Great credit BUT!.

b4xt3r123456

Right I've recently payed off all my loans and car finance so now I'm completely debt free, also I have never missed a payment in my life and my credit score is 969, I'm self-employed but earn on average 42k a year and my fiance earns about 10k.

I applied for a 12k loan to upgrade mine and my fiance's car and yet I've been rejected by my bank and Tesco bank, and been on 3 different comparison websites and they all say 0% chance to be accepted.

I don't understand why this has happened can I have some advice please do you think it's due to Covid-19 and recently going into a recession? Thanks Dean.

b4xt3r123456

I've also tried lowering the amount and extending the loan time and still says 0% chance to be accepted

[Deleted User]

Unfortunately, it sounds like your credit isn't all that great. If you have a long running history of debt and now want to start borrowing again, you'll be seen as reasonably high risk, especially in today's market.  Lenders are playing it safe.

Give it some time, stay debt free, clear your cards in full each month and time will heal things. However, the economic outlook is going to remain a challenge.

Make sure you check your files in detail to see if there are any other issues that can be resolved.

macman

Ignore your credit score, it's a fictitious number that lenders do not see. What matters is your credit history.
Are you on the electoral roll?

b4xt3r123456

No I'm not on the electoral roll didn't think of that thank you very much and no not long time debt have a loan for 3k that had £700 left and a loan of 2k I paid off in full 2 weeks ago and someone crashed into my fiance's car so we paid off our car finance. Is that classed as long term debt I dunno lol.

[Deleted User]

A lot of loans and not being on the ER puts you towards the bottom of the credit scale.

Save up for the cars.

Aran76

As well as not being on the electoral roll, it could be that lenders have tightened up their criteria with regard to lending to self employed people.

dld2s

Another thing to maybe check your credit score at checkmyfile i think it's called, it checks all four credit ref agencies. Reason I say this is my daughter applied for credit for a car, was refused and she couldn't undestand why, she has a mortgage, has always paid any CC's loans etc. on time, and as far as she was cocerned she had a great credit history, but she checked experian nothing untowards in report, but when she used the one that searched the 4  CRA's she found a default with a mobile phone comapny that she knew nothing about on one of the other CRA's
 A bit off topic and Just for those maybe interested what happened with my duaghter, she asked the mobile company to remove the default, they refused, and she was getting nowhere with them, eventually she took them to arbitration and won, default is to be removed

[Deleted User]

Rather than use checkmyfile, which is patchy at best, check each CRA directly.

MallyGirl

also bear in mind that it can take up to a couple of months for the info (that you have payed off your loans) to make it through to all the CRAs.

macman

b4xt3r123456 said:

No I'm not on the electoral roll didn't think of that thank you very much and no not long time debt have a loan for 3k that had £700 left and a loan of 2k I paid off in full 2 weeks ago and someone crashed into my fiance's car so we paid off our car finance. Is that classed as long term debt I dunno lol.

Any debt that you have now paid off is not long term debt...
ER is fundamental, get registered ASAP and then you'll need to wait a couple of months.