cant get a loan for toffee

dazzadub

i have stupidly good credit rating.

i recently bought a car on credit and got top lender with super low apr, i can get mobile contract etc

but cant get a loan even from my own bank, i work bring in good income, have other income coming in also, never missed any payment and have more than enough over each month to cover the costs.

what i was trying to do was clear my finance and then move on to another bigger car, needed 2k to cover the diffrence in settlement, but no one would lend me the money, never had the issue before.

why?

masterlumps

maybe because you have recently taken on credit in the form of said car...................................

Enfieldian

Who says that you have a "stupidly good credit rating"?

Obviously not anyone important, i.e the lenders that you are trying to borrow from........

CLAPTON

what do your credit reports say

how much is your total debt

how much is your income

how much are you seeking to borrow

how many credit applications have you made in the last 12 months

paulmcerlean

You want a loan to clear a loan to take out a new loan?

You sound like the sensible type of person the banks want to lend to.

KingElvis

paulmcerlean wrote: »

You want a loan to clear a loan to take out a new loan?

You sound like the sensible type of person the banks want to lend to.

I must admit to being confused to :eek:

dazzadub

basically the loan was for 2k.

are debt is 8k in total

our income is 45k a year.

the loan was to clear the negative equity off on our car and then to financet the new one, the loan was a personal loan for 2k and was over 2 years, and to run along side the car.

basically with the car and loan it worked out cheaper then financing in full.


we only made one credit application in 12 months if not longer. we check our rating with experian.

Tixy

Were you applying for a joint loan? If not then its was your income and your debts are that are relevant.

When did you buy the current car? is that on a personal loan or car finance? How much is owed on that accountl?

What bank is your own bank that you tried to get a loan with? How long have you banked with them? what sort of account do you have with them? do you have an overdraft or credit card with them?

If you mean your credit score is stupidly good on experian then that isn't particularly relevant. The scores are mostly a waste of money as they don't take into account many things that a potential lender will.

dazzadub

hsbc have no over draft or credit cards, the amount owed on car is £8.045. had the car about a year

car on finance with top lender ( low apr )

it was a single personal loan application, i used hsbc to ask for the loan and have banked with them for about 5 years.


the bank always send me letter saying they can give me a loan and credit card etc never any issues with bank, always have money there, never been over drawn etc.

our income and out goings are miles apart.

with the income and outgoings with have at least 70 per cent left after all bills have gone

are total out goings are roughly 600
total income around £ 2300 per month plus we my patner brings in 900 a month. we both share to total outgoing.

Tixy

Aside from the car finance - have you ever had any unsecured credit accounts? cards, loans etc?
What actually shows on your credit report in terms of credit accounts etc? open accounts and settled accounts?
Are you financially associated with your partner on your credit files?

Are you employed or self-employed?

Am I right in thinking you wanted a £2k loan so that you could hand back your current car and also pay the £2k to the car finance to settle that finance agreement? And that you then planned to take out another finance agreement to buy a new car?

If you have £2300 income and £600 outgoings per month could you not use the rest of 1 or 2 month's income to pay off the £2k?

geoffky

One day soon you will thank them........................................ I hope