Declined by Tesco, going to the bank

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  • dc1980
    dc1980 Posts: 29 Forumite
    First Post First Anniversary Combo Breaker
    The thing is, Tesco told me on the phone that the large amount of available credit could have been factor in determining not to lend to us because of the risk of racking up all of that CC debt. Swings and roundabouts I suppose. I'll leave the other cards' limits where they are.
  • dc1980
    dc1980 Posts: 29 Forumite
    First Post First Anniversary Combo Breaker
    Thanks for all the advice on here everyone. I have now completed my Self Assessment for 2018/19 and the tax man owes me a chunk that I will use to bring my CC debt down to below 6k overall, still with 18k available credit across the three cards. I am hoping once this is represented on my credit reports I might be looked upon more favorably!

    I know I can handle the loan we need from an affordability point of view.

    Does anyone have any tips on how to speed up changes to credit reports? It's very frustrating that it is currently showing me as having 18k owed on CCs when it's actually less that 12k right now.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    You can't speed up the reporting - lenders will report on their normal cycles.

    But remember that you don't see a real time report.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    Need patience, the home improvements can wait.
  • Bermonia
    Bermonia Posts: 977 Forumite
    First Post
    Different providers report on different days and different agencies update on different days... could well take 2 months to change on file
  • Clive_Woody
    Clive_Woody Posts: 5,852 Forumite
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    If you have cc debt of £10k that has been bounced around various 0% cards for some time without being repaid then lenders may be wary of lending another £35k on top of this. As mentioned the other concerns may be around the level of currently available lending in excess of what you already owe.

    Could you structure these home improvements into smaller projects and just borrow enough to get the priority work done, repay those loans, then look for additional borrowing?
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • dc1980
    dc1980 Posts: 29 Forumite
    First Post First Anniversary Combo Breaker
    If you have cc debt of £10k that has been bounced around various 0% cards for some time without being repaid then lenders may be wary of lending another £35k on top of this. As mentioned the other concerns may be around the level of currently available lending in excess of what you already owe.

    Could you structure these home improvements into smaller projects and just borrow enough to get the priority work done, repay those loans, then look for additional borrowing?

    I should be able to get the CC. debt down to about £5k soon and we do have £18k in the bank towards the building project so we will chat to the builder and see what sort of payment schedule he can offer us, as well as perhaps stage it to get us as far as that cash will allow! If we can get going on that cash and then apply for finance once the credit reports show the reduced debt owed we might be able to work it that way.
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