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chris34720

Refused a Santander Loan WHY

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Hi guys

 

Today we found a car we wanted £12,800 it was Audi A3 in White 59 plate

 

Went to apply for a Santander Loan tonight for £10,500 as i have the rest.

 

I have a good credit history paid a previous Santander Loan off for 4 years without missing a payment this was for £6500.

 

I was shocked when i was declined tonight

 

i have a £30.00 a month contract with Virgin Mobile never missed a payment taken out a Washing Maching, Ipad, and 50 Inch Tv on Finace all paid up apart from the Ipad taken them all out on a buy now pay 9 months later with comet.

 

Paid the TV and washing machine up early ipad im still paying for per month.

 

Never missed payments on loans, utilities or personal credit

 

Only problem might be is i opened a joint account with my partner who hasnt got the best credit history.

 

could this effect me ? i asked noodle to take her off my report last month they said it will be done in 14 days but she is still on there.

 

Someone also mentioned i might have used my max credit and thats why im declined.

 

Im only 26 by the way if age is a reason why which is discrimination to be completly fair

 

im in a job which pays £18,500 a year

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Ok

 

Applied for Tesco as i read on the internet that Alliance and Lester who operate the santander loans that they are very picky who they give loans to but tesco was better

 

so did there process and still failed

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Firstly, I'd advise you to stop applying for credit. Each time you apply & get turned down, damages your credit report.

 

Secondly, nobody knows the exact scoring methods used by each bank. Trade secrets. They are free to lend money to whomever they wish.

 

Have you tried your own bank? They are sometimes the best to try as they will look at your standing with them.

 

Also, you now have a financial association with your partner via the joint account. This may affect you.


"In this situation, you know what you have to do? Just keep swimming, swimming, swimming." Dory - Finding Nemo.:wink:

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Yes. Agree with above poster! Stop applying for credit for the time being. Too many credit applications will affect your score.

 

I'd obtain a copy of your credit files from the 3 main agency's (equifax, experian and call credit) to try and find out what the problem is.


It never rains but it pours...

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Hi guys

 

Thanks for the comments

 

I paid a month with experian to have a look my credit rating is in the fair section everything has been settled and in satisfactory condition

 

the only thing that hasn't been marked settled is £807 for my TV which i paid up but the Washing Machine we bought has been marked as settled and i paid them both at the same time.

 

Also when my partner had applied for a catalogue account she was declined for it this is appearing on my credit file and the application number as her name

 

she swore she never entered any of my details but im guessing this is linking to me due to having a joint account at the time.

 

Everything is fine apart from her name on my file on 3 different occasions

 

The lloyds account was closed back in January and still hasnt been removed off my file so her name is plastered all over it still, maybe they think im trying to obtain credit for her when she has a crap rating i dont know how it works

 

How long would it take for them to remove those details ? and do you think id have more of a chance to trying to obtain a loan for our new car ?

 

Really annoyed to be fair as lloyds didnt even warn us about a joint account effecting my rating, I took out a new contract with Virgin Mobile few weeks ago as i settled an o2 contract i had no issues in taking one out with Virgin Mobile.

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my credit score has gone from 807 to 767 (From Good to Fair)

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The score on a credit file means nothing really hun. The banks are simply free to refuse you a loan for no reason. But, it has shown you the effect of being declined.

 

Get the financial association removed if possible but don't hold your breath. Also, you want to borrow more than 50% of your yearly salary. That may be having an impact.


"In this situation, you know what you have to do? Just keep swimming, swimming, swimming." Dory - Finding Nemo.:wink:

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Thanks Kitten1

 

I phoned Credit Expert and they said my partner being a financial assosatiote on my credit report is having a big impact on me at the moment

 

i have asked them to remove her which takes 10 - 14 days

 

will try again after that if i dont get accepted then ill leave it

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Just be aware that the previous refusals may cause you problems. They are usually visible for about 6mths.


"In this situation, you know what you have to do? Just keep swimming, swimming, swimming." Dory - Finding Nemo.:wink:

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