Confused about credit scoring!

lagunagirl1984

Hi everyone,

I'm new to this so bear with me- I have been looking into applying for a loan, but when I have used the Smart Search facility on moneysupermarket.com it is only showing me 1 lender with a high rate. I was also recently declined for a credit card (which advised me to look into my credit file- I have done this and cannot see anything obvious that would adversely affect my scoring.
I have had lots of credit since I became 18, however I have never missed a payment and pride myself on being able to cope with the repayments on my exsiting debt, although I feel its now time to consolidate.

Any reasons as to why I am getting knocked back?

RichGold

How much debt do you have? You saying you feel the need to consolidate says to me that you owe quite a bit. It could easily be this that is stumping your recent applications for credit.

lagunagirl1984

I have about £10k but it is joint debt (not that that makes it any better) and would be a joint loan app but we seem to both have the same issue- although most of the debt is in my name.
I have thought that it could be the amount I have and I suppose this is where it goes round in circles when it cmes to credit. Very annoying, although did want some extra cash for Home Improvement too hence the £15k...

DCFC79

Why not aim to pay off the debt

Fiddlestick

lagunagirl1984 wrote: »

I have about £10k but it is joint debt (not that that makes it any better) and would be a joint loan app but we seem to both have the same issue- although most of the debt is in my name.
I have thought that it could be the amount I have and I suppose this is where it goes round in circles when it cmes to credit. Very annoying, although did want some extra cash for Home Improvement too hence the £15k...

So you already owe £10,000 and you want to borrow an additional £15,000 for home improvement, giving a total debt burden of £25,000 right?

How much do you currently earn?