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Refused loan, credit reports fine!


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Im totally baffled. I am in debt and decided to get a loan to consolidate some of my debt. I have been refused a loan previously but that was for a considerable amount more!! I have signed up to CheckMyFile for the three credit reports and they say i have good credit so y have I been rejected??

I have also been offered a new job which requires a credit check though im not giving any financial advice or working ina bank. Will this affect the credit check they do and prevent me from getting a job!?? All my payments have always been up to date!

Thanks

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Im totally baffled. I am in debt and decided to get a loan to consolidate some of my debt. I have been refused a loan previously but that was for a considerable amount more!! I have signed up to CheckMyFile for the three credit reports and they say i have good credit so y have I been rejected??

I have also been offered a new job which requires a credit check though im not giving any financial advice or working ina bank. Will this affect the credit check they do and prevent me from getting a job!?? All my payments have always been up to date!

Thanks

 

They can still refuse you based upon the 'affordability' element. They may not think that you are able to afford the repayments for the new loan as it may be considered to be addition to your existing debts. Financial institutions are far warier about lending now...as you probably know.

 

Your new job should not be affected as your credit rating seems fine from what you have said.

 

Good luck!

If you feel I've helped then by all means click my star to the left...a simple "thank you" costs nothing! ;)

 

Restons MBNA -v- WelshMam

 

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Thanks! Im currently in the process of claiming to write off a credit card! very early days! The only reason I want a loan is to make the interest less by consolidating! Stupid annoying companies!

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Thanks! Im currently in the process of claiming to write off a credit card! very early days! The only reason I want a loan is to make the interest less by consolidating! Stupid annoying companies!

 

Your call but personally I think consolidation loans actually make things worse.

 

Prepare an income and expenditure sheet (National Debtline have a good one plus guidance) and this will work out for you what you can afford to repay, on a pro-rata basis. Then write to each of the companies asking them to accept the payment and also to freeze interest and other charges.

 

You can still CCA them in the meantime...I presume your agreements were before April 2007??

If you feel I've helped then by all means click my star to the left...a simple "thank you" costs nothing! ;)

 

Restons MBNA -v- WelshMam

 

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im a bit confused.. on the website it shows experian as really low but then no further information... agh! will this affect my new job? thats my biggest concern!

 

Most jobs that require a credit check are to assess your integrity and possibility of fraud/criminal activity.

 

CCJ's and bankruptcy are the worst. Followed by defaults, arrears and arrangement plans. Do you have any of these showing??

If you feel I've helped then by all means click my star to the left...a simple "thank you" costs nothing! ;)

 

Restons MBNA -v- WelshMam

 

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nope not on the two that actually give me information! im signing up for credit expert its worth 6.99 extra to know for sure!

 

Ok so iv done that and its confused me even more!!!

Checkmyfile experian :493 which is terrible but with no info as to why.

Call Credit: 856

equifax: 741

 

Checking on creditexpert experian is 859!

whats going on??

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nope not on the two that actually give me information! im signing up for credit expert its worth 6.99 extra to know for sure!

 

Then don't worry about it. You're hardly Sir Alan Sugar or else you wouldn't be on here!! It's just a risk measure. If you've maxed out on your borrowing then it's not surprising.

If you feel I've helped then by all means click my star to the left...a simple "thank you" costs nothing! ;)

 

Restons MBNA -v- WelshMam

 

MBNA Cards

 

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