qualifying for a loan???

ESTEE_3

how do you actually qualify for a loan when its a large sum????

I've just came off the phone to Nortern Rock who I currently have a loan with and was trying to increase the amount I have with them.

Balance o/s with them is £6k and wanted to increase this to £19k.
£13k would of been to pay off credit cards debts that I have been stupid enough to run up.

Would leave me approximately, £4k (just over) to pay off on credit cards, and I was then planning on getting a 0% balance transfer card to transfer this balance to then reduce interest costs for quite a while, and in the meantime try to through as much at that debt as possible, whilst also the rest of debt would be consolidated into one payment.

All I was aasked about was salary, debt on credit cards and mortgage payment each month. Told him the total mortgage payment, but thats not what I pay as my g/f also lives with me and pays half of that but didnt seem interested and jsut wanted to know mortgage payment value.

Robert_Sterling_3

You qualify for a loan if you can convince a lender that they are likely to make a profit as a result of lending you money.

StevenP_2

ESTEE wrote:

how do you actually qualify for a loan when its a large sum????

I've just came off the phone to Nortern Rock who I currently have a loan with and was trying to increase the amount I have with them.

Balance o/s with them is £6k and wanted to increase this to £19k.
£13k would of been to pay off credit cards debts that I have been stupid enough to run up.

Would leave me approximately, £4k (just over) to pay off on credit cards, and I was then planning on getting a 0% balance transfer card to transfer this balance to then reduce interest costs for quite a while, and in the meantime try to through as much at that debt as possible, whilst also the rest of debt would be consolidated into one payment.

All I was aasked about was salary, debt on credit cards and mortgage payment each month. Told him the total mortgage payment, but thats not what I pay as my g/f also lives with me and pays half of that but didnt seem interested and jsut wanted to know mortgage payment value.

Did you get the loan then ?

ESTEE_3

no i never qualified for the additional loan funds.

basically was told that I fail to meet their criteria, so in effect, I didnt even get to the second stage of the application, i.e. the full application itself.

Not sure whether this will have an implication on my credit file either since I apparently just didnt meet the criteria.

Very annoying though as based on my finances at present, and salary, the monthly payments would of been very manageable, and a lot more manageable than the minimum payments that I have got on cards at present.

nadnad

which credit cards do you have? how much is on each one ? and what is the APR on them all? if you tell us that maybe we can come up with another solution.

Is the mortgage only in your name? If yes then thats why he doesn't need to know about your girlfriend paying half - strictly speaking the mortgage is nothing to do with her and the buck stops with you if all goes wrong.

If no, if its in both your names then did you tell him that? Also when he asked for your income did he ask for household or just yours? I've been asked previously (when applying for things in my own name) what the household income is - my OH and me - it makes a difference, especially when they then ask about monthly outgoings - which are split in half. Just a thought.

nadnad

also I don't THINK this would have impact on your credit file as it doesn't sound as though they did a full credit search, probably just initial questions to see if it was worth their while looking into your application further.