Confused!

Rob_Shirley

Apologies if this something that's been raised previously - I'm a newbie.

I recently applied for a personal loan (for a car) with M&S but got an email back yesterday to say the application had been unsuccessful. As I wasn't aware of any previous credit issues and I was showing 80% likelihood of acceptance on MSE I decided to sign up for a free trial with Experian, which confirmed my credit rating was perfect (99 out of 99).

Hopefully the reason will be explained when I get confirmation from M&S but any ideas what could have happened? Any advice on where I go now - I've found the car I want and put a deposit on it by I suspect any further application anytime soon is likely to fail?

lee111s

Are you on the electoral register? What is your income? What are your outgoings? Do you have a mortgage? Do you have any other debt? Have you has any missed payments, CCJ's, Payday loans in the past couple of years?

Pixie5740

You don't have a universal credit rating. Experian (who don't lend money by the way so don't go paying them for a "credit score") might think you're perfect but for whatever reason M&S don't.

Get hold of all 3 of your credit reports (Experian, Equifax and Call Credit) to see if there are any negative factors on there.

It might not come down to credit reports though it could be an issue with affordability.

Rob_Shirley

37k income, homeowner for 15 yrs (with mortgage), on electoral register, no CCJs, no payday loans. I have an existing personal loan which has about 10 months to run and was late with a repayment about 2 yrs ago. Could that one-off be counting against me? Seems v harsh if so, especially as it's not affecting my credit rating. If it is that, what are my options - any suggestions?

Pixie5740

You don't have a universal credit rating!

Nobody knows what criteria M&S are using. Lenders don't reveal that sort of information. It could very well come done to your late payment 2 years ago or it could be affordability depending on how much you're trying to borrow and how much you still owe on the other loan but there's just no way or knowing for sure.

Rob_Shirley

Thanks for the tips. I'll check my rating with other companies. Affordability can't be an issue, especially based on limited outgoings info they requested.

Any suggestions on next move re the loan? Do I need to wait for a certain length of time before applying elsewhere?

[Deleted User]

Rob_Shirley wrote: »

I'll check my rating with other companies.

Don't check the rating.

Check the information on your files.

ViolaLass

Rob_Shirley wrote: »

Thanks for the tips. I'll check my rating with other companies. Affordability can't be an issue, especially based on limited outgoings info they requested.

Any suggestions on next move re the loan? Do I need to wait for a certain length of time before applying elsewhere?

It could, if, for example, on your £37k income, you were trying to borrow £20k.

burlington6

There's no such thing as a credit score
There's no such thing as a credit score
There's no such thing as a credit score
There's no such thing as a credit score
There's no such thing as a credit score
There's no such thing as a credit score
There's no such thing as a credit score


No type this out 100 time

bouncydog1

Best bet would be to approach your bank as they can see your income and outgoings rather than M&S who only asked for limited information.

What about the deposit if you can't raise the funds? Is it refundable?

Rob_Shirley

Thanks for advice everyone. If I've learned one thing, it's that theres no such thing as a credit score 😊

Loan is for £5k, so there really shouldn't be an issue with affordability. Deposit is refundable, so if worse comes to the worse I just carry on struggling on by with my old banger 🚙💨