Help,"fair"credit but still refused,any similar examples and how did you overcome?

Gizmo777

Hello, this is my first post EVER so pls be nice...

Applied for a loan today with Natwest which was pre-approved to the sum of £12,000.00 and they kept offering me everytime I went in there.

I finally thought it was time to reduce me monthly outgoings and consolidate my debts: 2 credit cards (one of which is their's) an overdraft (also theirs!) and a couple of other debts, to enable me to live off my basic salary (£2,000 after tax per month) and start saving for the mortgage I hope to get by the beginning of 2009 with my partner. I GOT DECLINED! Baring in mind I score 850 points out of 1000 on experian and have checked it regularly (all data correct) and are deemed to have a "FAIR" credit score - all payments have been made every month on all of my agreements for over 30 months I just don't understand why the bank I have banked with for 10 years now have refused to help when I have other agreements that show I am reliable to pay back and a good regular employed salary. PLEASE PLEASE PLEASE can anyone help and offer any advice as I am still FUMING that it was declined and confused as to why. My last resort will be going for a loan for people with "BAD" credit and paying late teens to early 20's in APR.

BIG THANK YOU'S IN ADVANCE!

CLAPTON

- what exactly do you credit reports say?

- what are your debts... amounts and APRs and how much are you paying on each debt per month

- depending upon what the reports say, it may be your total debts are considered too high.... they will probably see your 12k application as being an additional debt rather than simply replacing exisiting debts.

- again depending upon your APRs etc, you may be better to try for low LOB CC or 0% BT cards on an adhoc basis rather than one big loan.

- whats your current strategy for paying off your existing debts .. do you use the snowball method to pay the maximum amount towards your debt with the highest APR and have you used the snowball calculator to see when you will be debt free?

lucy_w86

Gizmo777 wrote: »

Hello, this is my first post EVER so pls be nice...

Applied for a loan today with Natwest which was pre-approved to the sum of £12,000.00 and they kept offering me everytime I went in there.

I finally thought it was time to reduce me monthly outgoings and consolidate my debts: 2 credit cards (one of which is their's) an overdraft (also theirs!) and a couple of other debts, to enable me to live off my basic salary (£2,000 after tax per month) and start saving for the mortgage I hope to get by the beginning of 2009 with my partner. I GOT DECLINED! Baring in mind I score 850 points out of 1000 on experian and have checked it regularly (all data correct) and are deemed to have a "FAIR" credit score - all payments have been made every month on all of my agreements for over 30 months I just don't understand why the bank I have banked with for 10 years now have refused to help when I have other agreements that show I am reliable to pay back and a good regular employed salary. PLEASE PLEASE PLEASE can anyone help and offer any advice as I am still FUMING that it was declined and confused as to why. My last resort will be going for a loan for people with "BAD" credit and paying late teens to early 20's in APR.

BIG THANK YOU'S IN ADVANCE!

Most people recommend going to your own bank first. I have a fair credit rating, been with my bank since I was a kid, never miss payments on my cc and never go over my overdraft...I got declined.

I dont know what to do either!

Lizzy

Ring them up and ask why. If they say get a copy of the credit report ask which of the Credit ref agencies they use and get that report.

They might just say you would be over committed if they gave you another loan. Although you are paying the others off and you will be reducing them to a nil balance, YOU COULD IN THEORY RUN UP AGAIN.

Gizmo and Lucy have you only tried 1 bank/company ? I would try another before you get too worried.