Struggling to get a loan at a good rate

[Deleted User]

I was doing okay at end of last year and beginning of this year when applying for loans across the board.

But Now I believe covid impact has caught up with lenders and now the same loans arent available to me.

perfect credit history and score as confirmed by all CRAs and independent credit specialists from a variety of lenders.

salary 70k+

And a lower amount of debt than I had when i was being accepted for loans at very competitive rates.

so whats changed? The timing and the lending criteria

anyone else looking for loans recently who are struggling?

cymruchris

Score isn't important - nobody sees it but you.

There are several interpretations of a perfect history - what might be perfect to you might spook lenders - such as 'I've always paid just above the minimum payment on time forever and have never missed a payment' - that's not a perfect history for example.

There's no doubt that credit availability isn't as easy as it was pre-covid - and that's likely to stay around for some time to come. 

Salary may be 70k - but what are the debt levels? what are the credit utilisation percentages on your credit cards? have you been carrying a balance for quite a long time? lots of things will impact your 'affordability and suitability' for low rate loans. 

[Deleted User]

cymruchris said:

Score isn't important - nobody sees it but you.

There are several interpretations of a perfect history - what might be perfect to you might spook lenders - such as 'I've always paid just above the minimum payment on time forever and have never missed a payment' - that's not a perfect history for example.

There's no doubt that credit availability isn't as easy as it was pre-covid - and that's likely to stay around for some time to come. 

Salary may be 70k - but what are the debt levels? what are the credit utilisation percentages on your credit cards? have you been carrying a balance for quite a long time? lots of things will impact your 'affordability and suitability' for low rate loans. 

Like i said... from the mouths of lenders and credit specialists and the expert teams at all the CRAs they say my credit file looks perfect

ive spoken to at least two dozen agents

and from the exact same lender that first approved me for a loan and then denied me for the same loan ....my level of debt was 25 per cent lower when i was denied than when i was approved by them only a few months earlier.

so then whats changed? Absolutely nothing else.

went through all credit data with a fine comb and got many expert hands to help.

can’t think of anything else

[Deleted User]

Adams18 said:

cymruchris said:

Score isn't important - nobody sees it but you.

There are several interpretations of a perfect history - what might be perfect to you might spook lenders - such as 'I've always paid just above the minimum payment on time forever and have never missed a payment' - that's not a perfect history for example.

There's no doubt that credit availability isn't as easy as it was pre-covid - and that's likely to stay around for some time to come. 

Salary may be 70k - but what are the debt levels? what are the credit utilisation percentages on your credit cards? have you been carrying a balance for quite a long time? lots of things will impact your 'affordability and suitability' for low rate loans. 

Like i said... from the mouths of lenders and credit specialists and the expert teams at all the CRAs they say my credit file looks perfect

ive spoken to at least two dozen agents

and from the exact same lender that first approved me for a loan and then denied me for the same loan ....my level of debt was 25 per cent lower when i was denied than when i was approved by them only a few months earlier.

so then whats changed? Absolutely nothing else.

went through all credit data with a fine comb and got many expert hands to help.

can’t think of anything else

Who exactly did you speak with at the lenders who told you that you had a “perfect credit history and score?” If it were true that you had a perfect score with a lender then you’d be offered the representative APR but you aren’t being offered that so clearly in terms of each lenders’ internal scoring you are not perfect. 

The CRA don’t lend money so how they rate you is irrelevant. I’m curious as to who these experts you e been consulting are and their roles within the CRA and lenders. 

[Deleted User]

Lover_of_Lycra said:

Adams18 said:

cymruchris said:

Score isn't important - nobody sees it but you.

There are several interpretations of a perfect history - what might be perfect to you might spook lenders - such as 'I've always paid just above the minimum payment on time forever and have never missed a payment' - that's not a perfect history for example.

There's no doubt that credit availability isn't as easy as it was pre-covid - and that's likely to stay around for some time to come. 

Salary may be 70k - but what are the debt levels? what are the credit utilisation percentages on your credit cards? have you been carrying a balance for quite a long time? lots of things will impact your 'affordability and suitability' for low rate loans. 

