refused a loan

lindahapps

today my husband and i were refused a load of 6,000 over 3 years, i have a bad history however my husband has got 989 in his credit score and has never mised a payment EVER!, our morgage is with the bank also and is for 27k, not much these days, and house value of 189k my husband due to his score went for the loan himself and is gutted as to them refusing the loan, they said his c/card of 4k, had some cash withdrawls from it and wouldnt loan him due to that, even though he has banked with them for over 20 years, the cash withdrawls were so he didnt pay the 9 quid the car place was gonna charge as a fee for a card when he needed the work done on it, so he used the cash instead, are there any places which we could try for a personal loan who wont mind there being a few cash withdrawls on a c/card and also where could we change our morgage too? as my other have is fed up now with his bank, its the northern bank in NI....we both also work

opinions4u

lindahapps wrote: »

today my husband and i were refused a load of 6,000 over 3 years, i have a bad history however my husband has got 989 in his credit score and has never mised a payment EVER!

Scored at 989 by a company that doesn't lend money. Nice of them to make an assessment that they don't have to back up with a loan for thousands of pounds. Did they charge you for that number? If so, money saving tip: Cancel the subscription.

, our morgage is with the bank also and is for 27k

A joint financial commitment? If your credit history is none too clever this could affect his application.

my husband due to his score went for the loan himself and is gutted as to them refusing the loan, they said his c/card of 4k, had some cash withdrawls from it and wouldnt loan him due to that

It's unlikely to be a sole reason to decline, but it will be a contributory factor. Statistically speaking, people who use cash withdrawals on a credit card are less likely to manage their money well and more likely to default on a loan.

the cash withdrawls were so he didnt pay the 9 quid the car place was gonna charge as a fee for a card when he needed the work done on it, so he used the cash instead

But how much did the credit card company charge him in fee and interest at a higher rate? This sounds like a false economy.

What was the loan for?

clangnuts

Cash withdraws from a card have a fee attached, don't they? I'm guessing for £4,000 cash withdraw it was more than £9.

lindahapps

hi thanks for the reply, maybe i didnt explain right, the cash with drawl was for 200 pounds............ 4k is the balance, and limit of card is 6,500........ 200 pounds done in two withdrawls of 100 each.. part of the loan would pay the c/card balance in full also.

lindahapps

the 989 score was by experian in their free 30 day trial.......

[Deleted User]

tbh credit scores mean less than nothing,have you tried expalining why there were 2 cash withdrawals?

Apples2

I don't think that was the reason for the decline.

I would put money on the decline being your poor credit file dragging his down to your level due to the financial association. This is on the assumption you do have a joint mortgage.

Data protection would stop them disclosing too much info so they picked the next best disclosable reason.


Make sure you cancel before the 30 days are up.

CH27

If you are financially linked by your mortgage your poor credit file with drag your husband's down.

KingElvis

Yep, your poor credit score / financial habits have killed any chance of a loan for you partner.

lindahapps

hi guys cheers for the replies, my husband s bank told him to apply single, as a personal loan as they knew i had bad history, sadly after reduncany a few years ago, as ya know it be there for 6 years with me as bad...its a personal loan he went for, i wasnt mentioned in the application.......

does anyone know where he could try?, we explained to the bank the cash withdrawl was due to the garage not having the swipe facility but sadly it didnt matter...my husbands bank know he has never missed a payment and that has a weekly ( good) income......any ideas where he could apply to?

lindahapps

woodbine wrote: »

tbh credit scores mean less than nothing,have you tried expalining why there were 2 cash withdrawals?

yes we told them it was due to needing the car fixed and the garge had no swipe facility