Earn £93k a year, Rejected for 10K loan?!

Rayden

Hi there-

I've been lurking for a while and am hoping people can help me.

I have £1,500 in credit card debt on an hsbc credit card with a 9k limit.

In a previous relationship, about 7 years ago I took out a loan with my then-boyfriend. It was for 10k; and there's about 4k left of it. We had a house together and other links but reached a settlement which involved court around 2008. I have no financial links now, this 10k loan is paid for by him as stipulated by the court, but I am named on the original application. Also it's likely he has a bad credit rating.

I have never missed a single direct debit or credit card payment and pay more than the minimum off each month.

I earn £93,000 a year and work for a major UK bank as an Accountant.

I applied for a loan of 10k from Nationwide and have been rejected - they cannot tell me why; only that I do not meet their 'lending criterea'.

Any advice?

~Brock~

Can your employer help? Don't banks offer staff loans like they used to do?

82much

Not being rude but I am not surprised at the reply. If you earn £93,000 per year and you cannot pay off your cc of £1,500 in one go then alarm bells would ring for me!

BugsyBrowne

Rayden wrote: »

Hi there-

I've been lurking for a while and am hoping people can help me.

I have £1,500 in credit card debt on an hsbc credit card with a 9k limit.

In a previous relationship, about 7 years ago I took out a loan with my then-boyfriend. It was for 10k; and there's about 4k left of it. We had a house together and other links but reached a settlement which involved court around 2008. I have no financial links now, this 10k loan is paid for by him as stipulated by the court, but I am named on the original application. Also it's likely he has a bad credit rating.

I have never missed a single direct debit or credit card payment and pay more than the minimum off each month.

I earn £93,000 a year and work for a major UK bank as an Accountant.

I applied for a loan of 10k from Nationwide and have been rejected - they cannot tell me why; only that I do not meet their 'lending criterea'.

Any advice?

Theirs Obviously something lurking on your credit files what they don't like the look of.

DCFC79

Cant get whyyou have a cc debt when you earn £93k.

I bet you could save up what you need over a period of a month or 2.

Rayden

The problem is we're buying a house and need a 10% deposit in the next few weeks (house is being built, we pay 10% this year, 10% next year and a mortgage on the rest). Normally it wouldn't be a problem but we need the money fairly quick.

My now boyfriend of 3 years has excellent credit and just got himself an MBMA balance transfer credit card for their 20 months interest free offer and applied for a 12K limit.

I apply for less in the form of a loan and am declined.

it's crazy I can't found out why.

I have a few K in credit card debt as we do spend a fair bit, living to our means in zone 1 in london, but I was confused to see myself rejected.

Now i'm concerned as when we marry or if we open a joint account I might affected his credit rating?

pheonixrising21

As others have said, how have you got £1500 on a credit card when earning £93k. Surely thats over £3k per month after tax?

If the court has ordered your ex to pay the loan off, why is it still in your name? Can't the loan provider change it to his name as you have proof from court that its his loan, and he has to pay it?

I don't often say this, but can you save instead of getting a loan? Usually for a sum such as £10k, it would take a long time to save that, but as for you its less than 4 months net salary and you seem to have no outgoings and very little debt, that is what I would suggest. Unless there is something on your credit record tht you're not telling us?

pheonixrising21

Rayden wrote: »

The problem is we're buying a house and need a 10% deposit in the next few weeks (house is being built, we pay 10% this year, 10% next year and a mortgage on the rest). Normally it wouldn't be a problem but we need the money fairly quick.

My now boyfriend of 3 years has excellent credit and just got himself an MBMA balance transfer credit card for their 20 months interest free offer and applied for a 12K limit.

I apply for less in the form of a loan and am declined.

it's crazy I can't found out why.

I have a few K in credit card debt as we do spend a fair bit, living to our means in zone 1 in london, but I was confused to see myself rejected.

Now i'm concerned as when we marry or if we open a joint account I might affected his credit rating?

Does your mortgage provider know that you are borrowing the deposit (or part of it)? usually they don't like that

I am assuming that the £10k is not the full deposit? I say this because £10k is 10% of £100k, and that would buy a plot of land no bigger than a phone box in London, and thats without the building on it!!

shedhead55

You may have a financial association with your ex recorded on your credit file and as it it is likely that he has a bad record that could be a reason for rejection.

PasturesNew

You take home £5k/month .... can't you just move into a friend's cupboard and eat beans for 2 months?

[Deleted User]

Rayden wrote: »

it's crazy I can't found out why.

It all seems pretty staightforward.

You have no savings.

You cannot pay off a £1500 credit card debt.

You need to borrow for a deposit.

You're presenting yourself as very high risk, as so far you've managed to save -£1500 to buy a house.

And as phoenix says, the borrowed deposit won't fly anyway.