Lending to non-UK Citizens

Teasey

Hi All - I'm new here but I've been reading the threads for a while and find them all very useful so I hope you can help with this

My boyfriend and I are both Irish and have been living here almost exactly 2 years. Both in our early 30's, full time employed - me in the same position since I got here and himself in the current job 7 months and the last one for the rest of the time. Same London address since July 2010. Combined earnings of just over £60k pa and both have checked out our respective Experian Credit thingy and we're both in the green/good category. However, we've applied for a joint personal loan of £10k and have been refused

The Credit Rating thing her baffles me - as it seems unnecessarily complicated but I suppose I'm wondering if the problem might be that we don't have a UK address for 3 years? I pay our rent, utility bills and council tax from my account along with my mobile phone bill DD and I have an overdraft facility on my current account. My partner has one DD from his account (cable TV) - we have no other financial commitments

As I said, any help would be appreciated

KingElvis

You're probably suffering from a "thin credit file"

Search Google.

Teasey

Yeah, I think so. Is there anything we can do? (Except just staying here longer obviously!)

DCFC79

You tried your own bank ?

Dont whatever you do pay for a broker to find you a loan as you will have the hassle of trying to get the money back, may be a small fee but its the principle of it, why pay someone to do it when you can do it yourself for free.

Teasey

My own bank offered me a loan but it had a 25% interest rate - that's far higher than I would be prepared to pay so I declined

iolanthe07

This is a common problem for new arrivals here - I had the same issues when I went to live in the US. If you can hang on for another year you will find things much easier - three years seems to be the magic number.

paddyrg

Teasey wrote: »

My own bank offered me a loan but it had a 25% interest rate - that's far higher than I would be prepared to pay so I declined

I ended up borrowing a grand I didn't need at a rate I thought excessive for a year just to get a credit file in shape! But doing so made me a viable target for lenders - may be worth borrowing the least your bank will lend you and if you pay it back ok, you'll be considered a safer bet :-)

jonesMUFCforever

Are you here as UK citizens or Irish?
If so you may find credit hard to come by until you have been here for at least 3 years.

screwball1962

Hi looking for advice, I applied for a loan to consolodate existing debt, but was turned down and the reason tesco gave was that my credit ref rpt reflected an existing high level of lending. THAT was why I wanted the laon to clear this. Can anyone help???

jonesMUFCforever

screwball1962 wrote: »

Hi looking for advice, I applied for a loan to consolodate existing debt, but was turned down and the reason tesco gave was that my credit ref rpt reflected an existing high level of lending. THAT was why I wanted the laon to clear this. Can anyone help???

Perhaps starting your own thread would be my advice.

dresdendave

screwball1962 wrote: »

Hi looking for advice, I applied for a loan to consolodate existing debt, but was turned down and the reason tesco gave was that my credit ref rpt reflected an existing high level of lending. THAT was why I wanted the laon to clear this. Can anyone help???

Tesco have probably done you a favour, you will not solve your debt problems by more borrowing. Post an SOA on the DFW board for advice on reducing your outgoings and use the savings to increase your repayments. You reduce debt by paying it off, not by shifting it to a different lender.