Help- 95% Eligible But Declined

DavidWFC

I'm looking for a £15,000 loan for our wedding over 5 years. I've done the eligibility calculator on the main MSE website and it says using the soft search says I'm 95% eligible with Admiral. However proceeded with application and got rejected. Any ideas why this would be, checked ClearScore and my score is pretty average.

Is it worth ringing and trying again or waiting a week or so and trying again or is it unlikely to change?

ossie

Have you tried your bank for a loan?

DavidWFC

ossie wrote: »

Have you tried your bank for a loan?

No, are they more likely to give me one? I just thought I'd jump on here and get best rate?

[Deleted User]

What's your income? 15k is a big ask, especially if you have other commitments or a thin or patchy file.

Ignore the scores given to you by the CRAs.

DavidWFC

23.5k p/a income

Mortgage at £450 and £97 other loan outgoings.

What's a CRA?

[Deleted User]

You're almost certainly being rejected on affordability. You're asking for around 70% of your income in addition to existing debts.

Save up for the wedding and cut back. It's only a one day party after all. The marriage is the important thing.

A CRA is a credit reference agency.

kazwookie

Start looking to spend less on the wedding.

DavidWFC

It's 278 p/m, I could walk into a car dealer and get finance on a car and most likely be accepted for a car valued 15k so not sure why a loan is different.

DCFC79

DavidWFC wrote: »

It's 278 p/m, I could walk into a car dealer and get finance on a car and most likely be accepted for a car valued 15k so not sure why a loan is different.

Because the lender can decide whether to lend to you whereas finance is secured on the car so if you don't pay 1 month the car is repossessed.

Your credit report also plays a part in it.
Whats on your report, what debts ?


1 either you do the wedding cheaper, after all its 1 day
2 get your credit reports sorted so it looks better to lenders
3 or you earn more so you can save more and get a lower amount.
4 stash away the £300 and with an extra income you would be at the amount you need in no time. If the 2 of you were to save £300 over a 2 year period you would pretty much have what you need saved up.

Depends whats important to you, is spending the £15k an absolute priority then go for option 2 and maybe a bit of option 3.

If not then option 1


Who was it you applied to ?
Maybe your own bank is an option as previously mentioned.

jonesMUFCforever

Don't get married and save £15k plus interest (very MSE)!

[Deleted User]

DavidWFC wrote: »

It's 278 p/m, I could walk into a car dealer and get finance on a car and most likely be accepted for a car valued 15k so not sure why a loan is different.

They can't repossess your partner if you default.