Credit rating query

plopleuk

Hi, i have just applied for a new loan as i have just paid one off.
The amount is to clear my credit cards off and finally have one payment rather than having to swap around on cards getting the 0% offers which costs each swap.
I have been advised my credit rating has meant a refusal.
I have two queries on this.
1/ As i have literally just paid my last payment last month off the loan, would that amount of the previous loan still be down as credit i still have access too?
2/ If i apply elsewhere will the same happen with other lenders?
i have managed to get my credit available down a lot by closing several credit cards and hoped the last large loan i had just finished would mean i could get my debts consolidated and make it easy to manage monthly.

LplateSaver

1) Accordingg to Experian that will depend on if the lender has sent their updates to Experian yet.
http://experian.co.uk/consumer/questions/askjames366.html?sc=7_2
http://www.experian.co.uk/consumer/questions/askjames390.html
2) No every lender will judge you differently.

Candyapple

If you have just paid off your loan, there's no way it would have updated yet. You need to wait at least 1 month, if not 2, and then obtain copies of your credit files from all 3 agencies to see that the information is correct and the account is in the settled/closed section of your files.

How much do owe on cards/loans etc?

What is the total of your credit limits?

How much £ will the new loan you are looking to take out be?

Salary?

Are you on the electoral roll?

Any missed or late payments in the last 2 years?

plopleuk

thanks for the responses.
Candyapple are you asking me these questions in your response?

Candyapple

plopleuk wrote: »

thanks for the responses.
Candyapple are you asking me these questions in your response?

Yes, because your answers will be dependent on the advice we can give to help you.

plopleuk

thanks,

How much do owe on cards/loans etc? 13k

What is the total of your credit limits? not sure but i had a loan of 15k which i have just cleared and closed about 4 cards with available credit of 10k

How much £ will the new loan you are looking to take out be? 15k to pay the cards off and for home improvement

Salary?37k

Are you on the electoral roll?yes

Any missed or late payments in the last 2 years? none, ever.

Candyapple

Looking to take out £15k loan on a £37k salary with £13k debts already = slim to no chance I'm afraid.

I understand you want to use the loan as a consolidation loan and will pay off and then close your cards (I hope!) but any lender is not going to know this and to them, you already have £13k debts and want to take on an additional £15k which no doubt would fail on their affordability category as well.

Have you tried your own bank? With Halifax and Lloyds you can play around with their loan calculator and they give you an APR based on the figures and details you enter before you go ahead with the application.

Who did you apply and get declined with for the loan?

You might find it easier to write out a SOA and post over on the Debt Free Wannabe board as they will help you to cut back on your budget so that you can throw any spare amounts of money to your debts until they are down to say sub £10k and then perhaps try again with the loan.