Any help with a loan?

MUSTANG_SALLY_3

Iv applied for two loans one with zoopa which got rejected and Clydesdale bank again rejected.

I checked my credit report with Experian and my credit score was excellent with a high score.

I was looking for a £4000 loan, i earn 25k a year and i have an outstanding loan, which i only have £300 to pay on it. But i do have a 0% credit card with £6000 outstanding. I have never missed a payment on the loan or the credit card.

The loan is needed for a car, anybody have any ideas on companies i could try for a loan even tho i have just been rejected from zoopa and clydesdale.;)

Angry_Bear

Your score doesn't actually mean anything, so I'd suggest you examine your credit report to find out where the problem is. Lots of addresses, (any) missed payments, not on the electoral role, maybe just too little credit history. You need to find out why you were rejected before applying elsewhere or the repeated applications will cause you trouble.

What's the chances of using your 0% CC deal to buy the car, then paying it off before interest kicks in?

BugsyBrowne

MUSTANG_SALLY wrote: »

Iv applied for two loans one with zoopa which got rejected and Clydesdale bank again rejected.

I checked my credit report with Experian and my credit score was excellent with a high score.

I was looking for a £4000 loan, i earn 25k a year and i have an outstanding loan, which i only have £300 to pay on it. But i do have a 0% credit card with £6000 outstanding. I have never missed a payment on the loan or the credit card.

The loan is needed for a car, anybody have any ideas on companies i could try for a loan even tho i have just been rejected from zoopa and clydesdale.;)

Even people with decent credit histories are getting told to do one from banks these days.
It's a shambles really as we all stick our cash through them and when you want a little something back you get the middle finger.

I hate banks with a passion and the robots who work there.

MUSTANG_SALLY_3

Thanks,

Iv only lived at 3 addresses, my present one for years. I probably have only missed one payment in years. I have had numerous credit cards and loans which i have payed off.

I couldn't see anything in the report that would go against me in an application other than an outstanding debt on my credit card??

How do I find out why my application was declined?

I was looking at a £4000 loan over 5 years, a credit card is a good idea but i wouldn't be able to pay it off before the interest kicks in

Tixy

Who do you bank with?

You might be better waiting until your existing loan is repaid and thats reflected on your file.

Ignoring the score - what credit agreements do you have showing on your file? any missed payments at all?

Do you have an overdraft? do you use it?
Are you just paying the minimum on the 0% card?
Are you financially associated with anyone else?

MUSTANG_SALLY_3

I bank with lloyds and i could get a loan with them but they are charging 30% apr on a £4000 loan!! Nearly as bad as wonga!

On my file all it shows is my loan of £300 with lloyds still to pay, my bank account of which i am into my overdraft and my credit card. Its does show about 2 or 3 other cards from the past i have used and i have cancelled. It also shows my lloyds credit card, i have about £100 on it on a £10,000 limit.

I have no missed payments on my file and i try to pay at least £200 - £300 a month of my credit card with £6000 outstanding.

Tixy

Do you have 2 open credit cards? 1 with £6k and how much limit? and another with a £10k limit?
And you are in your overdraft?

This could be an issue for potential lenders - they may feel that already have access to a large amount of credit compared to your income.

Did you actually do a credit application with lloyds and get offered 30%? if your own bank is talking that sort of APR you may well struggle elsewhere.

If you have applied with them as well, how many recent credit applications have you made that show on your file? a lot in a short space of time can cause short term issues with getting credit (they basically think you could be desperate for credit, or think you could have already just borrowed some large amounts that are not yet showing on file, and so will be wary of lending to you).

Perhaps wait until the loan is paid off, try not to use the overdraft for a couple of months and possibly consider reducing down the limit on the lloyds card. Then apply in a few months. Of course none of this will guarantee acceptance, but they may improve your chances.

Alternatively - car finance secured on a vehicle is usually easier to get, as its secured (but not necessarily cheap).

MUSTANG_SALLY_3

Yes i have 2 open cards.

Lloyds £100 outstanding £10,000 limit
Barclays £6000 outstanding £9,000 limit

With Lloyds you can get a loan quote on the website which wont effect your credit score if you are a lloyds customer. The quote was 29.9%APR

Iv been turned down twice today with zoopa and clydsdale, maybe car finance is the way

dealer_wins

BugsyBrowne wrote: »

Even people with decent credit histories are getting told to do one from banks these days.
It's a shambles really as we all stick our cash through them and when you want a little something back you get the middle finger.

I hate banks with a passion and the robots who work there.

Its not about "credit history", its about affordability and ability to repay.

The OPs bank have obviously decided for whatever reason that their client is already fully committed and cannot safely afford an additional loan.

Better than the pre-credit crunch when they handed out money like confetti to people who had no hope of paying it back.

BugsyBrowne

dealer_wins wrote: »

Its not about "credit history", its about affordability and ability to repay.

The OPs bank have obviously decided for whatever reason that their client is already fully committed and cannot safely afford an additional loan.

Better than the pre-credit crunch when they handed out money like confetti to people who had no hope of paying it back.

It was more a generalisation.

SeanG79

Have you tried applying for vehicle finance? It is much easier to be approved for vehicle finance than for a personal loan, many people that hae been turned down for a personal loan are approved for vehicle finance...