£700 loan refused
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onefurlongout
Posts: 188 Forumite
in Loans
Wondered if someone could help?
I decided to take advantage of a 20mth interest free loan instead of purchasing in cash and was refused by Barclays Partner finance.
Having finally spoke to some to find out why they just said I was declined but would not tell me why. I have an excellent credit score with both Equifax and Experian and I'm not aware of any other negative factors that could impact their decision and there aren't any issues on my file.
Are Barclays obliged to tell me why, other than I didn't meet their lending criteria? Surely they should tell me why I was declined so I can make good any issue.
Interestingly I've just received a letter from my bank (Barclays) that I've been pre approved for a £30k loan:D
I decided to take advantage of a 20mth interest free loan instead of purchasing in cash and was refused by Barclays Partner finance.
Having finally spoke to some to find out why they just said I was declined but would not tell me why. I have an excellent credit score with both Equifax and Experian and I'm not aware of any other negative factors that could impact their decision and there aren't any issues on my file.
Are Barclays obliged to tell me why, other than I didn't meet their lending criteria? Surely they should tell me why I was declined so I can make good any issue.
Interestingly I've just received a letter from my bank (Barclays) that I've been pre approved for a £30k loan:D
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Comments
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onefurlongout wrote: ». I have an excellent credit score with both Equifax and Experian and I'm not aware of any other negative factors that could impact their decision and there aren't any issues on my file.
Are Barclays obliged to tell me why, other than I didn't meet their lending criteria? Surely they should tell me why I was declined so I can make good any issue.
Just goes to show that credit scores are meaningless.
They are under no requirement to inform you of why you were declined, just that you don't meed there current lending criteria.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
They don't have to tell you anything or offer you any services at all.0
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sourcrates wrote: »Just goes to show that credit scores are meaningless.
They are under no requirement to inform you of why you were declined, just that you don't meed there current lending criteria.
Arent they just0 -
onefurlongout wrote: »Arent they just
Was that reply half finished ?
Anyway, your credit score is neither here nor there, what matters is what on your credit file.
Why were you after a loan for £700 ?0 -
If your credit history is good, then it could just be that they would prefer to lend it to someone else whose credit history isn't as good and would be willing to pay a higher interest rate for the loan. I winder if you had asked for a £30k loan you probably would have met their criteria for the opposite reason.Debt 1/1/17 - Credit Cards £17,280.23; overdrafts £3,777.24
Debt 5/1/18 - Credit Cards £3,188; overdrafts £00 -
Its was interest free. Instead of paying cash I opted for the pay monthly option.0
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Do you have any credit cards OP ?0
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AnotherJoe wrote: »Do you have any credit cards OP ?
I do but only £300 balance which is cleared monthly.
I have a mortgage and car loan. All which are more than affordable on my salary.0 -
You can have a perfect 100% 'credit score' and be turned down for finance.
The main reason? Income (say) £20K pa, loans outstanding £10K, then you are already over the 50% guidelines most loan companies use when calculating whether the loan is affordable, so a rejection is issued.
Without seeing all your financial details, nobody can tell you for sure why you were rejected."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
poppasmurf_bewdley wrote: »You can have a perfect 100% 'credit score' and be turned down for finance.
The main reason? Income (say) £20K pa, loans outstanding £10K, then you are already over the 50% guidelines most loan companies use when calculating whether the loan is affordable, so a rejection is issued.
Without seeing all your financial details, nobody can tell you for sure why you were rejected.
That’s why id like to know. I’m worried about possible fraud.
I earn 60k pa, the wife is part time on 10k, we have £20k on car finance £260pm and a £175k mortgage £925. Never missed a payment.
Seems pretty average to me. I mean it’s £700 no £700000
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