Refused credit

trasee_w

I applied for a loan which has been refused. I have never been refused credit in my life!

I owe on my mortgage and already have another loan which come to roughly 90k. I have never missed a payment, have no credit cards, I have 1 store card with a nil balance. I have lived at the same address for the last 7 years and am in full time permanent employment. I have no overdraft and am always in credit the end of every month.

Is there a limit to how much you can borrow? Is there a total amount of borrowings based on income?

I applied online with Alliance and Leicester. I also hold my current and savings account with them.

CH27

The banks do take into account your debt to income ratio.

jonesMUFCforever

How much did you apply for?
What is your salary?

If you are in credit at the end of every month have you not got savings in place which would nullify the need for a loan?

babushkava

Hi trasee, try not to take it as a personal slight. The banks won't even lend to their own grannies at the moment. I doubt, from what you say, that your credit rating is a problem - though it is easy enough to check with Experian or the other one to make sure that nothing negative has been written about you. I would ask the lender for the reason for refusal. If a clear and acceptable reason is not forthcoming, ask for a callback from an underwriter. Usually, that is enough to make the intermediate manager have another look. If you do get a call from an underwriter, it is usual to have a really common sense conversation with them and get some advice about how to present yourself in a light that they will find more favour with. As you can tell, it happened to me!