Why am I being turned down?

Hogues

OK - starting to get to the banging head against a brick wall stage of not understanding what's going on here......


So, I want to arrange around £10k of funding over 2 or 3 years but keep getting rejected. I've a house I own (mortgaged) in Scotland that I'm currently putting out on Air BnB so have income from, moved down to England back in the summer to be with a new partner, living in the place they've rented for nearly three years. I'm on the electoral role at the new place, various new accounts, council tax etc so there's lots of paper-trail. I've got an 800+ rating on Experian, no late payments ever, no particular other debts other than a modest CC balance and I recently got successfully vetted to act as a guarantor for someone for £6.5k. I earn a good stable salary of £35k ish (there was a minor gap in between new and old jobs whilst relocating and I temp'd for a few weeks). And my new partner is also earning around the same kind of income although is self employed.



But..... absolutely no offers at all, just constant rejections and now I'm having to consider the effect of too many hard searches. I've even just used the eligibility checker on here and it came up with zero results!


Q: Is it because I'm Australian and my current visa expires end of 2020? (Do Experian even know this??!)
Q: Is it because the computer systems can't bridge the logic gap between me being a home owner, but not in the house I'm living in?
Q: Is it to do with my new partner having a 'vexatious' CCJ from a business matter a couple of years ago that's proving difficult to get rid of via the Courts?
Q: Is it just Brexit???!!


Any thoughts to save my hair will be much appreciated!!

[Deleted User]

Address discrepancies can be a problem.

The guarantor loan is also a problem if this show up as a liability on your credit files. If it doesn't, it's obviously a problem in it's own right of a different kind.

Are you financially associated with the CCJ person?

Clearing your credit card would also be a good idea.

Lastly, check all three to your files to see what appears there. Disregard the scores and ratings.

Nasqueron

I'd be putting aside at least 6k+ for the guarantor loan. People who need a loan with a guarantor are people who don't pay their debts and you will inevitably be lumped with that loan.

BoGoF

You say constant rejections. How many times have you applied in last 6 months?

Hogues

Nasqueron wrote: »

I'd be putting aside at least 6k+ for the guarantor loan. People who need a loan with a guarantor are people who don't pay their debts and you will inevitably be lumped with that loan.

Not so. The guarantee is just a personal one against a business overdraft facility venture which I'm a 50% shareholder of.

Hogues

BoGoF wrote: »

You say constant rejections. How many times have you applied in last 6 months?

Probably 6 - 7 in the last three months, but I'm trying to not damage my credit file at the same time. Like I said, even the eligibility calculator on here literally returned zero results - not even a high APR poor credit offering. There's some massive piece of a jigsaw puzzle missing, I'm convinced!

BoGoF

Way too many searches in such a short period. I suspect a combination of relatively new address, job, new accounts are the reason.

No more aoplications for 3 months then try again and as above, check all 3 credit reference agencies.

Hogues

Deleted_User wrote: »

Address discrepancies can be a problem.

The guarantor loan is also a problem if this show up as a liability on your credit files. If it doesn't, it's obviously a problem in it's own right of a different kind.

Are you financially associated with the CCJ person?.

Only in so far as we live at the same address, we've no joint accounts etc. What makes this even more puzzling is that they are still getting eligibility on the high APR poor credit cards - I'm not even getting that! I applied to extend my overdraft with Lloyds (unused at present) as an alternative, who I've banked with for 8+ years and haven't put a foot wrong with, and got an instant decline.

Pixie5740

Hogues wrote: »

OK - starting to get to the banging head against a brick wall stage of not understanding what's going on here......


So, I want to arrange around £10k of funding over 2 or 3 years but keep getting rejected. I've a house I own (mortgaged) in Scotland that I'm currently putting out on Air BnB so have income from, moved down to England back in the summer to be with a new partner, living in the place they've rented for nearly three years. I'm on the electoral role at the new place, various new accounts, council tax etc so there's lots of paper-trail. I've got an 800+ rating on Experian, no late payments ever, no particular other debts other than a modest CC balance and I recently got successfully vetted to act as a guarantor for someone for £6.5k. I earn a good stable salary of £35k ish (there was a minor gap in between new and old jobs whilst relocating and I temp'd for a few weeks). And my new partner is also earning around the same kind of income although is self employed.



But..... absolutely no offers at all, just constant rejections and now I'm having to consider the effect of too many hard searches. I've even just used the eligibility checker on here and it came up with zero results!


Q: Is it because I'm Australian and my current visa expires end of 2020? (Do Experian even know this??!)
Q: Is it because the computer systems can't bridge the logic gap between me being a home owner, but not in the house I'm living in?
Q: Is it to do with my new partner having a 'vexatious' CCJ from a business matter a couple of years ago that's proving difficult to get rid of via the Courts?
Q: Is it just Brexit???!!


Any thoughts to save my hair will be much appreciated!!

I'm surprised that your mortgage lender gave consent to let on an Air BnB basis but that's by the by.

I doubt this has anything to do with Brexit. Plenty of other people are still managing to obtain credit so it's not Brexit, it's you especially since you have been rejected, not just offered higher rates but out and out rejected, by 6-7 lenders. You need to stop making applications for credit until you get to the bottom of this.

Check all the credit files (Experian, Equifax, and Call Credit) and by files I do not mean the credit score generated by the credit reference agencies, I mean the data held in each files. Your credit files are just one part of the jigsaw, lenders will also be basing the decision on affordability and past dealings with you.
https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

Pixie5740

Hogues wrote: »

Only in so far as we live at the same address, we've no joint accounts etc. What makes this even more puzzling is that they are still getting eligibility on the high APR poor credit cards - I'm not even getting that! I applied to extend my overdraft with Lloyds (unused at present) as an alternative, who I've banked with for 8+ years and haven't put a foot wrong with, and got an instant decline.

Eligibility doesn't mean your partner would actually be offered any of those cards if it went to full application.

Gaz83

Hogues wrote: »

Not so. The guarantee is just a personal one against a business overdraft facility venture which I'm a 50% shareholder of.

But there's still the possibility that the business fails, and you then personally owe £6,500. That's going to raise questions.

How much is your 'modest' CC balance?