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Confused about credit scoring!
lagunagirl1984
Posts: 2 Newbie
in Loans
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?
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?
0
Comments
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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.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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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...0 -
Why not aim to pay off the debt0
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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?0
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