Like i said... from the mouths of lenders and credit specialists and the expert teams at all the CRAs they say my credit file looks perfect

ive spoken to at least two dozen agents

and from the exact same lender that first approved me for a loan and then denied me for the same loan ....my level of debt was 25 per cent lower when i was denied than when i was approved by them only a few months earlier.

so then whats changed? Absolutely nothing else.

went through all credit data with a fine comb and got many expert hands to help.

can’t think of anything else

Who exactly did you speak with at the lenders who told you that you had a “perfect credit history and score?” If it were true that you had a perfect score with a lender then you’d be offered the representative APR but you aren’t being offered that so clearly in terms of each lenders’ internal scoring you are not perfect. 

The CRA don’t lend money so how they rate you is irrelevant. I’m curious as to who these experts you e been consulting are and their roles within the CRA and lenders. 

Yes its true every lender has their own criteria

the lender who approved me then denied me did not give a reason even though I pressed hard for one


as for who I consulted... 

Experian - paid for the creditexpert subscription and spoke to several agents to get an opinion on my credit file and my personal financial detals like salary etc and to discuss my overall standing as a borrower

they all said they see no issues whatsoever and that i score highly enough according to them and no red flags plenty of positives

did the same by speaking to several agents at Transunion and then Equifax by paying Equifax for their premium service and then Transunion have a free service where they have partnered with CreditKarma for reporting and assistance

and then I signed up to checkmyfile whic showed me all my data with CRAs, Crediva and also CIFAS data and spoke to their agents and helplines by paying the subscripion

then i spoke to actual lenders and specialists at the lenders who manually assess elgibility for borrowers not just the people that sit behind the desk answering calls and saying ‘we cant provide help its all automated through yhe system”

and they also went through my credit files and gave me their expert opinion about how i score highly according to their criteria and in their professional opinion

and then i called money advice service too for their thoughts

and I spoke to some more lenders so they can chime in

but no one could tell me why the specific lender in question at first approved throughout July and August of last year had suddenly changed their mind despite my whole situation actually being better positioned than last year with improved debt levels

thus there can only be one reason, their criteria must have changed despite their agents telling me it hasnt changed

ive made over 180 credit payments without being late or missing one

electoral roll since over 15 years

24 per cent  total credit utilisation 

work in the financial industry steady job several years in role

All of that is irrelevant anyway.. im saying the same lender had all this information and nothing has changed since for them to change their mind except that my debt level is 25% better than before

[Deleted User]

Lover_of_Lycra said:

Adams18 said:

cymruchris said:

Score isn't important - nobody sees it but you.

There are several interpretations of a perfect history - what might be perfect to you might spook lenders - such as 'I've always paid just above the minimum payment on time forever and have never missed a payment' - that's not a perfect history for example.

There's no doubt that credit availability isn't as easy as it was pre-covid - and that's likely to stay around for some time to come. 

Salary may be 70k - but what are the debt levels? what are the credit utilisation percentages on your credit cards? have you been carrying a balance for quite a long time? lots of things will impact your 'affordability and suitability' for low rate loans. 

Like i said... from the mouths of lenders and credit specialists and the expert teams at all the CRAs they say my credit file looks perfect

ive spoken to at least two dozen agents

and from the exact same lender that first approved me for a loan and then denied me for the same loan ....my level of debt was 25 per cent lower when i was denied than when i was approved by them only a few months earlier.

so then whats changed? Absolutely nothing else.

went through all credit data with a fine comb and got many expert hands to help.

can’t think of anything else

Who exactly did you speak with at the lenders who told you that you had a “perfect credit history and score?” If it were true that you had a perfect score with a lender then you’d be offered the representative APR but you aren’t being offered that so clearly in terms of each lenders’ internal scoring you are not perfect. 

The CRA don’t lend money so how they rate you is irrelevant. I’m curious as to who these experts you e been consulting are and their roles within the CRA and lenders. 

You know experian work closely with lenders dont you? They have their own comparison tool thaat links on to all lenders criteria so they have a good idea of how you credit report should look as a borrower

they arent complete monkeys

give them some credit

they bought Hd descisions back in 2014 which is the number one eligibility checker for 80% of lenders

And it only looks at experian data

its what all the comparison sites use... the engine is owner by experian

[Deleted User]

Adams18 said:

Lover_of_Lycra said:

Adams18 said:

cymruchris said:

Score isn't important - nobody sees it but you.

