMW.

Lenders such as Black Horse take more risks and should, I imagine finance a car for work for you.