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refused loan
Despite my experian report scoring 999 and following their advice I have been refused a loan. Apparently my joint account overdraft of 500 has been taken into consideration and that I have drawn cash from my credit card. Other than that I have no negative points. Any ideas people?
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Credit scores are meaningless.
There's not really enough info to go on. Income? Expenditure? Desired loan amount?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
So you're using your overdraft to the limit each month and they don't think you have enough spare cash to finance a loanHope over Fear. #VoteYes0
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The score that experian have given you is worth the square root of nothing, they don't lend money.
You need to pull your statutory reports from the major agencies and find out what is on there. It doesn't sound like a £500 OD would be the root of your problems unless you earn a tiny salary.
How much do you earn, how much do you want to borrow and what other credit commitments do you have?Thinking critically since 1996....0 -
Experian don't lend money to anyone. Only companies that lend money can decide if anyone is 'creditworthy'.
Start off by trying your own bank first."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
Post up more info and are you in your OD ? If you are you need to get out of it.0
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Drawing cash from a credit card is almost as bad as taking out a payday loan.
It is a big red flag to lenders, basically it says I am desperate for cash!!0 -
Despite my experian report scoring 999 and following their advice I have been refused a loan. Apparently my joint account overdraft of 500 has been taken into consideration and that I have drawn cash from my credit card. Other than that I have no negative points. Any ideas people?
Experian's credit score is their opinion of the information they hold about you.
Lenders make up their own mind and take other things in to consideration. One important thing that Experian doesn't know about your is your income. Lenders will ask you about that.
Having a £500 overdraft and withdrawing cash using a credit card suggests things are a bit tight for you. If I were a lender I'd be wondering if you could afford repayments.0
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