A Loan With my Bank - Nationwide

lucy_w86

My bank turned me down for a loan back at the beginning of the year. My credit score was poor because I have only been living at my address for 2 years and 2 months. Also, because I made lots of searches within a small period of time.

I checked my credit score last week and its improved a lot to fair, which I am happy about.

I want a loan but am worried my bank are going to turn me down again, ruining my score all over again. They said I was entitled to a credit card with them which I could do with as my 0% balance transfer on my current card is about to run out.

Would having a card with my bank help my loan application?

The guy I spoke to said having things with one bank is better rather than spread around.

toscaredtotell

If they are offering you a Credit Card and your old one is about to Run out this may be a good thing. The Thing you have to remember also is that your poor credit rating in the Past may also be down to not really having any credit.

Taking a Credit Card out today will not really effect your loan application, the best thing to do is try and pop into your Bank and have a chat with someone and explain the situation.

lucy_w86

toscaredtotell wrote: »

If they are offering you a Credit Card and your old one is about to Run out this may be a good thing. The Thing you have to remember also is that your poor credit rating in the Past may also be down to not really having any credit.

Taking a Credit Card out today will not really effect your loan application, the best thing to do is try and pop into your Bank and have a chat with someone and explain the situation.

The last time I got rejected, they dont give a reason, just base it on the 'credit score'. I tried explaining to them that I had made lots of searched etc...but they didnt want to know. I have been with them since I was a child, have a £100 overdraft which I use every so often. I dont know where I am going wrong!?!?

toscaredtotell

It really could be down to small things. How your account is run How much business you do with them.

How many credit searches have you had in the last 6 months???

if 2 or less this won't be detrimental to your Credit File, Borrowers really only frown if you have more than 3 in a 6 month period. I really think the thing that could be against you is your lack of Credit.

Do you have a Credit Card at the Moment?

lucy_w86

toscaredtotell wrote: »

It really could be down to small things. How your account is run How much business you do with them.

How many credit searches have you had in the last 6 months???

if 2 or less this won't be detrimental to your Credit File, Borrowers really only frown if you have more than 3 in a 6 month period. I really think the thing that could be against you is your lack of Credit.

Do you have a Credit Card at the Moment?

Yes I do with Virgin

toscaredtotell

The best thing you can do is apply for a Credit Score from Equifax www.equifax.co.uk and assuming your score is as you think it is i really don't see any problem, You realised you were getting to many searches and you have left it for a decent period of time (Assuming it's been more than 6 months since your last search) You should be ok.

Hope this helps.

lucy_w86

toscaredtotell wrote: »

The best thing you can do is apply for a Credit Score from Equifax www.equifax.co.uk and assuming your score is as you think it is i really don't see any problem, You realised you were getting to many searches and you have left it for a decent period of time (Assuming it's been more than 6 months since your last search) You should be ok.

Hope this helps.

Hi,

My credit score was fair (top end of fair...which is in the middle)

I just worry that I will get turned down again as Nationwide are really fussy. I also tried with Virgin back at the beginning of the year. They accepted me before Xmas and I cancelled and then they refused me afterwards...

Oh - I dont know what to do!??!

toscaredtotell

If you score was Fai, it is reasonable to say that your Bank will be the only one's to accept you with a decent Apr. Only your bank will know how your money is run so to speak.

Decision's Decision's

Good Luck with whatever you do.

lucy_w86

toscaredtotell wrote: »

If you score was Fai, it is reasonable to say that your Bank will be the only one's to accept you with a decent Apr. Only your bank will know how your money is run so to speak.

Decision's Decision's

Good Luck with whatever you do.

OK...thanks

lucy_w86

toscaredtotell wrote: »

If you score was Fai, it is reasonable to say that your Bank will be the only one's to accept you with a decent Apr. Only your bank will know how your money is run so to speak.

Decision's Decision's

Good Luck with whatever you do.

Am I better off calling or applying online?

lucy_w86

lucy_w86 wrote: »

My bank turned me down for a loan back at the beginning of the year. My credit score was poor because I have only been living at my address for 2 years and 2 months. Also, because I made lots of searches within a small period of time.

I checked my credit score last week and its improved a lot to fair, which I am happy about.

I want a loan but am worried my bank are going to turn me down again, ruining my score all over again. They said I was entitled to a credit card with them which I could do with as my 0% balance transfer on my current card is about to run out.

Would having a card with my bank help my loan application?

The guy I spoke to said having things with one bank is better rather than spread around.

Well...my own bank declined again

I dont know what to do!?