Perfect repayment history but can't get a loan?

Mr._OCaz

Well tried to apply for two loans in the past week for £5,000 been turned down so not going to apply for a few months.

I have never missed a payments on any credit and was confirmed when checking my credit file and my girlfriends with experian, I'm 25, a home owner and current debts are £400 on 0% credit card and a £900 overdraft. Although I have another credit card which is zero - i believe current credit limit on cards is £1100 and £1700. I have two other current accounts (one of which i share with my girlfriend who also has never missed a payment) with £300 overdraft on each (never used) just use for depositing money and managing my finances. WE have a daughter and that about it.

I thought i had messed up on my first loan application so tried again but same result :mad: Asked for reasons and just advised that i check my credit file, which i had already done prior to the second application.

Wondering what the problem is? I have been with my main bank where my wage is paid for 7 years, been in my current job for 3 years and have a good salary

Trying to think what the problem might be? One thing i wondered is that i have only lived at my current address for 1 years 4 months and mortgage is in my name only, which although i could cover all the households bills on my sole income and have money left, might be an issue for creditors.

What would you advise as this happened when applying for the best loan rates as recommended by Martin.

So couple of questions

1) How long should i wait till I apply again? As could really do with the loan by Mid January.
2) How long will recent searches stay on for?
3) Should we do a joint application
4) Should i go to another lender with a slightly higher rate?
5) Any other advice?

CLAPTON

i would suggest you check your (+OH) files with the two other credit agencies to see if there is anything on them that would explain the situation.

Rafter

Also depends who you applied to.

If you applied to the two providers at the top of the best buy tables and said that you didn't want payment protection insurance then you may have been rejected because you simply won't make them much money.

Have you tried applying through your own bank?

Are you on the Electoral Roll?

A joint application might help. You may have to pay a higher rate because of your age, time at current address or all kinds of other factors that may indicate to lenders that people 'like you' tend to default on loans more often... however unfair that may be.

I suggest you wait a month at least before making any more applications, but an approach to your bank might be the best bet. They have the most information about you on which to make a decision.

Good luck.

R.

nomoneytoday

Have you checked your other half's credit record. Sounds like you are linked by sharing a current account..

Mr._OCaz

Checked partners and hers in fine too.

Been on the electrol roll at this address since september 2006 and was on electrol roll at previous address too.

regularsaver1

is there enough spare income of yours once the loan payment is made, mortgage payment, council tax ect?

are you applying in joint names?