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Loan denied
Craigwolf1986
Posts: 6 Forumite
in Loans
I applied for a nationwide loan to consolidate my existing loan of £9000 and top it up by £3000 , I was applying for £12000 in total , I have a good credit rating on experion.loan denied and I appealed as I forgot to put down one of my hire purchases
My adviser received an email the loan had been denied and cannot be appealed in their words " I had failed on one of their lending codes and due to the nature of the code this could not be discussed or appealed and it's nothing to do with credit or affordability and I should try again in 3-6 months . Is this anything to worry about and how do I know what I need to fix if they won't communicate what I'm failing on?
My adviser received an email the loan had been denied and cannot be appealed in their words " I had failed on one of their lending codes and due to the nature of the code this could not be discussed or appealed and it's nothing to do with credit or affordability and I should try again in 3-6 months . Is this anything to worry about and how do I know what I need to fix if they won't communicate what I'm failing on?
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Comments
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Sounds as you did not fully disclose your financial situation they are telling you that they won't lend to you.
Check all CRA's for CIFAS markers.0 -
Thank you for your reply how do I check the cra? I'm very new at this0
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I checked on the experion website and it states I'm not registered with any Cifas0
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When did you apply?
Might be a few weeks before any adverse information is put on your files.0 -
18th July so about two weeks ago, I got the first loan in March and that was no problem and I supplied the same information and included the loan0
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Your credit rating is neither here nor there whethere from Experian or the other 2, lenders don't see it, they only see what's on your credit history.0
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My credit history is fine , I never miss a payment on any of my hire purchases and have a £500 overdraft0
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maybe its that you are wanting more money so soon after the 1st amount? They may be seeing it as unaffordale0
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Craigwolf1986 wrote: »18th July so about two weeks ago, I got the first loan in March and that was no problem and I supplied the same information and included the loan
Perhaps they'd prefer to see you complete a full year of repayments before borrowing even more money.and have a £500 overdraft
Your credit profile perhaps isn't so good as you think. Being a pay cheque away from financial disaster poses a huge risk.0 -
Thrugelmir wrote: »Perhaps they'd prefer to see you complete a full year of repayments before borrowing even more money.
Your credit profile perhaps isn't so good as you think. Being a pay cheque away from financial disaster poses a huge risk.
You get paid by cheque? :shocked:0
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