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By *g99 OP Couple
over a year ago
s |
Been refused loan by our bank and co-op even though our credit scores are quite high
Has anyone had any good experiences with other companies? Or know any decent unsecured loan companies |
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If you have just been refused twice, those two footprints on your credit file won't help if you make another application.
If you haven't already, get a copy of your credit file as there may well be something incorrect on there that's caused the refusals, since you say your credit is good |
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By (user no longer on site)
over a year ago
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"Been refused loan by our bank and co-op even though our credit scores are quite high
Has anyone had any good experiences with other companies? Or know any decent unsecured loan companies "
is you credit score good with all 3 credit agencies? It may be just one of them fucking it up for you |
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By *oodmessMan
over a year ago
yumsville |
"Been refused loan by our bank and co-op even though our credit scores are quite high
Has anyone had any good experiences with other companies? Or know any decent unsecured loan companies "
you cound try jimmy the axe or two fingers larry..  |
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By *g99 OP Couple
over a year ago
s |
The lowest score is 820 highest 832 which we have been told is good, and that's all 3 of the companies used by lenders. Have seen our report and been told by banks they don't see the actual reason, just thy the computer says its due to the credit scoring system |
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Some refuse if you have never had any credit as they are not sure how you repay back on money lending.. My credit rating is crap due to being 18 and had credit cards thrown in my direction.. Ended up in debt and at 32 still paying off what I owe... |
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By *g99 OP Couple
over a year ago
s |
Both on elctrol register had a still paying off a loan and 2 credit card and car finance, but the loan is to consolidate these, never missed a payment on any of these, the credit reports we have are from the companies not the bank x |
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By (user no longer on site)
over a year ago
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it can also be down to the banks, very risk averse nature these days, it may not be anything to do with you, they may just be lending to thems with the money. good luck  |
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By *iewMan
over a year ago
Forum Mod Angus & Findhorn |
"Both on elctrol register had a still paying off a loan and 2 credit card and car finance, but the loan is to consolidate these, never missed a payment on any of these, the credit reports we have are from the companies not the bank x"
they may think you are over exposed, some will give the loan but you need to close the credit cards as a condition.
sometimes it can be internal bank scoring, if you pay the minimum on your credit cards and you pay on the last day, it can give you a lower internal score |
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By *g99 OP Couple
over a year ago
s |
Thanks for the info got a meeting next week with our bank to see if they can find out what it was that stoppe us from getting the loan, just thought there might of been other companies that where good |
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By (user no longer on site)
over a year ago
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In this day and age, a 'good' credit rating may not be enough.
Many lenders will only offer you a loan if you have an 'excellent' rating.
This is especially the case if you are looking at low interest loans. |
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Definitely don't keep making applications, that will just make it worse. It makes you look desperate.
It may be that you just have too much credit already. You can be perfect at paying it off, but there is a limit of total credit at which most companies will stop lending. |
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Meeting next week may not help much - many of the branch staff don't fully know how the scoring system works - and the critical factors in the scoring system can change from week to week. If you are marginal you may be refused this week and accepted the following week.
But as the others have said don't keep re-applying as this will reduce the chances of getting a loan even further. The total exposure i.e how much you already owe against your total disposable income percentage may be too high. Just because you can pay it off doesn't mean to say the computer thinks you can....(or at least the person setting the underwriting criteria on the computer). It can seem very unfair at times, but the banks use the criteria that works for them and not you and they turn away good business a lot of the time. Be careful of the rate you are charged for any new loan now you have been refused. Good Luck...but sometimes it doesn't seem logical at all..... |
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By (user no longer on site)
over a year ago
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Companies are also prone to refuse credit applications to people with good credit, they to them are not the money makers.
They like to see an odd default here and there, that way they can see you are reliable enough to repay yet still can make money on defaults etc.
I will PM you an excellent website where you will be able to find out further information and advice for your loan and where to apply.
Be careful applying for more credit as you have been refused and that will damage your credit rating. |
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