why is my credit rating so bad?

[YUMMYMUM3010]

I have tried to get a small loan and been told by my bank they wont let me due to my poor credit history (I have my mortgage with them for 13 years) The only hiccup was last year I paid a couple of weeks late my Barclaycard bills for about 3 months (now on direct debit). I have never defaulted on my mortgage for 13 years, never failed my catalogue/insurance/council tax payments, and never failed to pay anything else on time. I really cannot believe that my credit rating is now "poor" due to 3 late payments?

[leggysreturn]

Theyre doing you a favour.

As trigg says debt is now hard to come by.The problem is at least 50% of the people given debt over the last 5 to 10 yeras only got it because they had a mortgage.
And saying you pay your mortgage isnt really a great reason to allow you debt.If you had rent to pay youd have to pay it .and if you didnt pay your mortgage for 3 months then they can start proceedings to have you evicted.

a mortgage isnt anything but a big debt .


sorry.

try to manage on what you have and if you do then in the long run youll be glad you didnt get into debt any deeper

[YUMMYMUM3010]

But my mortgage is only �32,000 and my property is worth �250,000. I have no debt burdens? Only wanted to borrow a grand towards holiday spending money !

[another-view]

You will find it hard to get a loan in the present climate after being late with 3 payments. Banks are extremely careful about who the lend money to nowadays.

[leggysreturn]

irrespective of the apparent equity on your property

if you default on 6 months payments then you can lose your property.

its not what its worth its wether you keep paying.

they will also look at your income.if your income isnt enough to sustain the mortgage and a loan then you wont get one.

not being nosey but if you owe so little on your house why not remortgage it ?

unless you dont really need the loan in the first place

[another-view]

...or go on holiday when you can afford it.

[cazzz1975]

a grand on spending money!!?? wow I clearly dont live !

[leggysreturn]

Evidentlt youre a high risk.only you know the intimate details of your finances

dont you have anything of value you can sell /pawn?

gold ?

some people pawn their sovereign rings and gold curb chains and tbars.

they can raise a grand easily, dependant on the gold weight.

[YUMMYMUM3010]

Ok. LeggysReturn, if my bank wont lend me a grand though will they remortgaged my house?

[another-view]

You're thinking of remortgaging your house just to go on holiday???? Holy Shmoly.

[YUMMYMUM3010]

No not at all !!! I have paid over 3 grand for this holiday, just wanted more spending money for little extras. Dont really need it I suppose. Thanks for all your advice I suppose I was just shocked that I was told I had poor credit rating by my bank! Credit Crunch I suppose everybody is being affected in some way.

[mccfluff]

have you gone online and checked with experian o other credit agency? i managed mine for free and i found out that because in the past i had a joint bank account with an ex, he was linked to me and that got taken into consideration. all i had to do was tell them we weren't together and it got taken off.

could be something comp different you have forgotton about!

[albaqwerty]

enjoy your holiday :D

have you tried experian or something like that to find out what's on it?

[YUMMYMUM3010]

Ok Vibrasphere thanks. I am working class, white/British, 38 year old woman, have worked in the same job for 8 years and have a solid work record, never claimed any benefits, and have no criminal convictions - so thats probably why they wont give me a loan!!!?????

[Nosha123]

STuff the bank... go enjoy your holiday and try to not spend more money than you have - banks are being all moral on us now they have been burned.. they have too much power - and the whole economy suffers cos of their mistakes

[YUMMYMUM3010]

I think you have hit the nail on the head ! I wont be getting a "little Xtra help" then .. if you know what I mean ..

[VikramSidhu]

Yes, it is definitely due to 3 late payments. A bank usually check your recent credibility rather then the credibility of past few years.