Help with a Santander personal loan

Candyapple

Don't forget that there are 3 credit reference agencies so have you checked that your information is correct across all 3?

How much money were you looking to borrow and over how many years?

How long have you been employed for?

Are you on the electoral roll?

So apart from Santander, what other loan companies have you now tried with for applying for a loan?

Have you tried enquiring about or even applying for a loan with the bank you bank with? They will have a history with you in regards of how you handle money.

Dani-Louise15

I recently had my income increased which is why I now have enough to repay the loan and enough for emergencies say if something should need replacing or the car needs fixing. I explained this at my appointment and he seemed fine with it and understand what I was saying and said it was good I had also planned for other things. So its does add up

ViolaLass

If you won't give us the numbers then we can't help much.

I guess you'll have to go back and ask the guy at Santander (who is there to do admin and probably doesn't have much of a clue about credit checks).

Dani-Louise15

The loan was for £8000 over 5 years and all I owe is £300, except I have just also just over £100 left of my car insurance that come out monthly but shows on my credit file and shows I make all payments.

ViolaLass

50% of your salary!

That will be where the problem was, especially as you don't earn that much.

Your first post implies you have dependents, which will also have been factored in.

Dani-Louise15

Yep I understand that and appreciate your help. That's why afordibility was the reason I'm guessing but when i appealed they have changed the reason from that to now my credit file. That's why I'm trying to find out if someone has had the same problem with the reason for declining changing? After being turned down I applied to Tescos same amount for same period and was excepted in princable but because my credit file was good not excellent I was offered a stupid Apr rate from memory it was more then double what I applied for, they advised me to try again if I was unhappy with the rate once I had got my credit score back up. I personally feel its disgusting that your credit file can be effected by searches and checks. They say its because too many checks implies your desperate for they money or what ever you are applying for! Dame right that's true, who the hell applies for credit just because they can or want too? Normally people think through things check they can pay it back and plan not just on a whim take there chance, so the whole concept it messed up! I wouldn't applie for credit unless I absolutely needed to yet being penalized for trying to fin the right one, I'm just lucky the check with Tescos didn't lower mybscore as much as the check Santander did and my file shows still shows good, although this is no good to me as I am not longer entitled to lowest apr. Does anyone know can they only see your credit file once at application process or can they go back and check it again at a later date without performing another search?

19lottie82

Dani-Louise15 wrote: »

Yep I understand that and appreciate your help. That's why afordibility was the reason I'm guessing but when i appealed they have changed the reason from that to now my credit file.
That's why I'm trying to find out if someone has had the same problem with the reason for declining changing?

After being turned down I applied to Tescos same amount for same period and was excepted in princable but because my credit file was good not excellent I was offered a stupid Apr rate from memory it was more then double what I applied for, they advised me to try again if I was unhappy with the rate once I had got my credit score back up.

I personally feel its disgusting that your credit file can be effected by searches and checks. They say its because too many checks implies your desperate for they money or what ever you are applying for! Dame right that's true, who the hell applies for credit just because they can or want too? Normally people think through things check they can pay it back and plan not just on a whim take there chance, so the whole concept it messed up!

I wouldn't applie for credit unless I absolutely needed to yet being penalized for trying to fin the right one, I'm just lucky the check with Tescos didn't lower mybscore as much as the check Santander did and my file shows still shows good, although this is no good to me as I am not longer entitled to lowest apr.

Does anyone know can they only see your credit file once at application process or can they go back and check it again at a later date without performing another search?

Hi DL - Please try and use paragraphs when posting. Big blocks of text make posts hard to read / understand.

I'm sorry you didn't get the loan you wanted but you don't seem to be taking in what multiple posters are telling you, which is mainly......

1) There is essentially no such thing as a credit score, should it be "good/bad/excellent" or a figure from 0 - 999. This is just a number produced by whoever produces a certain credit report, potential lenders do not see it, so in effect, it's meaningless.

2) One credit check definitely will not have the negative effect on your ability to obtain credit, as you seem to think. It's not possible. Sure, if multiple checks were to be obtained in a short period of time, it may have an effect, but one, or even two? No way.

Only a minimum of 51% of applicants who are accepted for a loan will be offered an "advertised" rate, which looks so appealing.

I am 99% sure the reason why you are being rejected or offered higher than advertised interest rates is because you want to borrow 50% of your (quite small) salary. This is a LOT, especially when you have a family to support.

Do you really need 8K to move house and buy some new furniture?

Dani-Louise15

Just to be clear the question I am asking is has anyone appealed a loan and then been told a different reason for being declined from the origanl dessision??? The reason I ask is by law if requested they have to provide the reason they declined you!

As stated I have been produced with two different reasons!

Also I am a little annoyed I have come hear to find out if anyone else has had the same thing and all I have been told is there is no possibility the one check from Santender would not have effected my credit file so much.
Fact it has and iv even spoke with company they used as I am a member with them anyway and asked why it has been lowered so much as I though I'd only lose a couple of points but it dropped it a whole section and was advised its due to the check Santander carried out as nothing what so ever in 6 years of the history they had access too showed anything having a negative effect except the Santander loan application! So please please stop telling me it wouldn't have effected it that badly when it has! I couldn't even screen shot my pre and post Santender loan application file and show you but I feel its erelevent as that's not what I was asking!

A Santander staff member advised me to get the lowest rates you must have no defaults on your credit check, which I did not at that point but 20 mins after my appointment I did!


While I understand lenders do not see the score we see, they see it with in their own guidelines and if anything negative is on there.

ViolaLass

Dani-Louise15 wrote: »

Just to be clear the question I am asking is has anyone appealed a loan and then been told a different reason for being declined from the origanl dessision??? The reason I ask is by law if requested they have to provide the reason they declined you! I've googled and I can't find anything to say they have to give a reason. Got a link?


A Santander staff member advised me to get the lowest rates you must have no defaults on your credit check, which I did not at that point but 20 mins after my appointment I did! You had a credit check, not a default. They are separate things. If a default turned up in those 20 minutes then that will have had an important effect.

Answers in post.

19lottie82

Dani-Louise15 wrote: »

A Santander staff member advised me to get the lowest rates you must have no defaults on your credit check, which I did not at that point but 20 mins after my appointment I did!

A default is what you get as a result of a missed or late payment, it is 100% NOT possible from a credit search.

And not having any defaults is not all you need to be offered the lowest rate.