Loans declined despite 95% pre acceptance rate

sadielou

Hi 

I am looking to take out a £10k loan as my car PCP is coming up and I want to pay off the balloon payment. I have both Clear Score and the MSE loan checker giving me multiple 95% chances of being accepted. 

Clicked through to AA (95%) did their loan checker, came back 0% don’t bother applying. 

Post office at 95% exact same thing happened.

cahoot 95% didn’t have a checker, so I did the full application. Rejection email within 5 mins! 

I have double and triple checked the details I’m entering, I have lived at my address for more than 3 years, steady job 3 years plus, £45k salary, my ClearScore score is 541 which according to them is high. What is going wrong?!

i don’t want to just go down the list applying and being rejected, but equally I need to get this loan sorted in the next 3 weeks. Any advice massively appreciated!!

[Deleted User]

Check your three credit files for issues. Ignore the scores. Clearscore et al don't know how lenders rate you.

What existing debt appears on your files? 10k plus your existing car loan may be pushing affordability.

KatrinaWaves

95% is, by definition, not 100%

DCFC79

Can you not use cash or buy a cheaper alternative ?

We cant see whats on your credit history.
Any other debts you have ?

JReacher1

The score is pretty meaningless but 541 seems low.  

onlyfoolsandparking

JReacher1 said:

The score is pretty meaningless but 541 seems low.  

It's not low by Clearscores standards as it's out of 700 but yet another example of why 'scores' are meaningless.

Thrugelmir

Taken any payment holidays recently?  

adamp87

KatrinaWaves said:

95% is, by definition, not 100%

But even 100% wouldn’t be a definite as these checkers aren’t the actual creditor.

That said with 95% it’s natural people would feel positive about chances, but always it’s a risk. 

[Deleted User]

AA and Post Office use the same lender.

george9071

First of all your score means nothing they check your history make sure everything is paid on time and secondly you can’t rely on the eligibility checkers they aren’t always right. It’s never guaranteed. Have a look elsewhere. 

sadielou

Thanks everyone, no missed payments in 10+ years, no payment holidays taken, nothing incorrect or contentious on my credit report. 

I think zx81 is right, the 10k loan would be to replace the £10k car finance I have currently, but I guess they don’t know that.

if I had the cash I wouldn’t be looking for the loan but thanks.

Ended up with my husband taking out the loan as he doesn’t have any existing loans, just a small amount of credit card debt, and approved instantly with Halifax.