Nobody will give me a loan - getting annoyed

XeNoN89

XeNoN89

XeNoN89

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Joined
6 Mar 2007
Posts
9,842
Location
SW London
Why the hell is it so hard to get a loan etc these days??

I even had trouble getting mobile phone contracts last year! That was because i had NO credit history.

Since then i have been using a credit card often and paying it off in full and on time and did eventually get a contract and have been paying it on time since. Yet i still cannot get a loan at all.


How am i ment to get good credit history if nobody will let me build it up in the first place? ARGHH


I have been employed full time since i left college over 2 and a half years ago so income is not a problem, i am young (21) but i thought the fact i always pay everything on time and have a steady income would help me here. Obviously not.


What can i do?
 
Stop paying it off in full and on time, they hate you when they can't make any money off you.
 
XeNoN89 said:
Why the hell is it so hard to get a loan etc these days??

I even had trouble getting mobile phone contracts last year! That was because i had NO credit history.
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This sounds dodgy. If you are on the electoral role and are of whatever age they require you should get a contract no questions asked.

Unless you are intentionally hiding something from us there is no reason you should have a problem if you have a credit card, a regular contracted salary and nothing bad on your report. Obviously this depends on the size and term of the loan, if you are trying to get 25K then yes you certainly won't have the credit history to back it up.

Go and check on CreditExpert, they do a free trial, if you find anything dodgy print it off and take it to your bank.

Paying off your credit card = good, don't stop doing it. Simply HAVING a credit card is all your really going to get out of it on the positive side, it will only count against you if you miss payments.
 
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doofer said:
Stop paying it off in full and on time, they hate you when they can't make any money off you.
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yup, pay off the minimum amount, do this for a year.

Obviously don't have the balance in the thousands then you will be paying interest like its out of fashion.
 
Have a look at Zopa.com. A chap I know had some luck getting a loan from them when all else failed... Paying your card in full is a good thing no doubt, not sure if that would "harm" your credit profile. Banks are a lot more stingy with the loans now, thank god!
 
Get a loan for like £500 with your bank so there is credit history, i managed to get a 2k loan with my bank without any credit history :s
 
Check everything, you haven't ommited anywhere you lived? no matter how short term as a previous address, I did this once and got refused a mobile,

Its worth the free trial on credit expert or experian just to see what your situation is, very detailed and useful reports, and tell your your score and tips to improve, may be someone has been running credit check against your name or identity fraud in worst case so its worth checking for free, especially when having excessive problems with anything credit related as you are

http://www.experian.com/credit-education/credit-score-faqs

Also be careful the more you apply the more credit checks are run against you and this can end up making you look worse

Your bank may be the best place as they know what going through your current account

Do you have a student loan or debt?

Or as your haven't stated your income and how much you want to borrow, may be you are too high risk for banks to take on in the current financial climate
 
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Order your statutory credit report. Please note its called = Statutory Credit Report

It costs two pounds, as by law thats the maximum the public can be charged for it. It will give you a comprehensive run down of your full credit history.

Dont be sucked in by Experian or Equifax offering you anything else for "free". Its all fluff and waffle and tells you nothing that you cannot get on your SCR.

The Credit check agencies attract you with an offer of a free credit report but really they only show you a part of it and then charge over the odds to see the rest.

The only thing you need is what I have stated. Its on the front page of the Experian website bottom right hand corner.

Ultimately its your SCR that potential lenders will be looking at so if there are any anomalies on it you can remedy the situation.
 
double check details and dates, we have mint credit ratings and then got refused credit for an i-phone contract - this is because o2 shop screwed up a minor detail... it affected us for a few months....also once one has been refused DONT keep trying, wait 6 months if you can, the more checks in short periods the worse it looks....i know its totally round the bend the way it works...
 
I am having serious trouble getting a credit card,

Im 25, got a 1.5k left on a loan with my bank which is always paid on time, on the electoral role where I live and have lived for about 8 months, everything on Experian is clean and says I have a very good credit score, im a few points off being excellent.

Ive tried my bank for a credit card and they say they won't give me any more credit, I used Experian's credit card search and even they dont come up with any matches!

The only thing I can think of is that im still linked to my mum's house (haven't lived there for about 7 years) and recently she's been really bad with debt.

Mega how hard it is to get a credit card.
 
Nevermind, moaned about how hard it is to my dad, he called me over 15 minutes later and said done, you can set up a direct debit to my bank.

he applied for a loan and got it instantly with a much lower interest rate.

Lol if only it was that easy for me!

Anyways now to look for a car!
 
XeNoN89 said:
Nevermind, moaned about how hard it is to my dad, he called me over 15 minutes later and said done, you can set up a direct debit to my bank.

he applied for a loan and got it instantly with a much lower interest rate.

Lol if only it was that easy for me!

Anyways now to look for a car!
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Go to the Motors section for some advice before you buy anything. They're very helpful.
 
Small credit card like a limit of £500 and use it daily and pay off or a large set amount each month for 6-12 months. That will help your credit file a lot.

Bank - Ask for a small overdraft and continue as normal, not that you should head straight into it, but if your a safe person and never go over that too will help you achieve a more positive historic credit file.
 
I had real trouble recently as I've moved around a lot and havent been on the electoral role in all the addresses which creates a bit of a problem when they do a history check. Zopa wouldnt give me a loan and I think it was based on this.

I have a phone contract though which I've had for a long time so Im not quite as unlucky as some.

In the end I had to get a loan with my bank as they ran a different credit check as Id changed my address with the bank each time I moved and obviously had more access to my history and things.

Anyway, Id suggest trying your bank, they didnt give me the best rate but its not unaffordable and I just grin and bear it for 2 reasons; the first is its like building a career you have to take the rough bits and know the good bits will come later and secondly I get a new car! :D
 
XeNoN89 said:
Why the hell is it so hard to get a loan etc these days??

I even had trouble getting mobile phone contracts last year! That was because i had NO credit history.

Since then i have been using a credit card often and paying it off in full and on time and did eventually get a contract and have been paying it on time since. Yet i still cannot get a loan at all.


How am i ment to get good credit history if nobody will let me build it up in the first place? ARGHH


I have been employed full time since i left college over 2 and a half years ago so income is not a problem, i am young (21) but i thought the fact i always pay everything on time and have a steady income would help me here. Obviously not.


What can i do?
Click to expand...

Could try just saving up instead, an old fashioned concept i know!
 
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