Good Credit Score

jimbo72

Hi, don't know if anyone might know,but im trying to borrow some money to pay off a couple of credit cards that i and my have.
My credit history is good i have a score of about 850,have not missed any payments. have been to my bank they have offered loans at crazy high rates,but i cant understand why,have also done a couple online and been refused.
have checked my history again today and all is clear and good so not sure what's wrong.
anyone have any thoughts??
thanks

IainHL

You say "some money", but don't say exactly how much. The banks do tend to charge "crazy high rates" for small amounts of borrowing, dipping down to a low for middling amounts, before rising again as you get to the high amounts.

To illustrate Halifax charge:
29.9% for loans between £1,000 and £5,999;
6.8% for loans between £6,000 and £15,000;
15.4% for loans between £15,001 and £25,000.

gb12345

jimbo72 wrote: »

Hi, don't know if anyone might know,but im trying to borrow some money to pay off a couple of credit cards that i and my have.
My credit history is good i have a score of about 850,have not missed any payments. have been to my bank they have offered loans at crazy high rates,but i cant understand why,have also done a couple online and been refused.
have checked my history again today and all is clear and good so not sure what's wrong.
anyone have any thoughts??
thanks

First, forget the credit score it is just an irrelevant figure presented by the credit agencies.

How much are you looking to borrow?
How much do you earn?
How much is your existing credit (including what you want to consolidate)?

And stop applying - each application you make will leave a trace on your credit history (unless it is a soft search like Nationwide do), which will have a negative affect when other lenders consider you.

jimbo72

my partner and i have around 7.5-8k between us that we are looking to borrow.
i earn 26000 a year she earns about 12k.
we always make sure all our payments are made on time and have not missed any.
i have only done a couple of searches online over the last few months

gb12345

jimbo72 wrote: »

my partner and i have around 7.5-8k between us that we are looking to borrow.
i earn 26000 a year she earns about 12k.
we always make sure all our payments are made on time and have not missed any.
i have only done a couple of searches online over the last few months

So did you apply for a joint loan or just in your name?

You are looking to borrow a total of £16,000, which with your salary alone you wouldn't get as your income is well outside the 50% that lenders use as a rule of thumb.

CLAPTON

jimbo72 wrote: »

my partner and i have around 7.5-8k between us that we are looking to borrow.
i earn 26000 a year she earns about 12k.
we always make sure all our payments are made on time and have not missed any.
i have only done a couple of searches online over the last few months

maybe you could be a little more precise

how much are your debts
how much are you seeking to borrow

how much are her debts

are you applying for a loan in your name or jointly

presumably you are on the elctoral roll

jimbo72

our debts are 7-8k(about 4k each)
we are looking to borrow that amount.
i have only applied on my own so far
and yes we are registered

CLAPTON

if you owe 4k already and borrow another 8k the lender will see your total debt at 12k which is a bit high as you only earn 26k

why do you need the money?

jimbo72

we have pretty much all that debt on a couple of 0% cards that we have been chipping away at each month.
that deal finishes in a few months so was looking for a good loan to pay off the remainder

gb12345

jimbo72 wrote: »

our debts are 7-8k(about 4k each)
we are looking to borrow that amount.
i have only applied on my own so far
and yes we are registered

The problem is that a lender will consider the total amount of credit you will have as they will work on the worse case scenario that you will not pay off the debts you told them you were going to.

Even if your debts are 4k, with another 8k on top, it is borderline that they will be acceptable to lenders.

You could refinance your credit as 8k on your salary should be OK, but your partner would be stuck as they would be trying to borrow 8k on a 12k salary - which won't happen.

There is also another thing to consider - and I'm not commenting on your relationship as I don't know whether you've been happily married for 30 years or just living togeter for a few months. But you need to be sure that you are happy to potentially saddle yourself with the responsibility for your OH's debts.

jimbo72

im quite happy to take it on if poss.
what about a join application?
im still worried if i apply for 8k on my own i will just get refused