Barclays Partner Finance Rejection

dg10

Hello MSE Forum,

Looking for some advice.

I've been rejected for a BPF loan for some furniture from next. The loan works out as roughly 5% of my gross income. I have roughly £1200 of outstanding debt and I've never missed a payment on any credit. I bought and moved into a new build home 8 months ago. I'm trying to figure out why I've been rejected.

I've only just got around to changing all my credit accounts to my new address (previously lived at my parents). Could this be a reason?

I recently cleared about £4000 from my credit card in one go from savings. My current credit report still reports this higher amount. Is this something that could affect it too?

Likewise I've only just got round to updating my driving license (which I used my driver number to verify my id)

I've also got an account with paypal credit, but this doesn't appear on my report. Could this not appearing on my account affect my report?

And finally, on the application my address wasn't in the system from the postcode search. Could this be a factor too?

Is it just a case of waiting for my next credit report? As it will tell a better story, or am I missing something?

Thanks in advance!
D

Craig1981

morning and welcome

lenders will also look at affordability. sure the loan may be 5% of your income, but with mortgage payments, cost of living etc, could be that the 5% is not affordable in their eyes?

addresses will play a key in the application too - stable address history, and if the address you are at is not with the loan company like you say...

if you just purchasing furniture, have you looked at 0% purchase cards? check eligibility for CC (with percentages of being accepted) on Clearscore, Noddle, Moneyclub etc (i assume you signed up to all three reporting agencies?)

difficult to pin point a specific reason as to why an application has been rejected

macman

On the electoral roll at your new address?

molerat

dg10 wrote: »

And finally, on the application my address wasn't in the system from the postcode search. Could this be a factor too?

When I was selling retail finance that one more often than not gave an instant decline, if it is not on the database it doesn't exist so you are lying


Have you checked for your address on the RM post code finder ? How does that compare to how you presenting the address ? https://www.royalmail.com/find-a-postcode