There are several interpretations of a perfect history - what might be perfect to you might spook lenders - such as 'I've always paid just above the minimum payment on time forever and have never missed a payment' - that's not a perfect history for example.

There's no doubt that credit availability isn't as easy as it was pre-covid - and that's likely to stay around for some time to come. 

Salary may be 70k - but what are the debt levels? what are the credit utilisation percentages on your credit cards? have you been carrying a balance for quite a long time? lots of things will impact your 'affordability and suitability' for low rate loans. 

Like i said... from the mouths of lenders and credit specialists and the expert teams at all the CRAs they say my credit file looks perfect

ive spoken to at least two dozen agents

and from the exact same lender that first approved me for a loan and then denied me for the same loan ....my level of debt was 25 per cent lower when i was denied than when i was approved by them only a few months earlier.

so then whats changed? Absolutely nothing else.

went through all credit data with a fine comb and got many expert hands to help.

can’t think of anything else

Who exactly did you speak with at the lenders who told you that you had a “perfect credit history and score?” If it were true that you had a perfect score with a lender then you’d be offered the representative APR but you aren’t being offered that so clearly in terms of each lenders’ internal scoring you are not perfect. 

The CRA don’t lend money so how they rate you is irrelevant. I’m curious as to who these experts you e been consulting are and their roles within the CRA and lenders. 

Yes its true every lender has their own criteria

the lender who approved me then denied me did not give a reason even though I pressed hard for one


as for who I consulted... 

Experian - paid for the creditexpert subscription and spoke to several agents to get an opinion on my credit file and my personal financial detals like salary etc and to discuss my overall standing as a borrower

they all said they see no issues whatsoever and that i score highly enough according to them and no red flags plenty of positives

did the same by speaking to several agents at Transunion and then Equifax by paying Equifax for their premium service and then Transunion have a free service where they have partnered with CreditKarma for reporting and assistance

and then I signed up to checkmyfile whic showed me all my data with CRAs, Crediva and also CIFAS data and spoke to their agents and helplines by paying the subscripion

then i spoke to actual lenders and specialists at the lenders who manually assess elgibility for borrowers not just the people that sit behind the desk answering calls and saying ‘we cant provide help its all automated through yhe system”

and they also went through my credit files and gave me their expert opinion about how i score highly according to their criteria and in their professional opinion

and then i called money advice service too for their thoughts

and I spoke to some more lenders so they can chime in

but no one could tell me why the specific lender in question at first approved throughout July and August of last year had suddenly changed their mind despite my whole situation actually being better positioned than last year with improved debt levels

thus there can only be one reason, their criteria must have changed despite their agents telling me it hasnt changed

ive made over 180 credit payments without being late or missing one

electoral roll since over 15 years

24 per cent  total credit utilisation 

work in the financial industry steady job several years in role

All of that is irrelevant anyway.. im saying the same lender had all this information and nothing has changed since for them to change their mind except that my debt level is 25% better than before

As I said in my previous post, the CRA don’t lend money so what they think of your credit files and chances of borrowing money is irrelevant. They aren’t privy to the internal lending criteria of actual lenders so you’ve been wasting your time and quite possibly your money too if you’ve being paying for these opinions. 

As for those you spoke with at the lenders at those levels they do not know the internal lending policies either, only a handful of people have that kind of information. If those you did speak to really knew then they wouldn’t be telling you that you’re the perfect candidate because clearly you’re not. 

Looking at your posting history I have a feeling this thread is about to go south the same as all your others and so for that reason @Adams18 I’m out. 

[Deleted User]

Lover_of_Lycra said:

Adams18 said:

Lover_of_Lycra said:

Adams18 said:

cymruchris said:

Score isn't important - nobody sees it but you.

There are several interpretations of a perfect history - what might be perfect to you might spook lenders - such as 'I've always paid just above the minimum payment on time forever and have never missed a payment' - that's not a perfect history for example.

There's no doubt that credit availability isn't as easy as it was pre-covid - and that's likely to stay around for some time to come. 

Salary may be 70k - but what are the debt levels? what are the credit utilisation percentages on your credit cards? have you been carrying a balance for quite a long time? lots of things will impact your 'affordability and suitability' for low rate loans. 

