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Refused Loan - High salary, high savings


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Hi, wonder if anyone can shed some light on why i have had a small loan refused.

 

I have just tried to take a 7k loan from the nationwide, via their online banking. As soon as i hit submit on the final form, i was told on the next page that the loan was refused.

 

I have savings that can cover loan several times over, my salary is quite good and i have never had a dept problem.

 

Can anyone shed any light on why this may of happened?

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Perhaps their website was playing up.

 

I'd send for my credit report from Equifax and Experian if I were you. You might be surprised what you find.

The REAL Axis of evil: Banks, Credit Card Companies & Credit Reference Agencies.

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Hi, wonder if anyone can shed some light on why i have had a small loan refused.

 

I have just tried to take a 7k loan from the nationwide, via their online banking. As soon as i hit submit on the final form, i was told on the next page that the loan was refused.

 

I have savings that can cover loan several times over, my salary is quite good and i have never had a dept problem.

 

Can anyone shed any light on why this may of happened?

 

Why would you want to borrow money, when you have savings? Thecost of borrowing is going to more than your savings will earn

Consumer Health Forums - where you can discuss any health or relationship matters.

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Have you moved home recently? If so, then you could have been refused the loan as you could not be located at the new address. Alternatively, are you associated financially with anyone else who may have an adverse credit file? The easiest action is to phone the Nationwide and ask the reason for the refusal!

 

MortgageTalk

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Hi, My son's girl friend had the same problem a few weeks back, asked for a £7,000 loan and was refused, has a really good job, money in the bank, and creditcards with no outstanding balance on them which total £6,000

She asked why she had been refused and she was told that she had to much credit all ready, algthough she had not used the credit. It was showing up as too much available.

 

Just to remind you that when you do apply for any loans it will show up on your credit file, also , if you keep applying with different companies, it will look like that you are desperate for the loan.

 

Regards

Lynn

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Gizmo 111, Spot on , i def thinks there has to be a shift of attitudes and get away from borrowing everytime we need something .The days of cheap finance are over and we are all in for a big shock.

MANC 1

 

 

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Why would you want to borrow money, when you have savings? Thecost of borrowing is going to more than your savings will earn

 

The cash is for a mortgage deposit, the way things are panning out, i'll need 50% :(

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Hi, My son's girl friend had the same problem a few weeks back, asked for a £7,000 loan and was refused, has a really good job, money in the bank, and creditcards with no outstanding balance on them which total £6,000

She asked why she had been refused and she was told that she had to much credit all ready, algthough she had not used the credit. It was showing up as too much available.

 

Just to remind you that when you do apply for any loans it will show up on your credit file, also , if you keep applying with different companies, it will look like that you are desperate for the loan.

 

Regards

Lynn

 

I called the Nationwide, they said it was because of my late credit card payments... Being a lazy git, ive often missed the payment by a few days, but I always pay the amount off in one go... So seems a bit stringent on their part.

 

I spoke to the guy at NAtionwide about this and he said it was reasonable to assume that i'm being penalised for all the loans that had been given previously to any tom-dick or harry. They are tightening their belts.

 

This is going to have a huge effect on the economy if its happening accross the board.

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But it would make more sense to borrow off yourself and pay back interest free.

When you apply for a mortgage the amount you owe will be taken into account anyway, and will reduce what you can borrow.

 

What do you need the money for?

Consumer Health Forums - where you can discuss any health or relationship matters.

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What do you need the money for?

 

A car :-)

 

Ive just done a credit chec on myself and the problem appears to be that im not active enough with credit and need more credit cards... So i just applied for a couple.

 

I thin im too low risk :-s

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It might be worth you trying Barclays, my credit card had come to the end of the 0 apr and I had tried two other places and they had said no (I too have no late payments and keep finances in order, albeit no savings though) and they agreed a card with 0 apr for 14 months.

Me

A&L - Overdraft / Charges On Hold £300

 

Mum v's the DCA

NatWest. No CCA - For around 6 months no DCA has chased for this amount :D

MBNA. No CCA - First Court Claim :( Panicking. Just about to start the small claims

Lloyds TSB. Overdraft / Charges On Hold Waiting for test case

 

Sister

Halifax - No CCA. Keep getting the man and his dog chasing, again the 'go away' letter is sent :p

M&S - Have CCA. Nothing for 2 years from anyone?! :)

Argos - No CCA or DCA involved for over 2 years now :)

Next - No CCA or DCA involved for over 2 years now :)

4 x Others accepting token payments of £1 as CCA in place.

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