good credit but still can't get a loan

jessa88

Hi everyone.

I have been having trouble extending my student overdraft for a long time now. I have also been rejected from credit card applications and a career development loan from the co-op.

I have done the free trial on the experian credit check site which tells me I have a 'good' credit rating of 884.

Why am I still unable to get any credit? I'm a student doing a social work Masters ad I'm really struggling. All I want is another couple of hundred pounds on my overdraft!

xxx

Tixy

Don't pay any attention to the score - its just a marketing gimmick. Its the main file that is the important part.

What is actually on your file? what credit accounts do you have? how much do you owe on each? do you have any missed payments on your files?

Are you a full time student? do you work as well at all? do you have any income?

How many credit applications (for loans, overdrafts, cards etc) have you made in the last few months?

jessa88

Hi thanks for the reply. Yes I am a full time student and don't work at all at the moment. I only have my student overdraft and my phone contract which I have neveer been late playing. In the last few months I have applied for a career development loan, a student credit card and an extension on my student overdraft.

CLAPTON

except for a career development loan, you are extremely unlikely to get any additonal credit with a proven income; indeed how were you planning to repay the loan?

Tixy

Your student overdraft account may well already be at the maximum they allow students to have. Certainly if its maxed at the top of its limit then they wouldn't increase your limit further.

What was the £200 to pay for? Can you look for some part time work to help you out financially? Even if you just look for a temporary job in the run up to xmas you should fairly easily earn more than £200.

jessa88

CLAPTON wrote: »

except for a career development loan, you are extremely unlikely to get any additonal credit with a proven income; indeed how were you planning to repay the loan?

Thanks for your reply.
I get a bursary as part of my course however the next installment isn't until January so I am looking for some cash to tied me over christmas and then I can pay it off when I receive my next bursary installment.

jessa88

Tixy wrote: »

Your student overdraft account may well already be at the maximum they allow students to have. Certainly if its maxed at the top of its limit then they wouldn't increase your limit further.

What was the £200 to pay for? Can you look for some part time work to help you out financially? Even if you just look for a temporary job in the run up to xmas you should fairly easily earn more than £200.

I have a student overdraft with Halifax where the max is £3000. I have had it all through my undergraduate so my limit is currently at £2000, so I believe I should still be able to extend it a bit.

I am looking for part-time work but unfortunately my course is 9-5 mon-fri and so I wouldn't be able to do many hours. Also everything I have applied for isn't starting for another month which will be too late. I am looking for the money to pay for bills etc until I receive my next bursary installment in mid-late january.