Rejected Loan

MCALL1978

I have a credit rating of 999, I am up to date with payments, I had a couple of months, where I was late in payment around 12 months ago on my mortgage. As I was working away and forgot if I am honest..... I also have a salary of 80k. One card with 1500 on it.

M&S have just rejected a 15k loan for a car from me....

Can you advise the options for myself please?

is there a bank who are less pedantic?

PeacefulWaters

MCALL1978 wrote: »

I have a credit rating of 999, I am up to date with payments, I had a couple of months, where I was late in payment around 12 months ago on my mortgage. As I was working away and forgot if I am honest..... I also have a salary of 80k. One card with 1500 on it.

M&S have just rejected a 15k loan for a car from me....

Can you advise the options for myself please?

is there a bank who are less pedantic?

You forgot your mortgage payments a year ago? That goes to show the value of a 999 credit score.

Call me old fashioned, but I don't see refusing a £15k line of unsecured credit to somebody who has a lazy attitude to paying their mortgage as pedantic. I'd call it prudent.

Have you tried your bank?

MCALL1978

I was up to 5 days late on them x2. I was working away, I dont want to use my bank....

Lungboy

On £4k a month after tax, I'd just save up the £15k and not bother with a loan at all.

scaredlady

Different organisations use different criteria. From what I have read they do not see the score, just the payment history.
If you were 5 days late with 2xmortgage payments , they will see that as a problem.
If you just forgot to pay something very important like a mortgage, how will they know you will not forget to pay them. Not saying this to annoy, just thinking how they might think.
You say you don't want to approach your bank, but that may be your only option.
Or save up the pennies. At your sort of income surely would be better not to get a loan at all.

DCFC79

MCALL1978 wrote: »

I was up to 5 days late on them x2. I was working away, I dont want to use my bank....

Why was a direct debit not set up for the mortgage payments ?

Maybe trry going for a smaller amount.

dealer_wins

Also it depends on your income and expenditure.

If you have no savings it means that your expenditure is basically all your net income every month, so lenders will be wondering how you could afford the repayments on a large loan.

Pixie5740

Your credit score of 999 is generated by a company who don't lend money making it totally pointless. I do hope you don't waste money subscribing to Equifax or Experian for your credit score.

Late mortgage payments aren't really the sign of an A1 borrower on top of their finances. I work away from home a lot and I've never missed a mortgage or rent payment.

If you want a less pedantic lender then you're looking at lenders who have higher APRs.

Some lenders such as Nationwide let you do a soft search (doesn't leave a footprint on your credit file) to give you an indication if you're likely to be accepted or not.

Gaz83

MCALL1978 wrote: »

I had a couple of months, where I was late in payment around 12 months ago on my mortgage

How many are 'a couple'? I know the strict definition is two, but many people use the word to mean two or three.

How long ago was 'around' 12 months? Was it 12 months? Was it 14 months? 10 months?

If this is a serious question, I've no idea why you could be surprised at being rejected for a loan 'around' 12 months after missing 'a couple' of mortgage payments. If you can't be trusted to repay secured debt as agreed, why would a lender trust you to repay unsecured debt?

pvt

Hopefully James, the Experian Representative on MSE, will be along shortly to tell you how you can get a loan with that very splendid credit score they sold you.

Or, then again, perhaps he won't....