loan - refused

LOR1984

Hi I need some advice please

I have always been accepted for cards and loans and have recently got married and changed my name I have done it with the electoral role and credit agencies – i have been accepted for a mortgage in my new name however i jut went to apply for a loan and have been refused – should I revert back to my maiden name as my bank account is in my maiden name. Do you think this could be causing the issues ?

Please help as I am confused my credit score on Experian is 974 – I owe 40% of my available credit however I require a loan for debt consolidation ?

Also how soon once a search for credit is made does it appear on your credit file ?

Please help as i can’t understand why I haven’t been accepted ?

Many thanks

callistris

Hi and welcome to MSE:)

I would ignore your Experian score, because based on what you've told me I would score you 999, which is as much use as your Experian score. Save your money on this as lenders don't see the score, so it means nothing towards your credit worthiness:)

I'm not an expert, but there are many reasons why loans are declined. You said that the loan was for debt consolidation, this alone could have meant why it was rejected.

Lenders are less likely these days to loan for debt consolidation, I'm not saying its definitely the reason, but it could have been something as simple as that.

How much was the loan requested?

LOR1984

THANK YOU

Do you think me changing names has any bearings on it or not ?

THANKS

[Deleted User]

More likely to be affordability. How much do you owe, on what income and how much are you looking to consolidate?

People who want to consolidate generally do so because they've already taken on too much borrowing for them to handle, which then makes getting further loans very unlikely.

LOR1984

ok so do you beleive if i select a reason eg home repairs it may be more favourable i have afte paying outgoings over 1000 a month disposable income

Emmzi

no, if you can't afford it by their criteria then you can't. If you need to consolidate you must be feeling stretched? else you would be using that £1k to pay down your loans each month?

Could also be new partner has a bad credit history and you are tied now? Joint insurance, bank account, anything like that?

LOR1984

hi

the reason i want to consolidate is because we are moving and need the house done up so i wanted to consoliate my credit cards to a small amount each month paying a low apr and then use my wages for workmen etc.

i am seperate to him except for indicduals assocaited on the credit file in which we are togeher on the new mortgage.

are ther any lenders that are known for being more generous then others ?

Wutang_2

Think you might want to look up the words "consolidate", "debt" and "loan" on here - this would be post number 134, 823 asking why they have been declined.

Emmzi

you are now financially linked then. so if his credit file is duff, you are both stuffed.

your mortgage will be approved on the basis of your current debt amount. There is usually a further credit check run prior to release of funds and if you take out an additional loan you may stuff up your mortgage. So in short: don't, and save up to be able to afford the workmen a bit at a time. If you have a sink with taps that run, lights that come on, a roof that doesn't leak and a loo that flushes, there's no urgency.

dealer_wins

1000 per month disposable income & need to consolidate credit cards doesnt make sense. If you really had £1000 per month after all expenses you would have zero balances on your cards.

The fact you have balances on them means you have £0 disposable income really.

LOR1984

Wutang wrote: »

Think you might want to look up the words "consolidate", "debt" and "loan" on here - this would be post number 134, 823 asking why they have been declined.

how do i look these up ?

thanks