Rejected twice!

Hoopylass

I applied for an abbey loan and was rejected and also sainsburys and was rejected today.
Its only for a small amount £3000, and I have a good credit rating so cant understand why!
WHo else should I try?

divadee

have you checked your credit files?

be wary about applying for lots of loans and keep getting rejected as these can affect your credit history. Nartin quotes in his article here

Avoid the ‘rejection spiral'. You apply. You get falsely rejected due to an error. You apply elsewhere. You get rejected again. This continues, until finally you check your files and get the error corrected. Now when you apply you're rejected again, not due to the error, but because of all the recent searches.

Thus if you're rejected once, immediately check the files are correct, otherwise you may mess up your score for an age. You'll be told by the lender which credit reference agency it used to assess your info, so focus on that.

It is possible after an error to get successive searches wiped, but it involves negotiation both with the agency and the lender and isn't easy.

i would double check which credit agency abbey and sainsburys use and get your credit file and go from there.

regularsaver1

affordability?

adam266

I too have been looking for a loan for £3000 But have been rejected ! I didn't look at my credit score & Rating before I started looking so don't know what it was like. I applied for a few loans And was rejected on them all !! I then went crazy and started apllying online for a loan, about 8 in total, all rejected !!
I have today looked at my Credit score/rating and it is very poor & have now read the article about the rejection spiral (oops) ! What can I do to improve this ? or is it just a waiting game (and don't apply for anymore credit for a while) and hope my score goes up ?

Cheers guys & I hope you get your Money in the end !!

thriftymomma

adam266 wrote: »

I too have been looking for a loan for £3000 But have been rejected ! I didn't look at my credit score & Rating before I started looking so don't know what it was like. I applied for a few loans And was rejected on them all !! I then went crazy and started apllying online for a loan, about 8 in total, all rejected !!
I have today looked at my Credit score/rating and it is very poor & have now read the article about the rejection spiral (oops) ! What can I do to improve this ? or is it just a waiting game (and don't apply for anymore credit for a while) and hope my score goes up ?

Cheers guys & I hope you get your Money in the end !!

I'd give the apply button a rest for 6 months or so. After a year your searches will drop off your file, so keep the rest of you credit accounts in order and your file with look much healthier then.

thriftymomma

Hoopylass wrote: »

I applied for an abbey loan and was rejected and also sainsburys and was rejected today.
Its only for a small amount £3000, and I have a good credit rating so cant understand why!
WHo else should I try?

Are either of those companies your own main bank? You may have better luck there if not.

Tori_Bellatrix

I would try Tesco ... always found them brilliant ... and they are lending .. I've just topped up a loan with them!

Catster77

I just applied to Abbey for a loan of 10k (Consolidating a Cahoot loan at 21.9% Apr, An Asda CC and a 3rd loan with AA) I have banked with Abbey for approx 12yrs.

I did everything correctly.. checked my credit score 999 out of 1000

No credit searches in last 12 mths

I'm on the Electoral Register

I've not missed a single payment in last 3 yrs

Still got turned down!

They sent me a letter stating I could perhaps borrow £3k from UCC plc

Thing is the loan and CC are both with Abbey/Santander..... I won't be extended the loan period I just wish to reduce the amount I pay per month by approx £50 and how much I pay back in the long run.. saving me about 2k I think!

So whats the problem and what should I do next? Or more importantly who should I try next?

Only thing I can think of is that I'm Self Employed but surelymy good payment history should be enough?

thriftymomma

How long have you been self employed for? That can have a bearing.

Catster77

3and a half years...

vuittondreamer

No i just think the lenders are looking and nitpicking every little detail of borrowing at the moment. They can see what balances you have and even though your credit score is good, they are looking at as a potential toxic debt. (not saying you would ever be, just that could be what they are thinking) Did you tell them it was for consolidation?