Being turned down for Unsecured loans

diablodvs7

I have recently moved into a new home and owe 8500 on credit cards and 1000 on HP.

I can afford to pay them back so Im not in debt crisis, but to lower interest and consolidate (thus lowering monthly payments), I've applied for some unsecured personal loans of 9500 over 5 years. The average payment was about 170-185 a month which was great.

However I got turned down left right and center. I've tried all the main lenders including Firstplus, Northern Rock, TESCO, Sainsbury, Alliance & Leicester, Lloyds, Yourpersonalloan.co.uk, Moneyback.co.uk, Barclaycard and Halifax. All have turned me down. I dont have bad credit but I can only assume a combination of my age - 20 - and time at my address (3 months) and level of borrowing is going against me. I've even put in joint applications with me and my partner on half of them and nothing.

Ocean finance are sending me a quotation for 220 pm but this is secured. I dont really want to go down the secured route. Plus 220 pm against 170/80 is an extra 2000+ over the 5 years.

Any ideas anybody?

k1mmie

I would suggest maybe the reason, as you guessed maybe the fact that you have recently moved and maybe are not showing on the electorers roll. Other than that you will have to apply to the likes of Experian for a credit report. If you go to forums and then go down to frebies, I am sure that somewhere on there I have seen a posting for a free credit report. Maybe take a look see what you think.

foxwales

The more loans you apply for, the more damage you do to your credit rating. STOP NOW!

Do not apply for any more loans.

Wait 6 months, then apply for a copy of your credit report, you should see how you are rated.

After conducting so many credit applications recenlty, I can say with certainty that your credit report will look grim.