Like i said... from the mouths of lenders and credit specialists and the expert teams at all the CRAs they say my credit file looks perfect

ive spoken to at least two dozen agents

and from the exact same lender that first approved me for a loan and then denied me for the same loan ....my level of debt was 25 per cent lower when i was denied than when i was approved by them only a few months earlier.

so then whats changed? Absolutely nothing else.

went through all credit data with a fine comb and got many expert hands to help.

can’t think of anything else

Who exactly did you speak with at the lenders who told you that you had a “perfect credit history and score?” If it were true that you had a perfect score with a lender then you’d be offered the representative APR but you aren’t being offered that so clearly in terms of each lenders’ internal scoring you are not perfect. 

The CRA don’t lend money so how they rate you is irrelevant. I’m curious as to who these experts you e been consulting are and their roles within the CRA and lenders. 

Yes its true every lender has their own criteria

the lender who approved me then denied me did not give a reason even though I pressed hard for one


as for who I consulted... 

Experian - paid for the creditexpert subscription and spoke to several agents to get an opinion on my credit file and my personal financial detals like salary etc and to discuss my overall standing as a borrower

they all said they see no issues whatsoever and that i score highly enough according to them and no red flags plenty of positives

did the same by speaking to several agents at Transunion and then Equifax by paying Equifax for their premium service and then Transunion have a free service where they have partnered with CreditKarma for reporting and assistance

and then I signed up to checkmyfile whic showed me all my data with CRAs, Crediva and also CIFAS data and spoke to their agents and helplines by paying the subscripion

then i spoke to actual lenders and specialists at the lenders who manually assess elgibility for borrowers not just the people that sit behind the desk answering calls and saying ‘we cant provide help its all automated through yhe system”

and they also went through my credit files and gave me their expert opinion about how i score highly according to their criteria and in their professional opinion

and then i called money advice service too for their thoughts

and I spoke to some more lenders so they can chime in

but no one could tell me why the specific lender in question at first approved throughout July and August of last year had suddenly changed their mind despite my whole situation actually being better positioned than last year with improved debt levels

thus there can only be one reason, their criteria must have changed despite their agents telling me it hasnt changed

ive made over 180 credit payments without being late or missing one

electoral roll since over 15 years

24 per cent  total credit utilisation 

work in the financial industry steady job several years in role

All of that is irrelevant anyway.. im saying the same lender had all this information and nothing has changed since for them to change their mind except that my debt level is 25% better than before

As I said in my previous post, the CRA don’t lend money so what they think of your credit files and chances of borrowing money is irrelevant. They aren’t privy to the internal lending criteria of actual lenders so you’ve been wasting your time and quite possibly your money too if you’ve being paying for these opinions. 

As for those you spoke with at the lenders at those levels they do not know the internal lending policies either, only a handful of people have that kind of information. If those you did speak to really knew then they wouldn’t be telling you that you’re the perfect candidate because clearly you’re not. 

Looking at your posting history I have a feeling this thread is about to go south the same as all your others and so for that reason @Adams18 I’m out. 

They are all useless ay?

why does this website bother with credit advise then? All of it is pointless!!!!

credit utilisation? Debt to income ratio? What is this sorcery and made up concepts!!!

Your points are useless.

 And i didnt waste my time at all actually.. i learned a great deal of valuable information which you probably think ‘but how has that helped your situation’

terrible attitude to have

Aran76

I know it can be frustrating being declined when you think you should be accepted, this has happened to me before and in my experience the lender will rarely give much insight into their decision and will point you in the direction of your credit file. The lending criteria varies and I'm sure it is constantly being reviewed by lenders.

You said that you have been applying for loans "across the board" within the last 6 months, are these hard searches? In which case this in itself would be a red flag for lenders as it demonstrates desperation for credit. 

The big positive for you is your £70k salary, which should (depending on your other commitments) put you in a privileged position to drive down your debts and free up more of your earnings.

Batesy1976

Lover_of_Lycra said:

Adams18 said:

Lover_of_Lycra said:

Adams18 said:

cymruchris said:

Score isn't important - nobody sees it but you.

There are several interpretations of a perfect history - what might be perfect to you might spook lenders - such as 'I've always paid just above the minimum payment on time forever and have never missed a payment' - that's not a perfect history for example.

