'Highly likely' Natwest Loan rejected

AJH84

Just wondered if anyone has any advice for me....
I have an existing loan with Natwest (Currently at £7000 topped up from a previous loan 1 year ago).
I wanted to top this up by £4000 to buy a new car. I spoke to them on Friday & they said it was highly likely I would be accepted. On Monday I spoke to them again to put the application through and it was rejected. They wouldn't tell me why.
My financial/work/home situation has remained exactly the same for over a year. Actually I did have a slight pay rise. I haven't applied for credit for one year (which was accepted) & I have one Credit card which has a £0 balance because I pay the balance off every month. I have never ever missed a payment on anything.
I checked my Experian credit score which was 999. However my new married name was not on the electoral roll, which I have now requested it is.
It is frustrating because the monthly repayment on my 'highly likely' loan would be less than I am actually paying now (lower interest too!) . & I assume the 'highly likely' result came from the Natwest affordability calculator.
I have been told I could appeal the decision. Is it worth it?
Could the rejection be anything to do with my new married name?
Now I am worried about applying for more credit, as if I am rejected again it will look like I am desperate for credit on my credit score? But I really need a car!
I don't have savings to pay for a car. & I do no want to use my credit card as even though I do have a 0% card this will go up next year. What if I am declined again to swap the balance, I will be paying a lot of interest.

Derwent

If you do not appear on the electoral roll under your married name and are applying in that name then that alone would probably cause you to be rejected. You need to get that sorted asap.

ReadingTim

How much do you earn? You're asking to increase the size of your loan by over 50%, yet haven't had much of a payrise to make this more affordable - if anything it's less. Or you're asking to extent the term of the loan, which the bank may interpret as having payment difficulties.

You also mention a lower rate of interest. Why would any profit making organisation (which a bank is) willingly charge an existing customer less for a service than the rate they're paying now?!?

What I'm saying is that there could be 2 reasons you've been rejected - an objective one, based on your credit rating and risk profile, and a commercial one, based on whether the bank wants you as a customer or not.

I'd also take what bank staff say with a pinch of salt - they're essentially sales people and probably have a target of a certain number of loans/additional products they've got to pitch to punters.

jonesMUFCforever

........Are you financially linked to your husband?
What's his credit files like?

andyfromotley

Appeal, quite a few decisions get turned over on appeal, especially if it was something 'technical' like a the maiden name/electoral roll type deal.

brettcta

Just to add, your 999 experian score means diddly squat. Give me £15 a month and I'll give you a really high number aswell

AJH84

It's the free report on Experian, I wouldn't pay for it.
If you were wondering.....The rejection is apparently due to the amount available to me on my credit card (which has no balance on) along with my loan makes my available credit quite high.
I didn't even take this into consideration. Lesson learnt! So will be cancelling or reducing the limit & using the bus for the next few months before I apply again & hopefully get a car.
Thanks for the responses.

Rolnagraten

Were I you I'd buy a second had car and avoid going into debt.

I am paying off enough bad debt as it is, none of it mine I might add.