Good Credit Score....but refused a loan????

Tixy

BugsyBrowne wrote: »

People age by reading your posts trix.

Ageing is immutable brugs.
If people spend some of the time they are ageing reading my posts then at least they'll also be a little wiser as well as a little older.

Apples2

I had to Google immutable :laugh:

[Deleted User]

Apples2 wrote: »

I had to Google immutable :laugh:

Be honest Apples. You had to Google 'Ageing' and 'is' as well.

puffin77

Hi to all, thanks very much for your advice. The total debt is around £12Kish and I earn £13K, but am married and combined we earn roughly £42K. I don't know if that would make a difference. It just annoys me how Nationwide said there was an offer exclusivley for me blah blah and then it gets declined when I apply for the offer. They say it's because I don't have enough diposable income (whatever that means.....yes I am being thick!) BUT why is my credit score Good then?? So kerfuffled! :eek::eek::eek: :(:(

[Deleted User]

puffin77 wrote: »

They say it's because I don't have enough diposable income (whatever that means.....yes I am being thick!) BUT why is my credit score Good then??

Because the CRA's don't know your salary and are happy to make up a score without knowing it.

bargainbetty

If your debt is £12k and your salary is £13k, then there is your answer. Banks are unlikely to lend you any more money, because your personal income will not support it. If you want them to take your OH's income into account, then you will need to include them on the loan.

Good luck

BugsyBrowne

puffin77 wrote: »

Hi to all, thanks very much for your advice. The total debt is around £12Kish and I earn £13K, but am married and combined we earn roughly £42K. I don't know if that would make a difference. It just annoys me how Nationwide said there was an offer exclusivley for me blah blah and then it gets declined when I apply for the offer. They say it's because I don't have enough diposable income (whatever that means.....yes I am being thick!) BUT why is my credit score Good then?? So kerfuffled! :eek::eek::eek: :(:(

Your repayments might be good but lenders take in so much more info like 12k debt on 13k salary now a lender would see you as a high risk.

So in reality you would fail a lenders scoring due to be high risk.

Those mugs experian are great for a statuary report but their scores are worthless and most defiantly incorrect in many ways.

bigadaj

BugsyBrowne wrote: »

Your repayments might be good but lenders take in so much more info like 12k debt on 13k salary now a lender would see you as a high risk.

So in reality you would fail a lenders scoring due to be high risk.

Those mugs experian are great for a statuary report but their scores are worthless and most defiantly incorrect in many ways.

Bugsy - always defiant!

damsie4

Hi

I sympathise with you!

I am with HSBC and have been for many years

I am in currently in very secure, full time employment, earning a basic of approximately £41500 per year and overtime of approx £8000 a year. I have an HSBC personal loan (bal £8500, flexi loan £1500, overdraft £3000 and credit card £4750). I am a (mortgaged £55k equity) homeowner. I was seeking to consolidate or something similar the above into maybe one loan as I seem to be in a constant 'trap' where I just seem to be paying excessive charges for the above services. I did an Experian credit check, which showed many previous good credit accounts with no defaults. It does state however that I am considered some risk due to my 'high level of personal borrowing'. I applied to consolidate all these HSBC debts with them via low rate personal loan. The manager at the branch allegedly wrote a supporting report but this was rejected by head office. They stated that it wouldn't be viable for me as they couldn't offer me a low enough interest rate due to my 'risk'!!! I cannot understand this at all! I ws told to go away for 3 months and see if my rating would improve!? I really am looking to consolidate £15k of the debt (paying of £3 with savings) but do not want to be refused again!!!

I would like to close the overdraft and flexiloan facilities completely. Can anyone help or point me in the right direction please? Any advice would be massively appreceiated.

Thanks again

Mara69

damsie4 wrote: »

Hi

I sympathise with you!

I am with HSBC and have been for many years

I am in currently in very secure, full time employment, earning a basic of approximately £41500 per year and overtime of approx £8000 a year. I have an HSBC personal loan (bal £8500, flexi loan £1500, overdraft £3000 and credit card £4750). I am a (mortgaged £55k equity) homeowner. I was seeking to consolidate or something similar the above into maybe one loan as I seem to be in a constant 'trap' where I just seem to be paying excessive charges for the above services. I did an Experian credit check, which showed many previous good credit accounts with no defaults. It does state however that I am considered some risk due to my 'high level of personal borrowing'. I applied to consolidate all these HSBC debts with them via low rate personal loan. The manager at the branch allegedly wrote a supporting report but this was rejected by head office. They stated that it wouldn't be viable for me as they couldn't offer me a low enough interest rate due to my 'risk'!!! I cannot understand this at all! I ws told to go away for 3 months and see if my rating would improve!? I really am looking to consolidate £15k of the debt (paying of £3 with savings) but do not want to be refused again!!!

I would like to close the overdraft and flexiloan facilities completely. Can anyone help or point me in the right direction please? Any advice would be massively appreceiated.

Thanks again

You have a lot of high debt (£17,750k); nigh on 50% of your income (without overtime). Plus, if you are using your overdraft this is a red flag to a lot of lenders. You say (and probably are) going to consolidate but your lenders don't know that. As far as they are concerned, if they lend you a further £15k, you could spend this and end up owing a whopping £42k!!!

You need to pay off your debts the hard way.