There's no doubt that credit availability isn't as easy as it was pre-covid - and that's likely to stay around for some time to come. 

Salary may be 70k - but what are the debt levels? what are the credit utilisation percentages on your credit cards? have you been carrying a balance for quite a long time? lots of things will impact your 'affordability and suitability' for low rate loans. 

Like i said... from the mouths of lenders and credit specialists and the expert teams at all the CRAs they say my credit file looks perfect

ive spoken to at least two dozen agents

and from the exact same lender that first approved me for a loan and then denied me for the same loan ....my level of debt was 25 per cent lower when i was denied than when i was approved by them only a few months earlier.

so then whats changed? Absolutely nothing else.

went through all credit data with a fine comb and got many expert hands to help.

can’t think of anything else

Who exactly did you speak with at the lenders who told you that you had a “perfect credit history and score?” If it were true that you had a perfect score with a lender then you’d be offered the representative APR but you aren’t being offered that so clearly in terms of each lenders’ internal scoring you are not perfect. 

The CRA don’t lend money so how they rate you is irrelevant. I’m curious as to who these experts you e been consulting are and their roles within the CRA and lenders. 

Yes its true every lender has their own criteria

the lender who approved me then denied me did not give a reason even though I pressed hard for one


as for who I consulted... 

Experian - paid for the creditexpert subscription and spoke to several agents to get an opinion on my credit file and my personal financial detals like salary etc and to discuss my overall standing as a borrower

they all said they see no issues whatsoever and that i score highly enough according to them and no red flags plenty of positives

did the same by speaking to several agents at Transunion and then Equifax by paying Equifax for their premium service and then Transunion have a free service where they have partnered with CreditKarma for reporting and assistance

and then I signed up to checkmyfile whic showed me all my data with CRAs, Crediva and also CIFAS data and spoke to their agents and helplines by paying the subscripion

then i spoke to actual lenders and specialists at the lenders who manually assess elgibility for borrowers not just the people that sit behind the desk answering calls and saying ‘we cant provide help its all automated through yhe system”

and they also went through my credit files and gave me their expert opinion about how i score highly according to their criteria and in their professional opinion

and then i called money advice service too for their thoughts

and I spoke to some more lenders so they can chime in

but no one could tell me why the specific lender in question at first approved throughout July and August of last year had suddenly changed their mind despite my whole situation actually being better positioned than last year with improved debt levels

thus there can only be one reason, their criteria must have changed despite their agents telling me it hasnt changed

ive made over 180 credit payments without being late or missing one

electoral roll since over 15 years

24 per cent  total credit utilisation 

work in the financial industry steady job several years in role

All of that is irrelevant anyway.. im saying the same lender had all this information and nothing has changed since for them to change their mind except that my debt level is 25% better than before

As I said in my previous post, the CRA don’t lend money so what they think of your credit files and chances of borrowing money is irrelevant. They aren’t privy to the internal lending criteria of actual lenders so you’ve been wasting your time and quite possibly your money too if you’ve being paying for these opinions. 

As for those you spoke with at the lenders at those levels they do not know the internal lending policies either, only a handful of people have that kind of information. If those you did speak to really knew then they wouldn’t be telling you that you’re the perfect candidate because clearly you’re not. 

Looking at your posting history I have a feeling this thread is about to go south the same as all your others and so for that reason @Adams18 I’m out. 

I'd save your breath.

From their other posts it's clear that this is one of those people who has decided to go against the grain and attempt to ruffle a few feathers by telling everyone they're wrong and then throwing in some anecdotal evidence as "proof" of that.  It's usually off the back of them being told something they don't like, so they have to "win" by making up nonsense in an attempt to prove everyone wrong.

@Adams18 Speaking to lending departments at lenders?  Yeah, sorry, no.  They don't have the time to field customer calls and aren't frankly all that interested in it.  I doubt you even called any lenders and if you did, you certainly didn't have a long heart to heart with "lending specialists."

[Deleted User]

Batesy1976 said:

Lover_of_Lycra said:

Adams18 said:

Lover_of_Lycra said:

Adams18 said:

cymruchris said:

Score isn't important - nobody sees it but you.

There are several interpretations of a perfect history - what might be perfect to you might spook lenders - such as 'I've always paid just above the minimum payment on time forever and have never missed a payment' - that's not a perfect history for example.

