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Refused loan applications
Comments
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Should I apply for a credit card first? Would it make any difference? Would they even give me a credit card, if I’m having issues with just a loan?0
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A credit card is easier than a loan as it is more easily controlled by the lender.
Apply for one once you've finished with the loan business.0 -
Tylersheri16 wrote: »Should I apply for a credit card first? Would it make any difference? Would they even give me a credit card, if I’m having issues with just a loan?
Hindsight is a marvellous thing. What you probably should have done is to apply for a credit card once you get a permanent job. You would have got something with a small limit and high APR but that wouldn't have mattered if you used it for small things each month and paid in full after the statement was issued. This would have built up a history of managing credit well. Over time you may have been offered increases to limits or been able to apply for a more mainstream card.
That would have put you in a good position to apply for a loan after a couple of years.
Instead you are trying to go from zero to £6k without a solid history behind you so 'computer says no'. You might get a better reception from your bank as they have known you for a while (hopefully) but that should be the last application you make for a while or you will come across as desperate.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Tylersheri16 wrote: »Should I apply for a credit card first? Would it make any difference? Would they even give me a credit card, if I’m having issues with just a loan?
It's a bit late to start trying to build credit history for a loan you need now. The only credit history you appear to have now is two loan applications so given the lack of history I would apply to the bank/building society where you hold your main current account. When assessing you for credit, lenders use credit history, affordability and past dealings with them as a bank/building society which is why your own bank/building society is probably your best (only) bet at the moment.0 -
Tylersheri16 wrote: »So what am I meant to do in the meantime after already making a deposit on a car?
Got a family member who could lend you the money you need ?0 -
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In future you need to secure a loan in principle first, and then put down the deposit for the car. You've done it the wrong way round.I used to think that good grammar is important, but now I know that good wine is importanter.0
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