Can't get a loan ... so frustrating!

KingElvis

If you go into your overdraft every month you do not have an impeccable credit rating at all, well not with your own bank anyway.

Sorry.

MoneyCat_2

Tixy wrote: »

When you say you checked another credit reference agency and it had different results -
which agency - there are 3, experian, equifax and callcredit (now also called noddle)
did it show your information correctly? ie did it show you were on the electoral roll for example?
Did it show any problems / issues?
You need them all to be correct as you don't know which agency a lender will choose to search. Or at least if only 1 is correct you'd need to check that thats the agency your chosen potential lender does use.

I'd suggest ensuring your overdraft was fully paid and not used for a couple of months - on a salary of £47k they'll want to see you can manage on that without having to resort to an overdraft (otherwise they'll wonder how you'll afford repayments).
I'd also pay off the credit card and then use and pay on in full each month.

I'd think that would maximise your chance of being accepted. That said if you've applied for nothing for 6months you could try applying for a loan now. You might want to consider nationwide as they do a soft search option - which will give you an indicative quotation without a full credit search.

Thanks for your response. I'll try to stay out of the overdraft and paying off the credit card each month won't be a problem so I can do this also. The other company I checked was Equifax. They did in fact have incorrect information and were totally incompetent when I tried to change it to the correct information. I just gave up ... that was about 8 months ago.

Tixy

What was incorrect - this could easily be the reason you've been declined for credit.