We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Are companies becoming more strict in their requirements for credit?
Shrinkydoodle
Posts: 9 Forumite
I was wondering if companies are becoming more strict in their requirements for granting credit, post-covid? My credit hasn't been wonderful in the past, but has improved considerably over the last 6-12 months, and my circumstances haven't changed, yet I was recently turned down for a Virgin 0% transfer for a credit card (to move £900 to pay off a Barclay card with a ridiculous APR). My laptop is on its' last legs and I have some projects coming up that will pay me 4 figures to supplement my meagre income and need a decent replacement and to upgrade my wobbly mobile (through Sky mobile, though now out of contract and on sim only, as I paid off the handset 9 months ago), but I don't have the funds to pay for these items outright. I'm worried that as I've been turned down for a credit card, I'll also be turned down for finance to help me to purchase a good laptop and upgrade my phone. Is there any evidence that companies are becoming stricter in how and who they lend money to?
0
Comments
-
Are you employed, sole trader, or Ltd Co director?
If either of the latter, a bounce back loan might work.0 -
Unsurprisingly finance companies are far more risk adverse in the current climate. The full impact has yet to be felt.0
-
No, I'm employed part time as a tutor, so wouldn't be able eligible. Thank you for the suggestion though.Grumpy_chap said:Are you employed, sole trader, or Ltd Co director?
If either of the latter, a bounce back loan might work.0 -
It could be a number of things, but maybe your money coming in being part-time isn't a good risk for them at the moment in the current climate.
Have you used any checkers before proceeding for credit before doing a hard search will give you a better chance of knowing who will offer you credit.0 -
Can’t go wrong with a refurbished ex-business HP laptop - no need to spend £900.I spent £230 and have a machine that’d smash most new machines out of the water
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards