Struggling to get a loan at a good rate

Batesy1976

Adams18 said:

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.

Thanks for making my point.

You obviously can't do that and more importantly, neither can I.  And that's precisely why you've done it.  But remember, you were the one who came in here telling everyone they were wrong and how you were right.

Don't act all put-out, like you've done nothing wrong and now everyone is being mean to you for no reason.  You're getting this reaction because of how you chose to conduct yourself.

To paraphrase another poster "The tone of the OP sets the tone of the replies."

Billy_B_North

Adams18 said:

Honestly i come to money saving expert as a last resort after ive exhausted every resource available to me because anytime I make a thread here there is a flurry of toxicity towards me.

whats up with that? Why cant posters be constructive instead of bashing and hurtful.

Take people at their word! If you are missing information then ask for more information dont just accuse the OP of lying.

I think it’s because you’ve quite a bad attitude, and react aggressively. You also seem to make things up, which never helps.

If lenders are starting to be reluctant to lend to you it suggests that you’re coming to the end of the road for cheap credit and that you need to learn to live within your means, and stop borrowing money. Why the need for the loans; did you spend the money on something that you can sell?

Billy_B_North

Adams18 said:

Aran76 said:

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.

All soft searches, which is the same information pulled up by hard searches except for the caveat we all know about of course.

hey I really appreciate your response here and believing my story. 

I didnt want to take the news lying down so i just had to dig and dig and call everyone i can to get some idea of whats gone wrong for me.

the reason i make this thread is because the same lender approved me and then denied me despite my situation improving only months apart.

This might sound pompous and i dont mean it in this way but 70k a year to me is useless income if it cant help me get the loan i need because im desperate for it and know i can afford it.

i have all this disposable income and it is not helping me out of the situation im in which calls for a 25k loan at low apr.

even having a great credit file just does little for me right now when i need it the most.

very frustrating.. if only it was july 2020 again for me id get the loan

It sounds like you have no savings, which is surprising, what was behind your decision to spend everything that you earn?

Billy_B_North

sourcrates said:

Adams18 said:

Honestly i come to money saving expert as a last resort after ive exhausted every resource available to me because anytime I make a thread here there is a flurry of toxicity towards me.

whats up with that? Why cant posters be constructive instead of bashing and hurtful.

Take people at their word! If you are missing information then ask for more information dont just accuse the OP of lying.

Honest question, with a 70k plus salary, why do you need a loan ?

You must be bringing home 6k a month.

Wages are taxed in the UK; £75,000 per year gross is a net £4,300 per month.

sourcrates

Billy_B_North said:

Arnisdale said:

Billy_B_North said:

sourcrates said:

Adams18 said:

Honestly i come to money saving expert as a last resort after ive exhausted every resource available to me because anytime I make a thread here there is a flurry of toxicity towards me.

whats up with that? Why cant posters be constructive instead of bashing and hurtful.

Take people at their word! If you are missing information then ask for more information dont just accuse the OP of lying.

Honest question, with a 70k plus salary, why do you need a loan ?

You must be bringing home 6k a month.

Wages are taxed in the UK; £75,000 per year gross is a net £4,300 per month.

...and he gives advice on money/finances...scary!

He’s just had a go at me on another thread for correcting him.
Giving him the benefit of the doubt, his writing suggests he’s not British, so he may not understand how things work in the UK.

s'il vous plaît excusez-moi je suis britannique. 

You are a funny man, but with a name like Billy B North, I suspect it’s you 
whose not from my green and pleasant land olde bean.

chin chin.

sonofmerton

sourcrates said:

Honest question, with a 70k plus salary, why do you need a loan ?

because people live to their means. our neighbour earns over 200k a year but he still got a loan for his house extension. but then he does drive a brand new bmw x2, his kid is in private school and his wife has more online deliveries than the entire street combined. 

Billy_B_North

sourcrates said:

Billy_B_North said:

Arnisdale said:

Billy_B_North said:

sourcrates said:

Adams18 said:

Honestly i come to money saving expert as a last resort after ive exhausted every resource available to me because anytime I make a thread here there is a flurry of toxicity towards me.

whats up with that? Why cant posters be constructive instead of bashing and hurtful.

Take people at their word! If you are missing information then ask for more information dont just accuse the OP of lying.

Honest question, with a 70k plus salary, why do you need a loan ?

You must be bringing home 6k a month.

Wages are taxed in the UK; £75,000 per year gross is a net £4,300 per month.

...and he gives advice on money/finances...scary!

He’s just had a go at me on another thread for correcting him.
Giving him the benefit of the doubt, his writing suggests he’s not British, so he may not understand how things work in the UK.

s'il vous plaît excusez-moi je suis britannique. 

You are a funny man, but with a name like Billy B North, I suspect it’s you 
whose not from my green and pleasant land olde bean.

chin chin.

Apologies, I’d assumed that you were un étranger.
Moi, je suis à la fois britannique et française, même si je suis né et ai grandi Anglais.

-taff

So your credit utilisation is at 24 percent? Net that's roughly 12 and half, add 25 grand to that and you're over half your wages in debt so 37 ish grand owing on a net take home of about 50. That is why you're being rejected. Companies don't care how good you look in your own head or on CRA paper. There is nothing you can do about this except reduce your current debt and make sure it's all paid on time,including any bills you might pay manually instead of direct debit.

sourcrates

Arnisdale said:

Billy_B_North said:

sourcrates said:

Adams18 said:

Honestly i come to money saving expert as a last resort after ive exhausted every resource available to me because anytime I make a thread here there is a flurry of toxicity towards me.

whats up with that? Why cant posters be constructive instead of bashing and hurtful.

Take people at their word! If you are missing information then ask for more information dont just accuse the OP of lying.

Honest question, with a 70k plus salary, why do you need a loan ?

You must be bringing home 6k a month.

Wages are taxed in the UK; £75,000 per year gross is a net £4,300 per month.

...and he gives advice on money/finances...scary!

Just Debt normally, I am a debt advisor, not a financial advisor.

That would be scary indeed !!

[Deleted User]

Batesy1976 said:

Adams18 said:

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.

Thanks for making my point.

You obviously can't do that and more importantly, neither can I.  And that's precisely why you've done it.  But remember, you were the one who came in here telling everyone they were wrong and how you were right.

Don't act all put-out, like you've done nothing wrong and now everyone is being mean to you for no reason.  You're getting this reaction because of how you chose to conduct yourself.

To paraphrase another poster "The tone of the OP sets the tone of the replies."

Stop talking rubbish

each time i authored a thread my OP has been perfectly fine with a neutral tone.

you are the problem and others like you. Not me.

instead of saying “Adam can you provide more details and any evidence to back up your post, you gone out and implied im a liar’

you have been very toxic towards me and you wouldn't behaved this way in real life if you met me face to face.

so why you feel you have to act a different way online is beyond me, oh wait maybe because you hide behind the anonymity.

i would never call a stranger looking for help a liar, whether on the forum or in real life i treat people the same way and give the benefit of the doubt.

try acting yourself and stop being fake online.