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Struggling to get a loan with good credit score
Comments
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Looking at the figures you have posted, you earn £40,000 per year, have very little outgoings, so could be expected to have a very large savings pot. How much exactly do you have saved up?
If the answer is that you have not saved very much then either you have only recently started earning your wage, which banks are not keen on, or you have been blowing an awful lot of money. The fact that it is on personal circumstances is not going to make any bank disregard the fact.Again, that doesn!!!8217;t augur well.0 -
OP remember that lenders only have to offer the advertised rate to 51% of the applicants that they accept, that leaves a lot of people being offered a loan at higher apr's
Could you not stop applying for a few months, save some cash and then apply for a loan for less, meanwhile develop some credit history by using you cc on a regular basis and repaying in full.0 -
Your residential status is uncertain so this will affect how lenders view you. Not paying rent to a landlord or a mortgage will go against you especially if you have not lived there long.
If you don't have a history of repaying debt that will go against you. Using your credit card regularly and paying it off each month in full will help over time as will an increase in the limit.
How long have you been in your current job?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.
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Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
I'm struggling to get accepted for a loan for 8k - I have a good salary , and live in my partners house, currently not paying rent/ mortgage so I have good disposable income right now. Why can I not get a loan and good apr ?
In your situation I suspect that if you were savvy with your money you shouldn't be needing a loan for £8k as on a £40k salary you should have easily been able to save that up. To put it into context our entire household net income is about the same as your take home pay, we do have £5500 a year mortgage to pay and we're saving £5000+ per year. So the fact that you need a loan for £8k in your suggested financial circumstances suggests an element of risk to a lender.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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