why rejected?

charleysmummy25

Hi everyone
I could do with some advice please, my fiance has a perfect credit rating, unlike me who has less than desirable but will all be dropping off my file in 2008.

Anyway, cus of this we have any necessary vredit in his name, mortgage and a small loan.

Now we have decided its time to get married and are looking for a loan of 6000 to pay for it and an additional 3000 to pay off the other loan.

He is on a averaglly good wage of 26k a year, and i pay all the bills apart from the mortgage.

We have just moved but due to him being in the forces he doesnt register on the elctoroll at our houses and this has never caused a problem ever in the past.

He is able to register where he is based in the week, but we like to keep ourselves financially dissasociated cus of my cr rating.

Anyway he just applied for a loan from asda and halifax and they both declined?

This has never happened before and he definately ahs nothing adverse on his credit file, i have just checked as i made him get credit monitoring so we can keep an eye on his file. So one of us has a decent file.

Anyhow, any ideas on possible reasons for the loan not being accepted??

Im at a loss for ideas..

jonesMUFCforever

You don't say if he has other loans/credit cards with outstanding amounts.
It may be that he is considered fully committed paying off what he has now.

It might also be because of the address situation.

iolanthe07

IMHO this will happen more and more as the banks tighten up on lending. The global credit crunch will affect us all to some extent or other. I think they will see £9000 as a big chunk out of a gross income of £26000 (it is, after all, more than a third) and have probably declined it on those grounds.

UK007BullDog

I second iolanthe07 as he might have already reached the pain barrier regarding affordability and lenders will not lend more even if his credit rating is excellent. I think this has more weighting than the address situation.

lynzpower

Just a quickie, as Im in the market for getting hitchex myself.

Are you sure you really
a) want to spend 6k on one day?!?!
b) are you sure you want to take aloan for this, cant you just save it instead? As the wedding wont cost 6k, it will cost infinately more with the interest etc.

iolanthe07

Off topic - but really great to see you back again Lynzpower. Hope your house sale eventually went OK - looks like you got out at the right time!

mark-indebt

Get him registered on the electroll roll asap thats really bad for the credit rating. He needs to give a UK landline number on credit applications not sure if you have been doing. I would wait before going for a loan and improve your credit rating. Apply for a credit card at 0% purchase one and just pay off the minimum amount and dont spend too much on it dont rack up debt just spend what you would have bought like food. Also see if it has cashback will pay you money. It will help with the rating and after 6 months if you can wait, the rating will be much better and pay off/close the account or balance transfer at 0% or do it all again and use quidco if they are on there to sign up through them.