Why Wont Halifax Give Me A Loan??

[lennyrebel81]

Hi everyone. i would be of great apprciation if somebody could throw some light and my annoying confusing situation. I am a halifax customer for the past number of years. My salary gets paid into the same halifax account for that length of time(a decent salary). I have had 2 previous loans in the past with halifax and settled both of them without any defaults or arrears. I also had 2 other loans in that time which i also settled without any issues. I have a nice amount of savings with halifax wand also an overdraft of 5000 which i never need to use thankfully. My credit score is in at 830 out of possible 999 with credit experian. So at present i just have 1 loan which has only 6 payments left that sums to a small figure. Yet this morning i called into my halifax branch to apply for a loan and they informed me taht there was no offer for credit on my account therefore they woulnt be able to put an application through. i could not believe what they were saying and i laid my case on the table with the guy that served me. He after listening to me could not understand why i could not get credit. He suggested i call the credit approvals department with halifax for answers. Can anybody advise me or even have any idea why i cant get a loan from them.>> thanks guys/gals

[Purple_Popple]

You really need to delve a bit deeper on your credit history here. . You may have some hidden items that are going against you for some reason. It could be an old credit card account not closed down or you may have someone else named on your credit file eg an association. Worth checking.

[rockyracoon]

I'd get a credit report done, there maybe something on there that shouldn't be.

[grasscarp]

Why not do what they suggest and talk to credit approvals department. That way you may get some insight to the reason.

[Canary42]

You should take the server's advice and call the credit approvals department - there may be an erroneous entry on your credit record - it does happen. You can then get it corrected.

[lennyrebel81]

Hi again,

I view my credit report on a regular basis and everything is as it should be. I have never had a credit card and all other credit associations were cleareed and showing settled on my report thus giving me a good credit score. I have tried to contact approvals department but it takes forever to get through. Thank you for your answers nd suggestions i appreciate it. Its just so wrong to me to think that they gave me loans previously when i wasnt in as good a financial position that i am in now. I just wish somebody from halifax would have some common sense.

[rockyracoon]

Banks and common sense don't sit well in the same sentence :)

[Old_Geezer]

Computer says, "NO !".

Sounds weird to me also. Maybe you should move your account elsewhere ?

[Purple_Popple]

It could be something as simple as you have had too much borrowing of them and they are not prepared to loan anymore to you? In which case you will need to approach another source.

[SlackAlice]

I'd contact their credit approvals dept as well. Not by telephone either, they can always be denied. A letter by post works better, with a request they reply by letter.

A mere suggestion in your letter that you might consider changing your bank dependent on their reply, might focus their minds.

[lennyrebel81]

so ive put together a letter and sent it via recorded delivery to halifax head office in leeds. im intrigued on what the rely with IF they reply at all. If i get no satisfaction then i will probably change banks and start all over again .tut

[hc4361]

I wonder why your credit score is only 830? Mine is 999 with Experian.

Have you got a lot of credit cards with zero balance? If so, combined they could give you an available credit of tens of thousands of pounds. Write and cancel any card you don't intend using again.

Have you missed any payments on anything?

[lennyrebel81]

I don't have a credit card and never had one in the past. I have 2bank accounts one with halifax and one with loyds. I have a 5000 overdraft on halifax which I never use as I have sufficient wages every week. I have 1. Outstanding loan with just 4 payments left. After that I am. Debt free and have cleared all past loans. On time every time. Never late on any payments on anything ???

[ubasses]

Unfortunately the Experian credit score will have no relevance to the Banks, they all have their own system. The Banks systems are monitoring your account all the time and award a recommended credit limit to the account, I don't know how Halifax work, but I don't understand why they would not put your request through the system as at that point it would often offer a different amount as you update information. A stumbling block is your overdraft, if it is as high as £5000 you could of course draw that down at any time, so if you offered to give that up it may help in the decision making process.

[lennyrebel81]

Would having an overdraft that's not been used considered credit? Maybe that's what the problem is.

[ubasses]

Yes it would, it is money that is at your disposal at any time. This means if they gave you a loan, you could then go out the next week and spend that extra £5000 on top.