Some advice please.

sean1979

Hi to all

A few years ago i had a few money probs which left a bad print on my credit report, i have paid it in full and i have made sure that my credit has stayed clear for roughly 7 years, i applied for a barclaycard visa over a year ago and was accepted with a £400 limit, since then they have increased it to £800 which is more than enough, i pay it off in full every month, i also have a couple of very small loans, i.e finance, which payments are never missed, i have roughly £800 left.

i earn between £1600 and £2000 a month depending on overtime, so i can afford all payments in full and other bills and still have about £1000 left each month.

i have checked all 3 credit agencies and all are identical, no bad points or red or orange marks all are green, i am on electoral role and have no linked people or addresses.

everytime i apply for credit or a loan i am constantly refused and i just dont get it, i manage my money very well but i just dont see what is wrong, i have a credit card so why cant i get a loan, i did try my bank who i have been with for quite a long time and even they refused me, when i asked why they refused to tell me, i jus keep getting the same automatic computer response.

any help would be grateful

DCFC79

You can get refused even if theres nothing wrong with your history/credit file.

You dont say but are you on the Electoral Roll ?

sean1979

i did say i was on electoral role lol

Niv

You have a £800 credit limit on your CC with a £1600 take home (overtime is not guaranteed). 50% of earnings is the commonly quoted limit for credit. So from the info you have provided I would say you may find it hard to get further credit as you are at (or slightly over with your other loans taken into account) your limit.

Niv

sean1979

even though i can afford repayments i am still limited to the amount of credit i can have, what if i wanted a car on finance i take it i am screwed then aswell, even though i can afford the payments.

bargainbetty

Perhaps you are making too many applications and it looks like you are desperate. Perhaps if you gave the applications a rest for three-six months (use the time to save the equivalent loan repayments towards whatever it was you wanted to buy) and think about how much you are asking for in relation to your income.

Everyone is restricted on the amount of credit they can take - it is down to affordability, and they think you are not properly accounting for your living expenses on a moderate income (you do seem to have a lot of disposable income) then they may question that too.

Worth a shot?

sean1979

i see your point.
i have only done 2 loan applications so that shouldnt affect my file surely, and the reason i have a bit of money left is that i have always been careful with my money, i just dont see why there is a problem.
Example
say i wanted a car that cost 15000 and the monthly repayments are 200.
i can afford the repayments no problem, but from what i can see is that unless i earn 50000 a year then they wont look at me.

i just dont see why its such a problem when i can afford to pay the monthly repayments

Clive_Woody

Niv wrote: »

You have a £800 credit limit on your CC with a £1600 take home (overtime is not guaranteed). 50% of earnings is the commonly quoted limit for credit. So from the info you have provided I would say you may find it hard to get further credit as you are at (or slightly over with your other loans taken into account) your limit.

Niv

Normally I believe that people quote 50% of your annual salary as the max amount you can borrow, not 50% of monthly income.