Can any one explain why im have trouble with loans

Dowsett

Hi,

Been lookin at a few loans recently. Although I don't have the very best credit score I believe I have a fairly good one.

That's besides the point at the moment. I have tried to apply for ONE loan with sainsburys in which I was turned down. So I have tried to do a search on loans suited to me(doesn't do a credit search) and I'm getting nothing!... Not even poor / dodgy companies offering 50% apr etc.

Can any one explain this? Not sure if lending has got really tight these days.

The loan amount is for a car. I wouldnt really want to go down car finance route.

Thanks

Tixy

Are you employed? how much do you earn?
What other credit accounts do you have open?
How much do you owe on existing debts?
How much unused credit do you have available to you (on cards, overdrafts etc).
Are you on the electoral roll?
Do you have any defaults / CCJS registered against you?

Have you looked at your credit reports at all? (not the scores but the actual statutory credit report).

And yes - 'lending has got really tight these days'

koloko

deleted deleted deleted

Dowsett

Tixy wrote: »

Are you employed? how much do you earn?
What other credit accounts do you have open?
How much do you owe on existing debts?
How much unused credit do you have available to you (on cards, overdrafts etc).
Are you on the electoral roll?
Do you have any defaults / CCJS registered against you?

Have you looked at your credit reports at all? (not the scores but the actual statutory credit report).

And yes - 'lending has got really tight these days'

Hi,

Yes I am employed full time on salary of 25k per annum. I am a home owner. 2 credit cards, over draft. Only have outstanding credit on one card, everything else is clean. Not missed any bills. I am on electoral roll. No ccjs etc etc.

I have looked at credit report but i have cancelled my account now. I am thinking of re-joining because I would of thought someone would be offering to lend to me. I'm not that high if a risk (in my
Opinion)

Dowsett

koloko wrote: »

Dowsett -

"Has lending got really tight these days?"

I have earnt £40k+ for the last ten years, am debt free, large savings, am on the electoral roll, have a clean credit file, have a large income to expenditure ratio, and have been rejected from every overdraft and credit card I have applied for in the last couple of months. IMO it is a real struggle for anyone to get credit these days.

Check all of the points Tixy raises. If you satisfy them all then i'm afraid it's just bad luck....

Hmm well that makes me feel slightly better

Tixy

How much were you looking to borrow?
How much are all your credit card and overdraft limits combined (used and unused).

Lenders are basically only lending to people with perfect or near perfect credit history and even then only up to a maximum level of approx 50% of your income (including existing limits and the new application - excluding mortgage).

If you used the free trial in the past then rather than re-join and pay a monthly fee just request your statutory credit file for £2 (this can be done online these days as well). Ideally to get a complete picture of your finances you need to see all 3 credit reports, as a minimum I'd recommend the experian and equifax ones.

Dowsett

Tixy wrote: »

How much were you looking to borrow?
How much are all your credit card and overdraft limits combined (used and unused).

Lenders are basically only lending to people with perfect or near perfect credit history and even then only up to a maximum level of approx 50% of your income (including existing limits and the new application - excluding mortgage).

If you used the free trial in the past then rather than re-join and pay a monthly fee just request your statutory credit file for £2 (this can be done online these days as well). Ideally to get a complete picture of your finances you need to see all 3 credit reports, as a minimum I'd recommend the experian and equifax ones.

I was looking around the 10k Mark over 3yrs. I have 1k /3k used on one of my credit cards. OD is 1k but not being used and other card is £200- hasn't been used in long time so could do with removing that 1.

I have used the free trial but even then you had to pay for other services!!

I will have to give the other credit company a go, see what I can find.

I just found it abit odd that no1 is willing to lend to me. A bit of a bummer when u think ur good to go so to speak.

jonjamie1970

Dowsett wrote: »

I was looking around the 10k Mark over 3yrs. I have 1k /3k used on one of my credit cards. OD is 1k but not being used and other card is £200- hasn't been used in long time so could do with removing that 1.

I have used the free trial but even then you had to pay for other services!!

I will have to give the other credit company a go, see what I can find.

I just found it abit odd that no1 is willing to lend to me. A bit of a bummer when u think ur good to go so to speak.

Its not your opinion that counts its the people that are lending you the money, if they dont want to then theres nothing you can do about it TBH.

Have you had your head buried in the sand for the last 3 years during the worldwide banking crisis ?

Whilst your applying for all these loans then your ability to get one is diminishing even more !!

Dowsett

jonjamie1970 wrote: »

Its not your opinion that counts its the people that are lending you the money, if they dont want to then theres nothing you can do about it TBH.

Have you had your head buried in the sand for the last 3 years during the worldwide banking crisis ?

Whilst your applying for all these loans then your ability to get one is diminishing even more !!

I know it's not my opinion that counts. I was asking the question because I couldn't see the logical decision behind it as I havnt been making applications at will. I have made ONE which, again was why I was asking the question. The last loan I had was well before the credit crunch.