Personnal loan declined. Next step.

AllanM

Hi, just looking for some advice. Just had a personal loan application refused this morning. My credit score is 935 with Experian, Never default on a payment etc.. etc.. Home owner.

Just wondering if I am okay to apply for a loan with someone else?. I have another company showing on experian 95% approval. (The one I tried was 80% approval)

I know multiple applications will have a negative affect on my score.

foxy-stoat

You can apply as many times as you like, try once more then stop though.

[Deleted User]

First thing to do is to check your three credit files.  Ignore the pretend scores they give you, but look at all the data on there to see if it's correct, and there is anything that would be viewed as negative.

Then use an eligibility checker, but go direct to lenders, not via Experian. You need to apply to a lender who is more likely to accept you at your risk level, not the lowest rate one.


Remember than any existing debt is going to negatively impact your chances.

Thrugelmir

Having a good credit score doesn't make one a good risk for further credit being advanced. Very different things. 

ARH_2

If you haven't already, consider if you might be able to get a 0% credit card which could meet your needs, without the interest. As a homeowner, if you have a mortgage, consider a mortgage holiday (coronavirus or otherwise) as that enable you to save up for whatever you need the loan for, with less extra interest. 
 
As others have said - one more application then take a 3 month break, as after that point it's just going to get less and less likely.

For your next application, consider an institution that knows you well (e.g. someone you've banked with a long time, your mortgage provider etc.) . If you have a good record and ability to repay as you say, then an institution that knows this from their internal records should be highly likely to lend. 

DCFC79

AllanM said:

Hi, just looking for some advice. Just had a personal loan application refused this morning. My credit score is 935 with Experian, Never default on a payment etc.. etc.. Home owner.

Just wondering if I am okay to apply for a loan with someone else?. I have another company showing on experian 95% approval. (The one I tried was 80% approval)

I know multiple applications will have a negative affect on my score.

Do remember your score is neither here or there, you will have 2 other scores, lenders see your history.

Your next step imo would be to check you reports at all 3 credit reporting agencies and see if the data is correct.

Once you have checked them then you (or forum members can advise) know the next step.

Maybe it was the amount you were looking at borrowing compared against other debts.

AllanM

Just wanted to say thanks to all that took the time to respond.

I am going to try another application.