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Good credit score but been turned down by lloyds

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  • Candyapple
    Candyapple Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    redpete wrote: »
    Yes you can, assuming her numbers are sufficiently good for her to get a 0% offer with a high enough limit.

    Nope, not necessarily true. A lot of credit card companies will refuse a balance transfer if the cardholder name is not the same.

    OP - you most likely failed on affordability. You say you earn £28k and you have £8k owing on a loan and have a card with £4k limit, most lenders as a rough rule of thumb will lend up to 50% of your annual income.

    Did you really go overbudget to the tune of £14k on your wedding? Wow :eek:
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • Apply for another one, if you get turned down so what??
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • I got the £10000 loan for the wedding.I went over budget by £3300 trying to help family with their finances to come abroad so they could attend our wedding.

    With regards to being declined on affordability,that could be true.I just don't know the ins and outs of lending system.like I said in my last post,I wish they could give you a reason when declining an application.that way you can amend and probably improve your financial situation.
  • Candyapple
    Candyapple Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    nelsbells wrote: »
    I got the £10000 loan for the wedding.I went over budget by £3300 trying to help family with their finances to come abroad so they could attend our wedding.

    With regards to being declined on affordability,that could be true.I just don't know the ins and outs of lending system.like I said in my last post,I wish they could give you a reason when declining an application.that way you can amend and probably improve your financial situation.


    Think about the application fraud that would open the lender up to!

    All you need to concentrate on is your credit history.

    Are your payments on time?

    Are you on the electoral roll?

    Is your debt to credit ratio relatively low?

    Any defaults/CCJs etc?

    Based on your annual salary, are your total debts in line with roughly 50% of your income?

    Are you financially associated with anyone on your credit reports?

    Have you checked all 3 of your credit reports to get the full picture and to make sure the same information is showing across all 3 files?


    Those are just a few simple questions that usually the answers to which will show the user what is causing their problems. In your case, you fail on affordability.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • lufc7
    lufc7 Posts: 173 Forumite
    nelsbells wrote: »

    Can anyone answer my question regarding swapping my debt to my girlfriends card?

    Yes this is defo possible me and the wife have done it often. When applying for a balance transfer especially online they very rarely ask for the name on the card just the card number and amount to be transfered. Just bear in mind she needs to be comfortable and prepared to take on your debt because she will then be fully liable for it.
    'If you ain't living life on the edge you are taking up too much room'
    'Everyone dies but not everyone lives'
  • To be honest candyapple.my credit history is perfect except for the declined credit card application that is now on it.mortgage,loan,credit card,old credit card(that's been cancelled),phone bills,everything paid direct debit on time and no missed payments.checked all 3 credit reports even though Lloyd's only use to and they all show the same.the free callcredit report is a bit vague.

    One possibility for me being declined could be that we have only been living at our current address for 2 years and 4 months.our previous address was only lived in 2 years and 6 months.I've got to admit it's driving me nuts wondering what the reason is.just need to forget about it.

    Thanks everyone.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    nelsbells wrote: »
    Hi everyone.I currently have a 0% credit card with Halifax bank.it's 0% rate is due to expire in 3 weeks so after doing some research I decided to apply for a 21 months balance transfer and 21 months 0% on purchasing.I thought it was a safe bet as I thought I had a good credit rating and the money supermarket and money saving expert website said I had a 9/10 chance of being accepted

    However....I wasn't !

    I have just looked up my credit score with the two credit agencies that Lloyd's use,experian and callcredit using their free trials.experian gave me a perfect score but callcredit only gave me 3 out of 5 which I found a little bit confusing.I looked at my report and I couldn't see any faults or mistakes.all bills and payments were on time,no missed payments and I'm on the electoral list.only thing I thought that might count against me was that I had only been living at my current address for 2 years and my previous address for two years whilst we saved our money for a deposit to buy our house.

    Now I have a credit card with £3300 on it and I now stand to get hammered with interest in the next 3 weeks.

    Does anyone have any advice for me.

    One idea I had was for my girlfriend to apply for a card and transfer the balance on my card over to hers?

    Thank you everyone.

    So you want to clear one 0% BT card with impending interest with a Lloyds Group bank with another 0% BT card at another bank in the Lloyds group so Lloyds group will lose out on the interest you agreed to pay? Hey I wish you luck. All I can say is that Lloyds Group is quite infamous for removing such accounts.

    When is a good credit history not a good credit history? When it's not what the lender is looking for. I satisfy all the requirements for an Amex including a credit score which Clearscore says is in the top 15% in the UK. But I can't get an Amex card. The moral of the story is don't trust what third parties say: It's the lender you're applying that counts.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I agree that the problem is likely to be that Lloyds and Halifax are part of the same group.
    Find a lender outside this group and you should be fine.

    Look at it this way.
    Suppose a friend asked you to lend them £100. You agree, but wouldn't be happy to lend them any more.
    Lets say they pay you back £5 a month as agreed.
    After a little while, say they still owe you £80, they then ask your wife to lend them another £100. I'm guessing she'd say no as you wouldn't want to lend him more than £100 and this would mean that he'd owe you, as a married couple, £180.
    If he asked a different friend for the extra £100 loan then they may well agree.

    Out of interest, who is the loan with?


    You're not in an ideal situation in terms of the amount you owe relative to your income, but I would be surprised if this was a deal breaker.
    Likewise you're not in an ideal situation in terms of having more than two addresses in the last 5 years but again I'd be surprised if this was a deal breaker.
  • My bank loan and credit card are both with Halifax.I could try, for example, an applying for credit with virgin money but I'm not sure it would be a good idea after just being turned down by one lender.I could just wait until after our wedding(end of March)and then try.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    nelsbells wrote: »
    My bank loan and credit card are both with Halifax.
    Almost definitely the problem is the amount you owe this one group, then.
    I could try, for example, an applying for credit with virgin money but I'm not sure it would be a good idea after just being turned down by one lender.I could just wait until after our wedding(end of March)and then try.
    There's no right or wrong answer to this. Credit card companies deliberately don't publish their criteria so it's pretty impossible for anyone to know whether waiting would help or not.

    The only thing I will add, however, is that lenders don't see "rejections" per-se. All they see is the search.
    One search isn't a big deal. It might be enough to tip an otherwise "just about yes" to a "no", but unlikely.

    I would do the following, in order...
    1. Ensure that everything on your credit reports is correct. Don't concern yourself with the score, but look at the actual information. For example, I was once turned down for credit because my credit report showed a current account over the limit. It turned out that there had been fraud on this account and it was overdrawn without me knowing. If you find anything wrong, get it sorted.
    2. Check that you are on the electoral role at your current address, and that your credit reports show this. If not, get it sorted.
    3. Consider if there are any other more significant reasons that you need to apply for credit in the near future. An obvious thing would be a mortgage application. If you have, it may be best to leave the credit card as it is rather than add another search now.
    4. Choose a card that you have a high percentage chance of acceptance for that's not in the same group as Halifax. Check with posters here if you're not sure.
    5. Relax and enjoy the wedding!
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