Loan acceptance %

Stanandolive

Hello all,

New to the forum but have been following Martin/MSE for a couple of years now in hope of reaching some long term goals (mortgage, savings, comfortable living).

Me and my wife have taken big steps over the last year or so to try and get out debt down following a wedding, children and a low paid job. Both now earning very reasonable money and looks to clear credit card debt.

So we came onto MSE to use the loan application tool to see who we would be best using. To clarify, we apply in my wife's name as I have poor history which will deal with at a later date.

Here's my query/concern. 2 loans came out with a 95% chance of being accepted. My wife has a good credit file as far as we are aware of (except any existing debt that is well managed) so we went with the best APR on one of those loans, instantly declined!? So we had a look at the conditions of some of the other loans and opted to apply for one with a 90% acceptance chance, after some information supplied online and a 3-4 day wait for them to call to discuss it further, it was declined again!

I've looked into it as much as possible regarding acceptance percentages supplied and as far as I can see they are meant to be quite accurate, yet my wife was declined for 2 high percentages despite meeting the criteria and being able to afford it. Just wondered if MSE or anyone could shed anymore light on it.

I appreciate I haven't supplied amounts/debt but we weren't asking for unreasonable amounts etc, we just wanted to consolidate the cards we have into one repayment. One of them still has 6 months to run on a interest free balance transfer.

Thanks in advance, go easy with me 😬

Shakin_Steve

The application tool cannot possibly know what your credit history looks like, nor how much you owe. When a lender does a credit search, they see all of your history, warts and all. Your name will also be financially associated with your wife’s.
Borrowing to clear existing debt is never a good idea, as you will have read if you’ve been following the forums for a while. Get over to the debt free wannabe board and ask for advice on there. There are some very knowledgeable people over there.

[Deleted User]

The eligibility checkers can only give a rough idea.

It doesn't sound as if you have checked all three credit files. Make that your starting point so that you know what is on there.

Dobbibill

Both yourself and your wife need to check your 3 credit files each.

You can do this all free at MSE credit club, Clearscore and Noddle.

You may have been declined on any number of things, you may never know.