Unlikely to get a loan despite excellent credit and no debts

janefitzjane

You could opt for a different lender - alternatively you could request to borrow a smaller amount, put a few thousand of the cost on the credit card too, though the credit card interest could make that unviable unless you can pay it off in a matter of only a few months. However, this could potentially work if you can pay a few thousand upfront.

DrEskimo

You haven't actually applied for anything yet, simply an eligibility check with one provider. The term 'jumping the gun' comes to mind.

In any case, this is precisely why I don't rely on loans or credit in general. Not only does it introduce additional cost and financial risk, I don't have to care what a finance company things of me to get on with my life....

LightbulbFlashing

Hi all - it would be lovely to have the money, which I need soonish for an unexpected circumstance. I have just paid off a new hot water cylinder out of rainy day savings. How nice it would be to have the rest swilling around for a car!

that said, I have gone to Experian, who have confirmed it will be 30 days until an update, interesting as they have offered me pre-approved loans themselves!

it might be ‘jumping the gun’ to you, but others would call it due diligence 

LightbulbFlashing

janefitzjane said:

You could opt for a different lender - alternatively you could request to borrow a smaller amount, put a few thousand of the cost on the credit card too, though the credit card interest could make that unviable unless you can pay it off in a matter of only a few months. However, this could potentially work if you can pay a few thousand upfront.

Thank you - yes it appears others are ok. In may just wait a little and see, and keep it all together but get your thinking 

LightbulbFlashing

Deleted_User said:

LightbulbFlashing said:

Brie said:

How much credit do you have available on your credit card?  And do you have only one?  Does your wife?  

I tend to buy cars on a credit card and then transfer the balance to another card to get 0% for a year or two.  

I find this whole system ridiculous.

people such as me denied this, when the feckless get what they want 

It's not quite that simple.

"People such as you" are presenting either too high a risk or too poor a return.  "The feckless " may have committed fraud to get further credit or more likely, are not actually getting the lines of credit you think they are. Headline stories of unemployed people getting thousands of pounds of credit are not typically representative of reality. 

There's a few reasons why you're not seen as a great prospect, as posted above. You need to manage your expectations and place your applications accordingly. eg not at top of the table lenders.

Fair enough. I wasn’t referring to unemployed people, but more those who work and live unsustainable lives. I don’t drive the flashest cars, I budget, pay £600 a month for a pension and save for holidays etc. I then work to get rid of debts and keep myself in the black. I do know people who are on less than me but have massive debts, that said - these are built up over time I assume 

DrEskimo

LightbulbFlashing said:

Hi all - it would be lovely to have the money, which I need soonish for an unexpected circumstance. I have just paid off a new hot water cylinder out of rainy day savings. How nice it would be to have the rest swilling around for a car!

that said, I have gone to Experian, who have confirmed it will be 30 days until an update, interesting as they have offered me pre-approved loans themselves!

it might be ‘jumping the gun’ to you, but others would call it due diligence 

I don't have a bunch swilling around. I budget for it. Proper budgeting ensures you don't have to rely on credit.

My comment about jumping the gun was relative to this comment:

"people such as me denied this, when the feckless get what they want"

You haven't been denied anything. You haven't applied.

[Deleted User]

LightbulbFlashing said:

Hi all - it would be lovely to have the money, which I need soonish for an unexpected circumstance. I have just paid off a new hot water cylinder out of rainy day savings. How nice it would be to have the rest swilling around for a car!

that said, I have gone to Experian, who have confirmed it will be 30 days until an update, interesting as they have offered me pre-approved loans themselves!

it might be ‘jumping the gun’ to you, but others would call it due diligence 

That's incorrect.
They do not do that, they are not lenders.

MrFrugalFever

Hi lightbulbflashing, the first step is to sign up and login in to all 3 companies that pull data from the 3 main CRA’s (Transunion, Experian, Equifax) to review the data held against you;

- Credit Karma
- Clearscore
- MSE Credit Club

all of the above are free.


you can then check your eligibility for any pre-approved loans. Alternatively, you could look to take dealer finance (secured loan as opposed to unsecured) and make regular overpayments (consumer credit act 1974).

You say you have £500-700pm as disposable income, is this just your income or both you and the wife’s?

soft credit searches will not impact your credit report but will be a great indicator as to whether you’ll likely be approved for loans and credit cards / car finance.

gozaimasu

MrFrugalFever said:

Hi lightbulbflashing, the first step is to sign up and login in to all 3 CRA’s to review the data held against you;

- Credit Karma
- Clearscore
- MSE Credit Club

all of the above are free.

Since when is MSE credit club a CRA?! Money supermarket is not a CRA. The 3 CRAs are:

• Transunion 
• Equifax
• Experian

MrFrugalFever

gozaimasu said:

MrFrugalFever said:

Hi lightbulbflashing, the first step is to sign up and login in to all 3 CRA’s to review the data held against you;

- Credit Karma
- Clearscore
- MSE Credit Club

all of the above are free.

Since when is MSE credit club a CRA?! Money supermarket is not a CRA. The 3 CRAs are:

• Transunion 
• Equifax
• Experian

They poll data - for free - from the 3 main CRA’s. Perhaps my wording could have been a bit clearer but not necessary to split hairs over something so trivial, they all provide the necessary data from each CRA for free that the OP would benefit from.