Loan rejected

cassandcharlie

I used the Experian credit score checker to see what loan I could get. Credit score shows 999/999 and 90% chance of getting loan with TSB. Applied and was rejected saying that the credit report said no loan available. I want to borrow 20k to pay off existing car loan and use balance to buy replacement car. Now worried to apply to another bank incase rejected again. Any ideas why this has been rejected?

jonesMUFCforever

Who are your main bankers?

cassandcharlie

jonesMUFCforever said:

Who are your main bankers?

jonesMUFCforever said:

Who are your main bankers?

Why? Nationwide.

[Deleted User]

What do your credit files show and what's your income?

cassandcharlie

As above 999/999. £62K

[Deleted User]

Not the pretend score.

What do your actual credit files show? Debts, limits, payments ER, financial associates, etc.

cassandcharlie

Where would I find this?

DCFC79

cassandcharlie said:

Where would I find this?

On your credit file, the score doesnt show a lender anything since lenders dont see it.

Maybe you were rejected because the existing loan plus the new loan amount is too much in terms of affordability.

jonesMUFCforever

Ask Nationwide - they know more about you than anybody else.

cassandcharlie

No, as was consolidating, so that can’t be it. What is frustrating is that it showed 95% chance of getting loan on eligibility calculator. I don’t think Nationwide will know. At the end of the day they’re just people who pump information into a machine that spits out the answer.

Carrot007

cassandcharlie said:

No, as was consolidating, so that can’t be it.

Consolidating to a loan offerer means they assume you will not pay off your old loan and blow the new money on some !!!!!!. If you can still afford it they give you it. Never a good reason. Back in the day they used to pay money direct and so consolidation was a reasonable reason.