Barclays loan advice.. bit of a odd one !?

jord77

hey

After some advice. When in to barclays yesterday to update a few things on my account. Anyway while i was there i asked if there was anything on offer as i currently have a Barclaycard Plat with them (credit limit 1200 with £100 on it paid in full). They offered me a overdraft of £510 but no offer of a loan. i asked why and they said no idea why my account look good with 10k in my savings etc.. ummmm ok so they offer me a £510 overdraft 1200 credit card but no loan. I earn 28k a year.

I have 1 Default from 5 years ago for £117 from orange was paid in full same month i got it. Maybe this ? i cant see how

any ideas why.. i don't want a loan just wondering why or anything i could change. Been with bank over 10 years

cheers

macman

How much are you seeking to borrow (bearing in mind that you already have £10K in savings)?

Pixie5740

Who knows what Barclays' criteria is for personal loans? Not even the person you spoke with at the branch knows that. That said the default probably doesn't help.

Perhaps it would be a different matter if you actually applied for a loan rather than were pre-approved for one. Mind you, even with a pre-approved offer, Barclays are unlikely to give you the interest rate until they'd carried out a full credit check.

Since you don't want a loan it's all a bit academic really.

Cash_Flow

jord77 wrote: »

hey

After some advice. When in to barclays yesterday to update a few things on my account. Anyway while i was there i asked if there was anything on offer as i currently have a Barclaycard Plat with them (credit limit 1200 with £100 on it paid in full). They offered me a overdraft of £510 but no offer of a loan. i asked why and they said no idea why my account look good with 10k in my savings etc.. ummmm ok so they offer me a £510 overdraft 1200 credit card but no loan. I earn 28k a year.

I have 1 Default from 5 years ago for £117 from orange was paid in full same month i got it. Maybe this ? i cant see how

any ideas why.. i don't want a loan just wondering why or anything i could change. Been with bank over 10 years

cheers

As you make no mention of how much money, you have left in your account at the end of the month, the answer may well be down to affordability.

happygirl148

Hi

It may actually be nothing to do with you personally as my mother in law has banked with Barclays for 30 years. The only credit she has is a BarclayCard Platinum credit card with £4k limit and a phone contract with 02 for £12.50 a month and never missed or had any late payments in her whole life and she earns £32k a year.


She finished paying off a £8000 loan with them back in May this year she wanted to take out another loan in August to buy a car but Barclays would not let her they said that on the 7th of each month they select a group of accounts that are eligible for a loan and they are offered one if you are not in that group you cant get a loan until your in the selected group no matter how good your credit rating and banking history with them is.

chambta

happygirl148 wrote: »

Hi

It may actually be nothing to do with you personally as my mother in law has banked with Barclays for 30 years. The only credit she has is a BarclayCard Platinum credit card with £4k limit and a phone contract with 02 for £12.50 a month and never missed or had any late payments in her whole life and she earns £32k a year.


She finished paying off a £8000 loan with them back in May this year she wanted to take out another loan in August to buy a car but Barclays would not let her they said that on the 7th of each month they select a group of accounts that are eligible for a loan and they are offered one if you are not in that group you cant get a loan until your in the selected group no matter how good your credit rating and banking history with them is.

That sounds made up.

chanz4

I see them every month online as available upto £20000

happygirl148

chambta wrote: »

That sounds made up.

Nothing made up about it that is exactly what the Barclays loan team told her when she asked why she couldn't have another one i was there when they told her this.

Pixie5740

happygirl148 wrote: »

Nothing made up about it that is exactly what the Barclays loan team told her when she asked why she couldn't have another one i was there when they told her this.

I don't think chambta means that you or your MIL is making it up, more that the Barclays loan team were talking out their hoop.

Cash_Flow

happygirl148 wrote: »

Hi

It may actually be nothing to do with you personally as my mother in law has banked with Barclays for 30 years. The only credit she has is a BarclayCard Platinum credit card with £4k limit and a phone contract with 02 for £12.50 a month and never missed or had any late payments in her whole life and she earns £32k a year.


She finished paying off a £8000 loan with them back in May this year she wanted to take out another loan in August to buy a car but Barclays would not let her they said that on the 7th of each month they select a group of accounts that are eligible for a loan and they are offered one if you are not in that group you cant get a loan until your in the selected group no matter how good your credit rating and banking history with them is.

Just to clear this up, it's actually the first Monday of the month when Barclays refresh the pre approved Loan and OD limits that you see online.

Moneymash

I'm confused. You earn 28k a year, have a credit card with a reasonable limit, and 10k in savings but you are offended you have not been pre-approved for a loan you don't want or need. I am always amazed when people take pride in how much credit is available to them, on the flipside it is how much debt you can get in to.

A pre-approved loan means the bank thinks you're good for the money and the interest.

Happygirl148 you know a lot about your mother-in-laws finances.