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Loan eligibility
Jonsey1989
Posts: 1 Newbie
in Loans
Hi all.
I apologise if this has been covered elsewhere but I couldn't find anything by searching.
I used the loan eligibility checker as I'm looking for a loan to consolidate debt. I've recently registered my new address on the electoral roll and is now showing correctly on my Experian account. When I use my current address on the loan eligibility checker my chances are very low. but I just tried again using an old address (haven't lived there since 2014, which is correct on my credit report), it comes back with a much higher acceptance rate of around 70%. I don't understand why this would be. Is there something not adding up on my report possibly?
I don't want to apply for a loan using an old address obviously.
Any advice welcome.
Thanks!
I apologise if this has been covered elsewhere but I couldn't find anything by searching.
I used the loan eligibility checker as I'm looking for a loan to consolidate debt. I've recently registered my new address on the electoral roll and is now showing correctly on my Experian account. When I use my current address on the loan eligibility checker my chances are very low. but I just tried again using an old address (haven't lived there since 2014, which is correct on my credit report), it comes back with a much higher acceptance rate of around 70%. I don't understand why this would be. Is there something not adding up on my report possibly?
I don't want to apply for a loan using an old address obviously.
Any advice welcome.
Thanks!
0
Comments
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Hi,
Consolidation loans very rarely work, you just end up racking up twice the debt when you reopen the consolidated lines of credit, it’s a well worn path we see all the time on this forum.
Why not instead, do the right thing, and pop over to debt free wannabe, post a statement of affairs, and allow us to make suggestions that do not involve further borrowing.
Could be the best move you’ve ever made.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it 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.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Apply for the loan on your correct address - if you get a decline its probably a blessing in disguise.0
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agreed with the above - consolidation is not the answer (based on the info you have provided).0
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Are all your other details, bank accounts, phone, driving licence, credit cards etc registered to and showing at your new address?
It can take a while for that to work through.0
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