Co Operative loan issue

The_cleaning_guy

Hi,
I have banked with the co op for 5 yrs now with no issues.
I applied for a 2k loan a couple of days ago and was refused which was no surprise as they are stupidly hard to get money out of.

I was told it was experians results as to why I was refused, I have been onto credit expert tonight and my score is 913 out of 999.
Only 1 neg factor is the recent applications.

Anyway the credit expert site links you to loans which are suitable for your credit score and second to come up was co op at 7.9%, I was quouted over 20% when I applied.
I have screamed from the rooftops at co op but frankly I may as well talk to the carpet.
I was in an IVA some yrs ago but credit file shows it a settled in 2008, no money outstanding, no debts, ect...

How can I move forward with the co op? Any suggestions please, I have complained but frankly dont want to wait for 4357 days to get a letter from them giving me experians details !

BugsyBrowne

Only 1 negative which is current searches, do experian not pick up the IVA which is on your account settled or non settled alarm bells start to ring if the lender spots that and being 4 years ago that would of been picked up.

Apart from that its hard to tell without knowing your financial circumstances.

Tixy

In what way do you want to move forward with them?

You applied for a loan and theey've declined you for it because of the information on your experian credit report (not the score - they don't see the score).

If your credit report shows you were in an IVA in 2008 then thats likely the reason they have chosen to decline you. Although even if you had not been in an IVA and had never had a single missed payment for anything they could still just as easily have given you that same response.

What did your complaint to them say?

The credit expert link to potential lenders that may consider an application from your favourable - its just a possible recommendation, its not an offer of a loan or a guarantee. And many would say its not a very good guide at all as to what you might be accepted for - as you have found.

The_cleaning_guy

BugsyBrowne wrote: »

Only 1 negative which is current searches, do experian not pick up the IVA which is on your account settled or non settled alarm bells start to ring if the lender spots that and being 4 years ago that would of been picked up.

Apart from that its hard to tell without knowing your financial circumstances.

The Iva is on there, but listed as settled in 08 and all upto date.
With no other outstanding monies and a score of 913 and a really good 5 yr record with them I just cant understand why they would refuse me.

Finances are good, fair paid job, been in house for 6 yrs, electoral role fine.

I understand the IVA thing but that is not listed as a negative thing. Worked hard to settle it and honestly it was the worst thing I ever did but thats life I suppose.

BugsyBrowne

The_cleaning_guy wrote: »

The Iva is on there, but listed as settled in 08 and all upto date.
With no other outstanding monies and a score of 913 and a really good 5 yr record with them I just cant understand why they would refuse me.

Finances are good, fair paid job, been in house for 6 yrs, electoral role fine.

I understand the IVA thing but that is not listed as a negative thing. Worked hard to settle it and honestly it was the worst thing I ever did but thats life I suppose.

Yes your right you probably shouldn't of settled it as a defaulted account would of come off your report the same time frame as your IVA which is 6 years.

Please take no notice of the score experian have give you as they don't lend money Means it's pretty pointless.

Tixy

The_cleaning_guy wrote: »

I understand the IVA thing but that is not listed as a negative thing. Worked hard to settle it and honestly it was the worst thing I ever did but thats life I suppose.

Do you mean experian haven't specifically listed it as a negative item in the summary of your report?

Regardless of your score, regardless of experian terminology it certainly is considered a negative to any potential lender.

The_cleaning_guy

Tixy wrote: »

Do you mean experian haven't specifically listed it as a negative item in the summary of your report?

Regardless of your score, regardless of experian terminology it certainly is considered a negative to any potential lender.

No I have 3 positive things which are all accounts upto date, no monies outstanding, ect, and 1 negative which is recent searches, I applied for a mobile phone in april and was sucesssful, and applied for a co op upgraded current account which was refused.

The_cleaning_guy

BugsyBrowne wrote: »

Yes your right you probably shouldn't of settled it as a defaulted account would of come off your report the same time frame as your IVA which is 6 years.

Please take no notice of the score experian have give you as they don't lend money Means it's pretty pointless.

So if I had defaulted on it I would be in the same position? Really, OMG I wont tell my wife that one!!

Apples2

The_cleaning_guy wrote: »

I understand the IVA thing but that is not listed as a negative thing. .

In the same way Bankruptcy is considered a positive thing?

Seriously, it is going to hammer you for a long time yet. It shouts a huge warning to prospective lenders not to go near you with someone elses barge pole.

Be VERY careful with the Credit Expert passing your details on thing.. the ninja Fee charging brokers and Indian advance fee scammers are going to be lining you up.

Tixy

The_cleaning_guy wrote: »

So if I had defaulted on it I would be in the same position? Really, OMG I wont tell my wife that one!!

Defaulted on the IVA? - no you wouldn't be in the same position - it would likely be worse, you might also have had a bankruptcy on your file, or CCJs, or at least unpaid debts.

Defaulted on the original debts? well you did default on them by entering the IVA, and the defaults would also have originally shown on your credit file. If you could have avoided an IVA and made repayments sufficient to repay the whole debt and if your creditors hadn't obtained CCJs against you at any point then you could probably had a better credit file by now than if you hadn't entered an IVA.

The_cleaning_guy

Apples2 wrote: »

In the same way Bankruptcy is considered a positive thing?

Seriously, it is going to hammer you for a long time yet. It shouts a huge warning to prospective lenders not to go near you with someone elses barge pole.

Be VERY careful with the Credit Expert passing your details on thing.. the ninja Fee charging brokers and Indian advance fee scammers are going to be lining you up.

Not to worry, nobody will get owt out if me! To be honest i am not too bothered as was only looking at a project car for weekends, just thought why not.
Trouble is my old mum taught me that a principal is a principal. the same as you would think a relationship with a bank was more important than a credit score.