Bank will not lend me a personal loan or credit card- what to do?

OP

Original post by ByEeek

Did you go into your bank in person? Generally speaking banks will profile you without necessarily going to your credit rating. Certainly the advisor might be able to give you more information about why you are being rejected. Failing that, there is an excellent article on improving your credit rating here:

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Whatever you do, don't go to the pay day lenders. They will decimate your credit rating to the point you will probably never get a regular loan again in the immediate to medium term.

Good luck!

No I applied online. Should I try again in person? I don't even need a grand just about £800.

Reply 3

username1799249

19

It never hurts. And at the least, they might be able to advise you on how to proceed.

Good luck!

Reply 4

Going in person won't change anything. It used to, but now it's all done on what the computer says. This is probably even more true now that banks have got in trouble for irresponsible lending.

What is your income? You need to show that you can pay it back. If you have low or no income then you won't get a loan.

Reply 5

OP

Original post by Juno

Going in person won't change anything. It used to, but now it's all done on what the computer says. This is probably even more true now that banks have got in trouble for irresponsible lending.

What is your income? You need to show that you can pay it back. If you have low or no income then you won't get a loan.

I'm on about 6000 a year but I can take up more hours as my job is pretty flexible like that. My only other options are to do a CT or pay it out my student overdraft which I really don't want to do

Reply 6

OP

Original post by ByEeek

It never hurts. And at the least, they might be able to advise you on how to proceed.

Good luck!

Thank you, I'll try again.

Reply 7

A lot of credit cards ask for over 10k so that's probably the problem

Reply 8

OP

Original post by Juno

A lot of credit cards ask for over 10k so that's probably the problem

I tried entering 14,000 online as that is what I'm 'supposed' to be earning but to no avail

Reply 9

When you apply it puts a search marker on your credit report. If you have a lot of these it makes you look desperate for money. You would be much better to look at the requirements and apply wisely. But I think you need to increase your income before trying again

Reply 10

But if it's the same bank, they know what you entered before. So now they know you're not being truthful

Reply 11

OP

Original post by Juno

But if it's the same bank, they know what you entered before. So now they know you're not being truthful

I entered it in on both counts.

I've recently moved which tbh I think may be impacting it more. If that is the case I may have to wait a while or just use my student overdraft.

Reply 12

Tiger Rag

22

Can you pay the fees in instalments / is there a loan from the college?

There's usually, as mentioned, a lower limit on income for credit cards. With mine for example, I had to have a certain bank account and had to have an income of at least £5k per year to qualify.

(edited 8 years ago)

Reply 13

OP