Advice - Loan / Credit Card

BolandM

Afternoon Folks, very confused and looking for help. 
My Details 
29 years old. Credit Score 932 Experian. 489 Equifax. 1 Personal Loan HSBC - £12,000 paid of for the last 3 months, on time. P60 Salary £55,000 (Same for last 3 years). No other debt. No mortgage. 

Situation 
I bought a plot of land a year or so ago and I am building on the land and this has eaten up all of my savings. Subsequently, I have applied for an additional loan for £5,000 with HSBC and they have declined me. I have this morning applied for a Tesco loan and also been declined and I don't know why? I need to raise £5,000/£7,000 to pay for a few things to get this part of the project finished off hence asking for the loan but I have been refused credit twice and I am now wary of looking for a loan or credit card incase of any further implications. I have no debt other than a £12,000 loan. 

Does anyone have any idea why this is happening?
 Thanks in advance. 

[Deleted User]

You need to check your three credit files.  None of the score or ratings are of any use in determining whether you can get credit.

See what appears on each. It may just be affordability, or it may be something worse on there.

BolandM

Thank. As mentioned, I have checked 2 of them and there's nothing on there. I earn more than enough to afford the repayments and my score is good or excellent but I have been refused of two separate lenders in 2 weeks. 

[Deleted User]

Again, the score doesn't matter if it's good or bad.

Check the third one.  Make sure the data is correct, but also that you don't have a thin file, which can be a problem.

You said you've made the last three payments on your loan on time.  What about before then?  Or is it a very new loan?

Clive_Woody

If the £12k loan is very recent then some lenders may be reluctant to add to your debt by lending more money. 

foxy-stoat

Try applying for a credit card with a Money Transfer option - stop applying for loans though as you may get an instant decline now for a few months.

If you have cira £3500 nett each month take home with only a £12,000 loan then can you wait until you save up again?

-taff

What about a self build mortgage?

mcpitman

Can't understand why you haven't saved the money up.
3.5k take home, minimal outgoings, what do you spend your money on?

lcc86

mcpitman said:

Can't understand why you haven't saved the money up.
3.5k take home, minimal outgoings, what do you spend your money on?

OP said they are building a property and it has eaten up all of their savings. 

I'd imagine if it is a new loan lenders are wary about you asking for more again so soon unfortunately. You could try a credit card with money transfer options as others have said but if that doesn't work you may have to wait. 

vic_msn

BolandM said:

Afternoon Folks, very confused and looking for help. 
My Details 
29 years old. Credit Score 932 Experian. 489 Equifax. 1 Personal Loan HSBC - £12,000 paid of for the last 3 months, on time. P60 Salary £55,000 (Same for last 3 years). No other debt. No mortgage. 

Situation 
I bought a plot of land a year or so ago and I am building on the land and this has eaten up all of my savings. Subsequently, I have applied for an additional loan for £5,000 with HSBC and they have declined me. I have this morning applied for a Tesco loan and also been declined and I don't know why? I need to raise £5,000/£7,000 to pay for a few things to get this part of the project finished off hence asking for the loan but I have been refused credit twice and I am now wary of looking for a loan or credit card incase of any further implications. I have no debt other than a £12,000 loan. 

Does anyone have any idea why this is happening?
 Thanks in advance. 

Your best bet is trying with HSBC again in few months time.
I was in a similar situation, in the meantime check if you can get a 0% money transfer card or check for offers in your existing cards.

foxy-stoat

lcc86 said:

mcpitman said:

Can't understand why you haven't saved the money up.
3.5k take home, minimal outgoings, what do you spend your money on?

OP said they are building a property and it has eaten up all of their savings. 

I'd imagine if it is a new loan lenders are wary about you asking for more again so soon unfortunately. You could try a credit card with money transfer options as others have said but if that doesn't work you may have to wait. 

Whats 5 grand going to buy him, in the scheme of house building....a kitchen maybe?