rejected by Barclays, need serious help plz

J_81

I just come back from my bank, Barclays and been refused a loan of 3000. I was told that there was something on my credit report, a 'marker' in the bank adviser's words' that caused this. I had been overdrawn a few times lately which she pointed out. She then said to re-apply later when the credit report is better.
I just logged onto it and it shows that under my Barclays account it states

Overdraft Balance 374
Overdraft limit 250

Does this state that i am overdrawn by 374?. It was last updated 30/09 and i was overdrawe by 374 on that day but i am not overdrawn anymore.
Do you guys think that that was the reason i was turned down by Barclays?.

I went to see my Eequifax credit report also and it states the same figure 374 as 'current balance' and my credit limit is 250.
If this is causing the problem how do i rectify it?.
My other direct debits are fine, one of them i missed a few monthly repayments a few months ago but now are all up to date with no problems.

J

jonesMUFCforever

You are over (or have been) over your overdraft limit and you have missed a payment with a direct debit.

This suggests that you may be over committed and cannot afford a loan.
This might be the reason Barclays turned you down.

J_81

Well i rang Barlcays and they said that most likely that the overdraft of 374 on my credit report would have had a impact on my application.
I could wait a few months for my report to get better however i need the loan urgently. I might have to re-apply once my credit report is updated

Burlesque_Babe

Credit reports are updated monthly, so whenever they re-update your file, it will reflect how much you are in credit (or overdrawn) with Barclays.

How many payments did you miss? More than 2 and it could make a difference to a decision.

CLAPTON

If you are often in your OD this usually means that you're struggling to manage on your income. If thats so how will you be able to make the repayments on the loan?

Rafter

This is a case of computer says no. You should go back to Barclays or give their loan department a call to get your application manually scored.

Particularly if you have been with them for some time, have a steady income and have a valid reason for needing the money I cannot see why they would flatly refuse you just for being slightly over a very small overdraft limit for a few days?

R.

J_81

Rafter wrote: »

This is a case of computer says no. You should go back to Barclays or give their loan department a call to get your application manually scored.

Particularly if you have been with them for some time, have a steady income and have a valid reason for needing the money I cannot see why they would flatly refuse you just for being slightly over a very small overdraft limit for a few days?

R.

Is that possible?. I thought about re-applying and saying to Barclays that my credit reports states incorrect info about me. I doubt they will do that.
The advice i was given before i knew that i was still put down as overdrawn was that because i went over my overdraft limit twice that may have affected the decision. Even the advisor said i doubt they will accept you before she sent the application through cos she saw that i been 2 over my OD limit.
So they said to wait about 3-6 months so my credit can get in order but she said that there maybe something on your credit report a 'marker' as such that might be affecting it and to sort that out and then re-apply.
My credit report won't be updated till next week and then i might just re apply then.
Either i was refused cos i was over my OD limit twice because of the incorrect info on my credit report or a bit of both. I won't know beacause Barclays unfortunatly don't tell you.
To Clapton i was over my OD limit only twice ever in Aug & Sept and i have been with the bank for 8 yrs. Just my luck to apply fo a loan now huh