There's no doubt that credit availability isn't as easy as it was pre-covid - and that's likely to stay around for some time to come. 

Salary may be 70k - but what are the debt levels? what are the credit utilisation percentages on your credit cards? have you been carrying a balance for quite a long time? lots of things will impact your 'affordability and suitability' for low rate loans. 

Like i said... from the mouths of lenders and credit specialists and the expert teams at all the CRAs they say my credit file looks perfect

ive spoken to at least two dozen agents

and from the exact same lender that first approved me for a loan and then denied me for the same loan ....my level of debt was 25 per cent lower when i was denied than when i was approved by them only a few months earlier.

so then whats changed? Absolutely nothing else.

went through all credit data with a fine comb and got many expert hands to help.

can’t think of anything else

Who exactly did you speak with at the lenders who told you that you had a “perfect credit history and score?” If it were true that you had a perfect score with a lender then you’d be offered the representative APR but you aren’t being offered that so clearly in terms of each lenders’ internal scoring you are not perfect. 

The CRA don’t lend money so how they rate you is irrelevant. I’m curious as to who these experts you e been consulting are and their roles within the CRA and lenders. 

Yes its true every lender has their own criteria

the lender who approved me then denied me did not give a reason even though I pressed hard for one


as for who I consulted... 

Experian - paid for the creditexpert subscription and spoke to several agents to get an opinion on my credit file and my personal financial detals like salary etc and to discuss my overall standing as a borrower

they all said they see no issues whatsoever and that i score highly enough according to them and no red flags plenty of positives

did the same by speaking to several agents at Transunion and then Equifax by paying Equifax for their premium service and then Transunion have a free service where they have partnered with CreditKarma for reporting and assistance

and then I signed up to checkmyfile whic showed me all my data with CRAs, Crediva and also CIFAS data and spoke to their agents and helplines by paying the subscripion

then i spoke to actual lenders and specialists at the lenders who manually assess elgibility for borrowers not just the people that sit behind the desk answering calls and saying ‘we cant provide help its all automated through yhe system”

and they also went through my credit files and gave me their expert opinion about how i score highly according to their criteria and in their professional opinion

and then i called money advice service too for their thoughts

and I spoke to some more lenders so they can chime in

but no one could tell me why the specific lender in question at first approved throughout July and August of last year had suddenly changed their mind despite my whole situation actually being better positioned than last year with improved debt levels

thus there can only be one reason, their criteria must have changed despite their agents telling me it hasnt changed

ive made over 180 credit payments without being late or missing one

electoral roll since over 15 years

24 per cent  total credit utilisation 

work in the financial industry steady job several years in role

All of that is irrelevant anyway.. im saying the same lender had all this information and nothing has changed since for them to change their mind except that my debt level is 25% better than before

As I said in my previous post, the CRA don’t lend money so what they think of your credit files and chances of borrowing money is irrelevant. They aren’t privy to the internal lending criteria of actual lenders so you’ve been wasting your time and quite possibly your money too if you’ve being paying for these opinions. 

As for those you spoke with at the lenders at those levels they do not know the internal lending policies either, only a handful of people have that kind of information. If those you did speak to really knew then they wouldn’t be telling you that you’re the perfect candidate because clearly you’re not. 

Looking at your posting history I have a feeling this thread is about to go south the same as all your others and so for that reason @Adams18 I’m out. 

I'd save your breath.

From their other posts it's clear that this is one of those people who has decided to go against the grain and attempt to ruffle a few feathers by telling everyone they're wrong and then throwing in some anecdotal evidence as "proof" of that.  It's usually off the back of them being told something they don't like, so they have to "win" by making up nonsense in an attempt to prove everyone wrong.

@Adams18 Speaking to lending departments at lenders?  Yeah, sorry, no.  They don't have the time to field customer calls and aren't frankly all that interested in it.  I doubt you even called any lenders and if you did, you certainly didn't have a long heart to heart with "lending specialists."

So now i gotta prove everything ive done as usual?

line up all the human beings ive spoken to just to make you believe?

look if you have nothing constructive to say except to call me a liar then just dont bother posting anything?

ill wait for posters that give me the benefit of the doubt and use online forums the way they are intended to be used.