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honesttruth

Hi all,

I have a balance transfer card finishing and decided to take a loan out to pay it off and give a bit extra for some other bits and bobs i wanted to sort.

I rent my flat, earn 30k/year, credit card has £4,195 on it, limit of £5,800.

Have an over draft of around £800 as well. loan was to pay the credit card off in full and the overdraft.

No other cards/loans etc.

Never missed a payment, pay more then the minimum on the card, credit scores indicated all was ok.

I spoke to credit-expert a few hours before completing the application, they said my profile was fine, though there was an error on the electoral roll info where there was a mis-step as my details said flat number where the roll info said house. This was then corrected.

Did soft search on application and all ok and given a good rate, applied and was declined.

I rang up nationwide and they couldn't say the reason for this.

Is it likely that this was caused by the electoral role issue and will i need to check with all credit search providers to ensure this information is correct.

Also when is the next time I can sensibly apply for a loan or cc? I do not particularly want to have to pay the extra on the CC when the 0% comes to an end.

Cheers for any help,

honesttruth

Also loan was for £7500 and on credit expert I have a rating of 950,

thanks

You-kip

You failed their credit scoring that's it you can't do nothing about it.

SeanG79

You-kip wrote: »

You failed their credit scoring that's it you can't do nothing about it.

Unless you can prove that there was incorrect information on your credit report, in which case the lender will review the application. All depends why the application was declined.

Apples2

honesttruth wrote: »

I rent my flat, earn 30k/year, credit card has £4,195 on it, limit of £5,800.

Have an over draft of around £800 as well. ,

If everything else on your credit file is perfectly clean, I would give it a couple of months until your electoral roll issue is resolved.

Nobody knows a lenders mechanism for acceptance, it's like the recipe for KFC or Coca Cola.

Personally, I would rather have a larger Credit Card balance and no use of an overdraft at all than have a lower CC balance whilst also using an overdraft.
My personal rationale is that a credit card is used for reasonably large purchases (car, boiler repairs) whereas an overdraft suggests you cannot make your income support your outgoings.

If it were me, I would use the credit card more and get out of the overdraft (you have enough flex to do it with your current CC limit)

This should be done in conjunction with living on beans, cancelling anything you want as opposed to need to help bring down your excessive spending.

Yes, you will be paying interest when the 0% expires but this is a race to improve your likelihood of a decent loan later on.

If you haven't curbed your spending pattern by then, a loan isn't going to help too much as you will start spending on the credit card all over again, but supporting a loan too.

CLAPTON

your existing debts are about 5000 including your OD and you applied for 7,5000


so N/Wide would see your overall debt level of 12,500 which is on the highish side for your salary

and living in an OD tends to imply you have no spare money to pay their loan back

You-kip

SeanG79 wrote: »

Unless you can prove that there was incorrect information on your credit report, in which case the lender will review the application. All depends why the application was declined.

Unless you can also prove there's incorrect info on the credit report then I'll stick to my first quote cheers!

Clapton as summed it up above.

bargainbetty

You could consider applying for a low life of balance card with a balance transfer option. That would give you more flexibility on over paying. You would need to close your old account to avoid running the balance back up though. (I did it twice, far too easy to do)