Help and advice
Why am I getting declined for personal finance?
Why am I getting declined for personal finance?
Banks and lenders like to lend to people they see as stable and reliable. They use two things to measure this – your career history and your previous addresses. If you have had more than three jobs in the last three years, or had periods of unemployment, or if you’ve have lived at more than two addresses in the last three years, your credit score is likely to be lower than if you had stayed in the same job or the same home.
By applying to various lines of credit simultaneously, this is an indicator to other possible lenders that you are an undesirable and a risk to lend money to.
If you do have debts, make sure you are making your repayments on time. Even if you have a CCJ, default or bankruptcy on your credit history, try to repay what you can – lenders would be able to see when debts have been settled.
By not applying for additional lines of personal finance or credit, and focusing on existing debts and not missing any payments is a good way to slowly raise your credit score, thus becoming an easier customer to lend to.
Representative 22.93% APRC variable.
For a typical loan of £26,600 over 180 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £484.00. This includes a Product Fee of £2,660.00 (10% of the loan amount) and a Lending Fee* of £763.00, bringing the total repayable amount to £87,030.00. Annual Interest Rates range between 11.7% to 46.5% (variable). Maximum 50.00% APRC. *Lending Fee varies by country: England & Wales £763, Scotland £1,051, Northern Ireland: £1,736.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
