Cancel credit - improve loan acceptance chance?

freeman3030

Hi... Long one!
My parter and I would like to buy a new car. Originally, I was going to take out the loan (10k) as the car will be in my name and I'm the main driver (so only seems fair). I compared all of the loans, and Natwest (who I bank with) was up near the top of the list. So I went through their soft search to see my chances of approval and it basically said "sorry you're not eligible".

My partner and I have a mortgage, (we bought our new home 10 months ago). I earn 15k, he earns 25k. My partner pays the mortgage but on the soft search tool I had to state what my mortgage payment was, and what my credit card balances are:
Tesco CC: (£4,600 limit) is my personal CC, but pay it in full every month as I only put a few purchases on it.
Sainsburys CC (known as the house credit card): £2,100 balance (3.5k limit) I took out this CC just after we bought our house (0% for 24 months from memory) so we could do our bathroom and other bits and pieces. My partner and I combined, pay £100 a month, and if I don't spend all of our food money for the month I use that to pay the credit card too as I want to get it down to £0 before the 0% period ends.
So I can sort of see why Natwest won't loan to me, my income is low and I have over 5k of available credit and an amount outstanding on a CC.
I wouldn't want my partner to take the loan out on his own for a car which is basically for me, although he would use it from time to time (we both go to work together - I always drive).
Would my chances improve if I cancel my tesco CC? Or should we go down the joint loan route and I'll pay it each month?

Candyapple

Regardless of whether you cancelled the Tesco card, or even went as far as clearing all the debts in your name - it's highly unlikely any lender will offer £10k loan to you given you only earn £15k.

You'd be better off trying for a joint loan.