I should be getting loans easily but being refused

sim2335

My salary is over 27k before tax, put 500 of that a month into sharesave

anyway lucky I no longer need a loan but when I did even though my credit rating really good never missed credit card payment never missed a mortgage payment, and use to be on full credit card payment now or minimum, also have a overdraft never gona over it, but have used it lots for last few months. Sometimes been very close to go over it.

Ive checked my credit record not just rating.

only thing that needs improving credit karma credit card new one open in April but that will drop of within 90 days as a I called them.

and clear score just says avoid too many hard searches.

yeh strangest thing is when I went for car finance I had 50% of chnace acceptance guy said I seen people 1% get accosted they said I got accpcted but day after said I wasn’t, how can I get rejected for that even people with bad credit rating get that.

Royoftherovers2024

Some of your post is quite difficult to understand.

Using overdraft is never good, you said you go into and close to overdraft limit.

Lots of hard searches can be seen in a negative light by a lender, you mention that clear score refers to it.

Who was the car finance lender that rejected you? 

Who are your credit cards with?

More detail may be helpful.

fatbelly

An overdraft is a very expensive way of borrowing. You need to get out of it

Try to live without credit.

Pay credit card bills in full each month

Sea_Shell

Why are you simultaneously putting away £500 a month AND using your overdraft?

Hold back on the saving for a few months and clear your overdraft.

Is it a works "sharesave" scheme?
Or is it a pension?  Salary sacrifice?

Can you identify WHAT you are overspending on?

Brie

are you registered to vote (shows stability apparently) and do you have a lot of credit elsewhere - mobile contract etc. 

MattMattMattUK

You are on £27k which is below average salary and it may appear even lower due to salary sacrafice, you are using your overdraft every month, lenders cannot see your savings. Credit ratings are meaningless and not missing mortgage or credit card payments is the bare minimum required, not a high point. You also applied for more credit last month and are now seeking more, which normally indicates financial distress.

I suspect you are failing on both risk and affordability.

sim2335

Rejected by blue motor finance 

American Express other called payday but close that with 14 days in April can take 90 days, also unused

Overdraft will be paid of in two too three months

Reason for all this there was a lot of repairs to do on buy to let flat.

I’m not selling flat I know it’s hard now, but will help in future.

The 500 I’m putting away will be avalible towards end of next year, I’m due to gain at least 10k profit, even if I don’t will def get all my money back…so it’s worth it.

I could pause that saving for two months and clear my debt., then I’m worried profit will go down when it matures extra two months later.

Credit card will be paid off once od is

I got a balance transfer born money card just got accosted so gona put it all on that.

Yes I’m a registered voter 

Desmond_Hume

Profit? From…?

comeandgo

Where you putting your £500 a month?

Nasqueron

Desmond_Hume said:

Profit? From…?

Share save - we did this at work years ago, you pay in X a month and at the end either get reduced price company shares that can be sold at a profit (depending on share price) or a fixed interest rate 

I concur with the above though, living in OD and CC debt while saving £500 a month for possible future profit is not a good idea

penners324

Stop the share save for a couple of months sounds the best option here