Loan rejection advice please!

kims_here

Hello everyone,
My husband has been rejected for a loan with Ratesetter, we are guessing that we have been rejected because of no credit history. Can anyone give advice please on where or who will give you a loan with no history? how can we build up history if we can't get a loan? I'm sorry if this sounds stupid I am a bit naive I suppose, I thought if he had a job and salary it wouldn't be problem but it is and we really need to get the money, any advice please? many thanks

Browntoa

have you checked your credit report for free on Noodle/Clearscore/Experian ??


you need to check your score and any defaults etc

kims_here

Hi Browntoa
yes we did there is nothing bad there just no history

Browntoa

not sure what current advice is but you used to get an Aqua card , use it but ALWAYS pay the balance off in full each month to build history

kims_here

thank you I've never heard of an Aqua card I will google that, is there anything else I can do?

Browntoa

read this


http://www.moneysavingexpert.com/loans/credit-rating-credit-score


does it say you have a low credit score ??


also read


http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards


it may just be that the affordability calculations says your loan is too much on your income rather than credit score failing

kims_here

thank you for the two links I will read them now. I have had credit cards in my name from when I was working but I haven't worked since I had my baby, I have good history but no income now. My husband doesn't have history but he is working, do you know if there's such a thing as a joint loan? do you think that could work?

kims_here

income is £36,000 loan for £5,000 over 5 years is what we were trying to get

Browntoa

theres the MSE soft loans search


https://www.moneysavingexpert.com/eligibility/loans-calculator/


affordability is done on ALL your outgoings against income

kims_here

thank you I am reading your links now, how do they know all our outgoings? they didn't ask on the form

kims_here

I just did the soft search and it came back a whole list of companies all 0% eligible, I don't understand what I'm doing wrong