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Rejected for a Loan, Where to Now??
Hey everyone.
This is a little long winded so please stay with me!
I recently applied for a loan with Northern Rock and was rejected. Before reading the articles here RE credit rating and loan applications I reapplied with Natwest.
At Natwest I was told that opening a current account would get me a preferred rate on the loan so the account was opened and the loan applied for. The guy who opened the loan told me that the application may be rejected because there is no activity on the account and not to worry - I would have the loan by the end of the week....
Two weeks later still no loan. When I queried this I was told that the application was made twice and rejected because I failed the credit rating check.
I have since gotten my credit report from Equifax and can see the search for the Northern Rock loan, the Natwest current account and the two Natwest loans. Also on the report are previous credit agreements that have long been cleared (years ago) and also details for my mortgage, overdraft, existing loan and credit cards.
Too me the outstanding balances don't add up to all that much and I've never missed any payments, although my old (paid off) Mint card says I did (Can this be fixed?)
Are there any other reasons I would be refused credit? For example, I changed address 8 months ago and I just opened an additional current account and then there are the other searches.
The loan I need is to pay off the existing loan and also pay for home improvements that have already been carried out!! Can anyone suggest where I might get a loan seeing as I have been refused twice now!?
Sorry for rambling on and sorry if this is in the wrong section...
Danny
This is a little long winded so please stay with me!
I recently applied for a loan with Northern Rock and was rejected. Before reading the articles here RE credit rating and loan applications I reapplied with Natwest.
At Natwest I was told that opening a current account would get me a preferred rate on the loan so the account was opened and the loan applied for. The guy who opened the loan told me that the application may be rejected because there is no activity on the account and not to worry - I would have the loan by the end of the week....
Two weeks later still no loan. When I queried this I was told that the application was made twice and rejected because I failed the credit rating check.
I have since gotten my credit report from Equifax and can see the search for the Northern Rock loan, the Natwest current account and the two Natwest loans. Also on the report are previous credit agreements that have long been cleared (years ago) and also details for my mortgage, overdraft, existing loan and credit cards.
Too me the outstanding balances don't add up to all that much and I've never missed any payments, although my old (paid off) Mint card says I did (Can this be fixed?)
Are there any other reasons I would be refused credit? For example, I changed address 8 months ago and I just opened an additional current account and then there are the other searches.
The loan I need is to pay off the existing loan and also pay for home improvements that have already been carried out!! Can anyone suggest where I might get a loan seeing as I have been refused twice now!?
Sorry for rambling on and sorry if this is in the wrong section...
Danny
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