Where do we go now?????

JackieBlue_2

My OH applied for a top-up loan with Nationwide at the beginning of the week. My car which has been paid on a lease contract for 3 yrs is up next month and we wish to purchase it - we have a settlement figure. The loan will reduce our outgoings by £250 per month. Nationwide turned us down flat - credit report will not allow it. Several other lenders have also refused:( I have approx £4,000 on CC's which I have tarted around this last 6 months for low life interest. We do have a large mortgage - though only half on the value of the property, and house is on the market as we are down-sizing. My OH has credit cards and a car loan - though this is financed completely seperately to our housekeeping as he runs an expenses account purely for his car. We have checked the Experian report. We have not req'd for score cos don't want to pay!!!! There are lots of searches on our account and lots of seperate records of mortgages as we have had smaller amounts loaned to us over the years. Some of OH credit cards that are now settled and cut-up are still showing on there and he has requested cancellation from the companies this week - how long does it take before they cancel them on the report? I do not understand the report - would all the searches and seperate loans look as if we were over-committed? I could end up taking the car back and being faced with a hit for excess mileage if we cannot get a loan. This seems so ludicrous because we are actually reducing our outgoings - I am going crazy!!!!

natweststaffmember

I think the fact that credit cards were not cancelled could work against you because the potential for borrowing is there. THe importance of cancelling a credit card when it is paid off is not emphasised enough.

smithja

I noticed the debate on here about whether or not it is better to leave the account open and inactive, or close it and have it marked settled. I am trying to work out what to do with my capital one card, as it has a very high APR and £500 limit, and I dont need it. I got it initally as a secured card, closed that, opened an unsecured one with them, but since then I now a barclaycard, ge money mastercard, and just got a natwest classic card after appealing with 3 months of bank statements. So you think i should close the capital one account?

natweststaffmember

Yes, if you don't use it.

smithja

It is far too expensive and I have asked them to reduce the APR, but nothing, so think I will take your advice. As you will know the natwest card thats in the post is 0% on BT for 13months and 0% on purchases for 3 months and has a limit 4 times that of the Capital One. They dont seem interested in keeping their customers, this whole close one, open another account is daft the can easily do a review. Cheers. James