loans declinded, but why

lanceneoman

i have only just started my job on £30,000, i havent even recied my first proper pay check. before hand i was unemployed for a year due to being made redundant. we are not even financially linked as we have only just moved in together.

lanceneoman

tinkerbell28 wrote: »

The fact you earn 45k between you and needed a guarantor and live in the overdraft is one of the main reasons.

With a good salary you're living beyond your means and they see you as a risk.

Councils only update their records once a month. So February would be correct. The first thing you should do when moving in is apply for the ER. As it's important, as you're now finding.

Rentals don't usually ask for a guarantor just because you haven't been on the ER, or 6 months upfront, it's when they worry the rent won't get paid.

Im with an estate agent called hicks hadley, and to be honest they are terrrible. My credit ratings poor due my ex partner leaving me in debt and i am not on a DRO. as well, but they werent bothered about that, they we bothered about the electoral role

tinkerbell28

Now it's making a lot more sense. You've only just got your job. You'd been redundant for a year.

You as the main breadwinner have a poor credit history. I not sure why you mentioned a DRO. Are you financially linked to your ex who's on a DRO?

Sorry to say, a main breadwinner who's got a bad credit history will be the main reason for a guarantor request.

Then your partner. She's only on 15k a year. She's living on an overdraft which has a 1k limit, not on the electoral roll. She'd be very hard pushed to pass affordability, never mind the ER. She wants a loan for a car and and babies room, only on 15k a year already in a 1k OD? That's her main problem unfortunately. It's not great money. As a sole applicant.

Getting on the ER is not going to solve all your problems I'm afraid.

Oh and if you've been applying together you're now financially linked. So new job, bad credit, which will now effect you both. No ER. Then you will be declined. The ER in February isn't going to change your options tbh.

lanceneoman

my ex has dissapeared out of the country and unable to locate her.

1 k isnt that much though is it. Our intension was to borrow £4000, paying off the £1000 OD , think we shall probably wait until summer time and try again when shes on the elctoral role and things give things time to settle.

tinkerbell28

lanceneoman wrote: »

my ex has dissapeared out of the country and unable to locate her.

1 k isnt that much though is it. Our intension was to borrow £4000, paying off the £1000 OD , think we shall probably wait until summer time and try again when shes on the elctoral role and things give things time to settle.

Yes it is. She's asking to borrow a 3rd of her salary before tax as debt. 5k total. They will underwrite for the whole lot on consolidation.

15k isn't a high wage. So it's no huge surprise really. The ER then won't help. Neither will the multiple searches.

In summer won't her income be a lot less if she's on maternity leave?

The problem is, that I see, her income isn't high enough.

So are you applying together, is that what you've been doing? As that will then link your financial histories together. If you're credit is that bad a loan is a no go, ER or no ER.

So personally I don't think not being on the ER is the reason no, I think you'll struggle anyway. But good luck.

lanceneoman

no we dont do joint ones as i dont want to impact her rating. It confusing me because 3 years ago, i was earning £11,000 a year had a £1500 overdraft and had a £6000 loan over 4 years.

We have only applied for one.

oh well just have to wait and see.

lanceneoman

shes on full pay while on maternity leave. shes having only 6 months off.

tinkerbell28

The thing is now though. Affordability. That's the new buzz word.

The fact you've now got a shot credit file, so kind of case and point. Like the first post on here, low salary + living in o/d = one payday away from crisis.

If I could give you one bit of advice, it's to STOP applying. If even her own bank or sub prime have said no. More applications just make her look desperate for cash. Which will scare them off even more.

lanceneoman

yes we will now stop applying, however we have only applied once.

we are not desperate by any means. but wil probla ly just leave it a year and see how things are then.

thank for all you help.

also btw, we applied to be put on council ER in october, but they said they wont do it until february.

again, thankyou

tinkerbell28

lanceneoman wrote: »

yes we will now stop applying, however we have only applied once.

we are not desperate by any means. but wil probla ly just leave it a year and see how things are then.

thank for all you help.

also btw, we applied to be put on council ER in october, but they said they wont do it until february.

again, thankyou

It does say in your op and post. Loan(s) declined plural. That you've tried her bank and a bad credit company, so that would suggest more than one application. Which is why I said be careful as it can make the lenders think she's desperate.

Secondly you don't have to wait until October to get on the ER. This can delay it a bit as it's census time. Every time I've moved, I tell the council ASAP and it's on there a month later. This seems standard around the country. The census data doesn't get processed until about January/February .

I would definitely wait as her wages aren't that good to support her, her child, living, a car and debt. Which is how they will look at it. I'd wait until she's earning more tbh. Good luck