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good credit but still acnt get loan

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alex30m | 21:52 Mon 13th Feb 2006 | Business & Finance
4 Answers

ive managed to fix my credit rating to just below excellent but im still being refused credit...why?


im 30yo & self employed & can easily afford the repayments. what can i do?

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Probably the self-employed part. Rightly or wrongly it terrifies banks - what would happen if you broke your leg?

Whickerman is probably right. Unless you can provide some audited accounts to prove your income has been static or upward trend for at least the last 3 years it can be difficult.


Another reason you may be refused credit is if you are applying to various different lenders. The more credit searches you go through in a short space of time (e.g 6mths) the LESS likely you are to obtain credit!


Consider leaving it for 7/8mths if possible and then try to find a lender who will look at your situation sympathetically BEFORE making an application.

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cheers gordy & whickerman. ive made one search for credit in the last year & i can produce wage slips for the past six months. in the last year ive got 2 credit cards & a store card which comes to 3k in credit which i pay off regular. the last time i missed a payment was in 2001. does being single, being a tenent go against me? & would it be wise to lie about this? i could always change it after i get the loan.


its just soooo frustrating cos i only want the loan for a couple of years & i know i can pay it off.


is it worth appealing the decision

DONT LIE!!! If for any reason you are found out they can default the loan and ask for it to be repaid, in full + interest immediately.

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