I always struggle with credit, why?

PJP1988

Hi,

Just looking for some pointers, I always seem to struggle to get credit anywhere but I can't fathom why?

I have a mortgage, I have a credit card and overdraft.

I have all the usual household stuff, electric, council tax, mobile phone, etc

I have a car on finance (I think this may be the reason, but can't understand why)

I've had no missed/late payments for the last 55 months

I'm on the electoral role

Just searching for any obscure reasons, or something I may be doing wrong/missing to improve how I obtain credit.

Cheers,

PJP1988

I don't know how to post an image but my Noodle report shows 2/5 with a score of 553

[Deleted User]

PJP1988 wrote: »

I don't know how to post an image but my Noodle report shows 2/5 with a score of 553

Ignore the scores. What information is on your credit files?

PJP1988

Ha, cheers! I stick that on my CV

PJP1988

Deleted_User wrote: »

Ignore the scores. What information is on your credit files?

It shows all my files up to date and like I said, no late payments on any of the accounts.

I have no short term loans

Search history is October 2010 when i renewed my car insurance

I have one previous address

Not known by any other names

Been on the electoral role for 3.5 years

No public information or notices of correction

[Deleted User]

Check the other two CRAs.

PJP1988

Dork_Lard wrote: »

So what reason does anyone have to decline your credit?

This is a brainteaser isn't it !

I have a high balance on my car, but I put a substantial deposit down also, its the only reason I can think of.

I am in my over draft and have money on the credit card, but I've been under the impression this is good as it shows that I pay it every month. it isn't a substantial amount so its not a problem to clear it.

Apart from that I'm honestly lost, hence why i'm on here asking for advice!

bengal-stripe

PJP1988 wrote: »

I have a mortgage, I have a credit card and overdraft........I have a car on finance.....

Which means you have quite a lot of credit. Why do you want/need more credit? We don't know how much debt you have in relation to your income, but it could be that banks consider you already over-committed. How often did you apply for credit in the last twelve months?

If money is tight right now, additional credit won't improve the situation in the long term.

PJP1988

bengal-stripe wrote: »

Which means you have quite a lot of credit. Why do you want/need more credit? We don't know how much debt you have in relation to your income, but it could be that banks consider you already over-committed. How often did you apply for credit in the last twelve months?

If money is tight right now, additional credit won't improve the situation in the long term.

I've applied for credit a handful of times of the last 12 months, its not often I need it really.

I have some money in shares that I don't really won't to touch. Recently done an extension on my property and could do with some money just to finish it off.

With how low interest rates are I thought it would be worth just getting a loan over say 18 months but when I did the eligibility checker it become obvious that to get a loan it would have to be a higher interest rate and therefore not worth it.

Nebulous2

If your unsecured borrowing is over half your salary then it will become more difficult to get credit.
Many people don't get the headline rate for loans and have to pay higher interest. They base the rate you get on the risk that you wont pay them back.

Thrugelmir

PJP1988 wrote: »

I have a mortgage, I have a credit card and overdraft.

I have a car on finance

The answer is above. Wouldn't be responsible to lend you yet more money.