Personal loan ,joint vs single

jeffmonson

hi,
I'm planning to take a personal loan and wondering pros and cons of joint vs single.

I earn 28k a year and my gf 18k .I've got an excellent credit rating and I will have no debts when I apply for the loan so is she. Currently I've got a personal loan with Tesco bank (1.5K) which I'm planning to pay off in a month (1K left). I tried to top up my existing loan with tesco last month but got declined (then I checked my Equifax credit file and noticed that my paypal credit was maxed out so probably that's why).

I'm planing to take 10k loan and use credit matcher from the Experian (it showing 95% of eligibility). I really don't want to get declined again as last time it cost me 30 points.
What's basic personal loan calculation criteria used by lenders ? Is it like 20% of annual wages or something ?

Thanks

DCFC79

jeffmonson wrote: »

hi,
I'm planning to take a personal loan and wondering pros and cons of joint vs single.

I earn 28k a year and my gf 18k .I've got an excellent credit rating and I will have no debts when I apply for the loan so is she. Currently I've got a personal loan with Tesco bank (1.5K) which I'm planning to pay off in a month (1K left). I tried to top up my existing loan with tesco last month but got declined (then I checked my Equifax credit file and noticed that my paypal credit was maxed out so probably that's why).

I'm planing to take 10k loan and use credit matcher from the Experian (it showing 95% of eligibility). I really don't want to get declined again as last time it cost me 30 points.
What's basic personal loan calculation criteria used by lenders ? Is it like 20% of annual wages or something ?

Thanks

A decline cost you 30 points thats harsh, dont focus on the score only you get to see it, lenders etc see the history.

Money_Rollercoaster

If you don't have any debts, what's the deal with Paypal?


You also don't mention what the loan is for or whether it is for a joint purchase of something or another reason. You might be safer getting a £5k loan each (assuming you actually need £10k) in case you're ever not bf & gf ... that way, you can't be chased for the whole £10k.

jeffmonson

It was marked as red on Equifax as it was 90% used. It is just my theory why I got declined. The loan is for car purchase . Does a laon purpose matter ?

DCFC79

jeffmonson wrote: »

It was marked as red on Equifax as it was 90% used. It is just my theory why I got declined. The loan is for car purchase . Does a laon purpose matter ?

Forget what the score is.

The loan purpose might matter to some lenders.

heartbreak_star

Is the car an essential purchase? Could you put the money you'd pay the loan off with aside for a while and save up instead?

(Sorry, MSE instinct )

HBS x

zippygeorgeandben

Get £5k each, like a poster said. So you aren't saddled the whole amount.