Need advice about a loan

furay1

I have been with the Glasgow credit union for years now as I took out my first loan to buy a car after paying it off I decided to keep my car and take out a loan to invest. The plan was to pay off the rest of the loan in January and reapply for another to invest. stupidly I assumed I would get the loan reguardless because I have a good credit rating and decided to gamble what little money I had at the time (I have never been a big gambler) I got myself into a pickle when my loan was rejected after seeing my last months statement and after putting my accounts in overdraft trying to get myself out the hole I need advice on a few things -

Is it bad idea to reapply for a loan a month after I was rejected (after cleaning up my month statement even though it shows I’m in my overdraft by quite a bit.

if I put the reason for a loan debt consolidation does that affect my credit rating as I’m still trying to keep it good

If I am preapproved for a loan what sort of things would make them deny it?

thank you all for reading and any advice would be great! Thanks I’m advance   

[Deleted User]

You're going to struggle, with existing debt, gambling, being in your OD and needing to consolidate debt.  You're a bit of a high risk nightmare.

Pop to the DFW board and get a more holistic view on how to tackle your debt.

[Deleted User]

Taking out a loan to invest = beyond crazy, don't do it

1) Yes, living in your OD is a big red flag
2) That will most likely result in a rejection as consolidation is almost never the answer as it doesn't address the underlying problems and you could well end up running up all the debt again anyway, hence debt consolidation loans are done on the assumption that you will not use it for your existing debts, so judge it based on whether the debts combined are affordable 
3) A full credit check

DCFC79

Shelve the idea for a loan, you should consider reducing your debts.

Dobbibill

Welcome to the forum,

It would be wise to follow the suggestions above and visit the DFW Board. Rather than taking on additional debt, look to reduce your existing debt....perhaps by using the repayment amount you would have paid to the new loan to make inroads. The DFW Board is very helpful and if you post a SOA (be sure to format it for MSE), they will also help look at where you can reduce existing costs.

Here is a good example of someone who turned things around when initially looking for a loan. 
https://forums.moneysavingexpert.com/discussion/5567669/unsure-whether-to-consolidate-please-advise/p1