Extra income but still 'v. poor' chances of getting a loan.

Craigywaigy

I have recently updated my credit file to show extra income of £5k and no other changes. Even so, my chances of getting a loan remains v. poor. Why is this.?

[Deleted User]

a) because it's a poor indicator of your chances and 
b) you haven't said what your credit history or circumstances are. Perhaps you're bankrupt?

jimbo26

Income is only 1 factor, it all depends on a host of other things, such as electoral roll, time at address, time in employment, previous credit history, dependants etc etc.

Craigywaigy

We pay off CC's every month. Pay extra per month on mortgage. PCP on car with no defaults. Interest free credit on carpets, no defaults. Basically, we have extra, disposable 5k a year but no change on credit file. 

[Deleted User]

It may be affordability, given your existing debts.

Have you tried a real eligibility checker, rather than something from a CRA?

etienneg

What do you want the load for? If you have an extra 5k of income, why not just save up for a while and then you won't need a loan? Or if this is just a pointless desire to see your "credit score" go higher for no particular reason, just forget it!

nick74

Craigywaigy said:

I have recently updated my credit file to show extra income of £5k and no other changes. Even so, my chances of getting a loan remains v. poor. Why is this.?

If you're referring to the Affordability Score on MSE Credit Club something 'broke' with it at some point in late 2018 and now it appears to show many people's affordability as 'V. Weak' regardless of circumstances. Just ignore it, it's meaningless.

On_my_way

Craigywaigy said:

We pay off CC's every month. Pay extra per month on mortgage. PCP on car with no defaults. Interest free credit on carpets, no defaults. Basically, we have extra, disposable 5k a year but no change on credit file. 

It takes time for credit rating to improve.