Maximising Chances of Getting Loan

swshaun

Hello there folks,

I am trying to borrow £8k but am getting very mixed messages about my and my partners credit rating.

Presently I have a loan with Lloyds TSB -- this is where I would get my loan. We had a touch of a wobble with the current accounts at Christmas with regard to bank charges but have kept our noses clean since then. They advise me it is down to how we run the accounts -- we have had no charges or overruns for 3 months now.

Though I have an overdraft with them, I am in a position to do one of the following:

(A) Repay the existing loan over the next two months
(B) Repay the existing overdraft over the next two months

Yet I was recently approved for a Braclaycard Platinum (£5k limit which was a godsend at the time -- wedding to plan!) though have been declined by other lenders prior to that.

I am wondering if my partner should apply for a loan or where the best place to apply for a loan would be? I can wait until August until need be to improve the credit rating.

Thanks in advance.

KingElvis

If you've had bounced direct debits and charges in the last twelve months and you use your overdraft all the time I would imagine your chances of getting a loan with your bank are very low indeed. This is because all banks run an internal rating system.

If these issues have not affected your credit history then you may be ok with the likes of Tesco. If TSB have plonked bad history on your record with the CRAs then expect a decline there too.

I would say you need at least six months without any "wobbles"

Apples2

swshaun wrote: »

They advise me it is down to how we run the accounts -- we have had no charges or overruns for 3 months now.

You'll have to post a lot more info to get accurate advice, your salary, debts, joint accounts etc.

Lenders will see that you overspent at Christmas, they will also see you are trying to get yourself £13,000 in debt (£8k loan + £5k CC).

The Lender will notice that by the time you have made 6 repayments of any new loan, Christmas will once again be upon us. If you "had a wobble" last year, how are you going to avoid a "wobble" this year when you will have an additional £13,000 debt to service?