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No one will give me a loan

flawless100
Posts: 2 Newbie
in Loans
My credit score is pretty good 750/1000 on clearscore and I've not missed a payment for anything in 4 years but the bank want allow me to borrow any more money on my existing loan, I only got 5 months left on my loan, I also checked on clearscore for loans and no one wants to lend me nothing.
I did take money out on my cc a few weeks back for a few days could that have screwed my chances of a loan.
I can't really improve my credit rating anymore I'm at the limit of someone who's not employed I'm a unpaid carer for my 4 disabled children so I don't get classed as working by the bank but I've never had problems getting a loan before I also have 2k in savings.
I was hoping to get a loan to pay of some of my smaller debts and reduce my outgoings anyone got any advice on what I need to do.
I did take money out on my cc a few weeks back for a few days could that have screwed my chances of a loan.
I can't really improve my credit rating anymore I'm at the limit of someone who's not employed I'm a unpaid carer for my 4 disabled children so I don't get classed as working by the bank but I've never had problems getting a loan before I also have 2k in savings.
I was hoping to get a loan to pay of some of my smaller debts and reduce my outgoings anyone got any advice on what I need to do.
0
Comments
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Your credit score and rating aren't factors in lending. Lenders are looking at your current indebtedness and unemployment and know that you can't afford to borrow any more money.
Go to the DFW boards for advice on cutting back costs and clear your existing debts.4 -
Why keep savings and get a loan rather than use the savings instead of a loan?
Your income is secure so its not needed for a "if I lose my job" safety net1 -
Consolidating existing credit, especially when you are not working, is definitely to be avoided.
Instead you should be taking advantage of your situation to see if one of the regulated debt solutions may be more beneficial too you at this time, debt management for example is an informal way of repaying problem debt, if the problem is more serious, possibly a debt relief order may be the answer.
More borrowing never works, as you have found out, its not the way to go.
Why not check out the DFW board, also look at the debt charity websites in my signature.
Good luck.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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