Loan rejected

[Deleted User]

cassandcharlie said:

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

That's exactly what it is.  You're doubling your debt, already being in trouble with the first half.

cassandcharlie

But I am not in trouble with debt. The debt is completely manageable. Only want to consolidate as don’t need want two loans running in tandem. And it’s based on a credit score anyway, not someone’s interpretation of events. And my credit score is excellent, which is why the rejection makes no sense.

bazzyb

cassandcharlie said:

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.

90% chance of approval means that for every 100 people who apply, 10 of them won't be approved.  You were one of the 10.

999 score is a number that Experian give you, you will have a different score on Equifax, and yet another score on TransUnion.  The lenders aren't particularly interested in the Experian score as they will apply their own.

What borrowings do you currently have in terms of loans and credit cards, how much is outstanding?

Clive_Woody

cassandcharlie said:

 And it’s based on a credit score anyway, not someone’s interpretation of events. And my credit score is excellent, which is why the rejection makes no sense.

Ask Experian for a loan then.

Sncjw

Its not based on score. Look at other credit files they wilk have a differnt number for the same data. 

[Deleted User]

cassandcharlie said:

But I am not in trouble with debt. The debt is completely manageable. Only want to consolidate as don’t need want two loans running in tandem. And it’s based on a credit score anyway, not someone’s interpretation of events. And my credit score is excellent, which is why the rejection makes no sense.

You are a thousand percent wrong here.
You need far, far, more due diligence in the world of loans before going any further.
Don't just skim over the words on the credit reports and look at the numbers that stand out.
Take your time and read the FACTS, THE INFORMATION on them, the 'score' is NOT those facts it's the INFORMATION / DATA on them that is the important information because it's an analysis of your conduct.

DCFC79

cassandcharlie said:

But I am not in trouble with debt. The debt is completely manageable. Only want to consolidate as don’t need want two loans running in tandem. And it’s based on a credit score anyway, not someone’s interpretation of events. And my credit score is excellent, which is why the rejection makes no sense.

The lender has no idea you will pay the car loan off.

Ok so its based on a credit score, can you find a lender who will lend based on that.
The point is you can be rejected.

Aran76

Your credit score with one or even all of the credit agencies is only a guide, as has already been said the lender will apply their own score to your application. You will need to tick all the boxes in terms of their lending criteria. One such element of this criteria is the total amount that you currently owe on your file, this will of course lessen your score with them the higher it is.

SeanG79

In the current climate, I would expect banks to look more harshly at applications with the reason for the loan being consolidation.

MEM62

OP - The level of borrowing you are proposing compared to your salary is already going to give you issues with affordability.  Add to that the fact that lenders are tightening borrowing at present and this is looking like a non-starter.  However, that may have done you a favour as borrowing large sums of money to purchase an asset with a value that falls like a stone isn't exactly the best financial decision you'll ever make.