Loan refused

olgemama

How long should I wait before re-applying?
I have cancelled a no longer used credit card and a store card that I had never bothred cancelling, and I have reduced my overdraft allowance from £2,000 to £500 as I don't go into it.

Should I reapply to the same bank? Or best to try another?

Loan amount is £21k, over 7 years.

Combined salary of me & hubby is £59k
Mortgage repayment is £1,150 / mth

[Deleted User]

Is it a joint loan? If not affordability is likely a problem.

You need to assess your chances more carefully before reapplying anywhere.

olgemama

Yes a joint loan.

foxy-stoat

Wait a couple of months, save the £300 that you would of been paying for the loan and borrow slightly less. You should of saved £600 or £900 by the time you next apply.

Check your credit files to see if theres anything on there that may be causing you a problem - ignore the score.

Maybe apply for 2 loans individually.

TBagpuss

Have a look at your credit files to see whether there is anything you aren't aware of, such as a late or missed payment.

how much is your total mortgage? That, as well as the monthly payments, will potentially be relevant.

olgemama

I wondered whether a loan each for £10k might be a better option? We could manage with £20k rather than the 21k I'd originally applied for.

We have only had the mortgage for 11 months. So I assume that is not helping.

I have clearscore - but bizarrely that one does not show my mortgage.
I'm going to have a look at some of the other ones now