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

DCFC79

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 would be better of starting your own thread but the gist of it is your wanting to borrow too much, loans isn't always the best solution, cut back on stuff. Not what you wanted to hear but thats how it is.

iolanthe07

The £3 grand overdraft is the clincher. Huge overdrafts indicate to banks that you are not good at managing money.