Loans - are companies getting fussier??

brody77

No offence intended to anyone at all on here - but my credit history is not in the same dire straits as many.
I have 3 credit cards, a mobile contract, a loan, my broadband & my monthly car repayments.

I applied for a loan from A&L (I am not an A&L customer) via peopleschampion.com (according to their equifax check, my score is excellent) and have been rejected via letter 2 days later.

The application asks the usual stuff - live at home, wages, etc.
It asks for outgoings, but leave out all outgoings you will clear with the loan.
This then showed me as having £250 a month outgoing - pretty fricking good I thought!

They seem to disagree.

So, are loan providers becoming more fussy these days?
The only payment I have missed in the past 6 months was one to my next directory account, and that was only because I paid it online so it took longer.

I was forced to change my bank account with BOS in April, and they messed up my direct debits for a month or so - could this be causing an issue?

I don't know if I should try BoS for a loan, as I hear it affects your score each time you apply?

Astaroth

Banks have been criticised heavily in the press for "irresponsible lending" over the last 6 months so it certainly wouldnt be surprising if they were becoming much stricter on lending

Floxxie

We have just been turned by Zopa; according to them we are A*. We wanted to borrow £3000 to clear a credit card where the 0% is ending three months before I thought it was so I thought no probs, we'll take a loan short term and pay it off in three months.

We have another 0% credit card with £3000 on it so £6k in all. The reason given was that we have too much credit! Four years ago we had £42k debt and didn't get turned down at all.

I'm just in the process of getting hold of the credit files just in case there are some fraudulent applications as I am amazed at the reason for decline.

brody77

I can't help but feel it's down to Bank of Scotland messing up my account changeover last April, still contemplating applying somewhere else...