Why can't I get a loan?

GingerFurball_2

Always the same with blowhards. Go from 'I've never missed a payment' to 'ok, I missed a few direct debits' or some such problem.

redcard

GingerFurball wrote: »

Always the same with blowhards. Go from 'I've never missed a payment' to 'ok, I missed a few direct debits' or some such problem.

They were only late payments because he forgot.

It's a damn good excuse.

Caladan

DCFC79 wrote: »

Whats the need for :
5 credit cards,
3 phone contracts,
one soft finance account,
2 credit building accounts,
two home credit accounts

You didn't actually answer DCFC79, you just said what's being closed - This is actually quite a pertinent question.

Lets say I'm an underwriter looking at a loan application:

17 credit accounts just two years after being able to get credit at all - Red flag

3 active bank accounts
Red flag

Returned direct debits (these are often reported as missed payments on your bank account to Credit Agencies now). A bounced direct debit is not good, and is probably why your bank keeps renewing your 'do not lend' marker.

Red flag

Having a ton of money in savings but not having the foresight to put money in to cover your direct debits does not show financial responsibility either.

Playing the lottery
Not a red flag, nobody cares. If it was what I call 'active' gambling such as casinos or betting shops it's a different story.

---

All of the above are reasons not to lend (apart from the lottery thing).

What are the reasons TO lend? Good salary for your age and a bit of cash in savings (which isn't usually taken into account).

If you CAN get a loan approved, it's not likely to be in the interest rate range you're willing to pay.

Sorry to sound harsh, but you're actually something of a bad credit risk based on behaviours.

closed

the lack of a part time supermarket checkout payslip saying 28k could be the reason, or maybe you never applied really, and it's all made up like all the other threads.

A lot has happened in 2 years

https://forums.moneysavingexpert.com/discussion/comment/61149399#Comment_61149399

https://forums.moneysavingexpert.com/discussion/comment/59697369#Comment_59697369

https://forums.moneysavingexpert.com/discussion/comment/49453973#Comment_49453973

https://forums.moneysavingexpert.com/discussion/4565707

https://forums.moneysavingexpert.com/discussion/4435215

https://forums.moneysavingexpert.com/discussion/3739449

CreditCrunchie

Why are 3 bank accounts bad out if interest?

GingerFurball_2

closed wrote: »

the lack of a part time supermarket checkout payslip saying 28k could be the reason, or maybe you never applied really, and it's all made up like all the other threads.

A lot has happened in 2 years

https://forums.moneysavingexpert.com/discussion/comment/61149399#Comment_61149399

https://forums.moneysavingexpert.com/discussion/comment/59697369#Comment_59697369

https://forums.moneysavingexpert.com/discussion/comment/49453973#Comment_49453973

https://forums.moneysavingexpert.com/discussion/4565707

https://forums.moneysavingexpert.com/discussion/4435215

https://forums.moneysavingexpert.com/discussion/3739449

:rotfl::rotfl:

DCFC79

closed wrote: »

the lack of a part time supermarket checkout payslip saying 28k could be the reason, or maybe you never applied really, and it's all made up like all the other threads.

A lot has happened in 2 years

https://forums.moneysavingexpert.com/discussion/comment/61149399#Comment_61149399

https://forums.moneysavingexpert.com/discussion/comment/59697369#Comment_59697369

https://forums.moneysavingexpert.com/discussion/comment/49453973#Comment_49453973

https://forums.moneysavingexpert.com/discussion/4565707

https://forums.moneysavingexpert.com/discussion/4435215

https://forums.moneysavingexpert.com/discussion/3739449

You do realise you will have the OP moaning at you now ?

closed

Which one, there are so many.

I'll save him some time .. I've grown a pair already.

DCFC79

closed wrote: »

Which one, there are so many.

I'll save him some time .. I've grown a pair already.

FTBOS as the others have been laid to rest/not been used for a while.

FTBSOS

Caladan wrote: »

You didn't actually answer DCFC79, you just said what's being closed - This is actually quite a pertinent question.

Lets say I'm an underwriter looking at a loan application:

17 credit accounts just two years after being able to get credit at all - Red flag

3 active bank accounts
Red flag

Returned direct debits (these are often reported as missed payments on your bank account to Credit Agencies now). A bounced direct debit is not good, and is probably why your bank keeps renewing your 'do not lend' marker.

Red flag

Having a ton of money in savings but not having the foresight to put money in to cover your direct debits does not show financial responsibility either.

Playing the lottery
Not a red flag, nobody cares. If it was what I call 'active' gambling such as casinos or betting shops it's a different story.

---

All of the above are reasons not to lend (apart from the lottery thing).

What are the reasons TO lend? Good salary for your age and a bit of cash in savings (which isn't usually taken into account).

If you CAN get a loan approved, it's not likely to be in the interest rate range you're willing to pay.

Sorry to sound harsh, but you're actually something of a bad credit risk based on behaviours.

No I understand what your saying, taking a view from the banks perspective it's not a good indication to lend taking everything from above into account.

closed wrote: »

the lack of a part time supermarket checkout payslip saying 28k could be the reason, or maybe you never applied really, and it's all made up like all the other threads.

A lot has happened in 2 years

https://forums.moneysavingexpert.com/discussion/comment/61149399#Comment_61149399

https://forums.moneysavingexpert.com/discussion/comment/59697369#Comment_59697369

https://forums.moneysavingexpert.com/discussion/comment/49453973#Comment_49453973

https://forums.moneysavingexpert.com/discussion/4565707

https://forums.moneysavingexpert.com/discussion/4435215

https://forums.moneysavingexpert.com/discussion/3739449

First of all, I would like to point out NONE of them are my alter egos. I don't work for sainsburys. I work for top 100 technology giant in London where I am an a app designer.


I have got some savings so I will be using it to pay off capital one, vanquis and barclays within next month and then closing them down.

That's around £1200 debt wiped.