Thank you to you both for your answers. As you say go and speak face to face to a manager but I think we will have to wait until the recession is over, just hope the car holds out that long!!!!!!!!!!!!!!!!!!!!!!!

pamntrev:

I was going to pay off the previous loan and the amount with the extra for the car would have been almost the same. I have signed up with Experian, I was wondering about Equifax.

According to the latest guide on moneysavingexpert, Nationwide only use Experian.

Suggest you either go back to Nationwide and appeal to the Manager or you look to get finance thorugh garage.

Huckster

I thought about going to the garage for the loan, but that just give me another loan and I always tried just to keep it to one.

I was going to pay off the previous loan and the amount with the extra for the car would have been almost the same. I have signed up with Experian, I was wondering about Equifax.

pamntrev:

I applied to increase my loan to buy a new car, over 5 years the same as the last one, payment are almost the same

Are you saying you applied for a new 5 year loan while still paying the last year of the previous loan, or are you saying part of the deal was to pay the previous loan off early?

If the former, then while the new loan payments may well be "almost the same", for a year you would have double payments to make. That might have failed the application on "affordability" grounds and nothing to do with "credit rating".

Even though you were told that, often that's a staff competency issue who just tell you what the automated process says on their screen without actually understanding why.

Lenders usually don't give a proper explanation, however one thing you are entitled to be told is which credit reference agency was searched. You have checked your score on Credit Expert (Experian), but maybe you also need to check your credit report on Equifax.

Hi

This is of no surprise as according to many posts, banks will only lend if you have an excellent rating. This is due to them not having much money to lend.

You would be better applying for finance through the garage you are looking to buy a car from. They can usually offer competitive rates but do not agree to pay for any additional expensive warranties as they will try to sell these to you.

Do not be tempted to use any of the dodgy loan companies that also sell cars. They charge high interest rates over a long period of time and if you ever were late with a payment, they would apply additional amounts.

Huckster

I have been with my bank (Nationwide) for 19 years, I have a loan with them which will be paid up by 11/2010. I applied to increase my loan to buy a new car, over 5 years the same as the last one, payment are almost the same but was told I didn't have a good credit rating. Went onto credit expert and my credit score is high and everything was green as I have never missed a payment for anything. When I asked them why, they said my credit score was good but I didn't come up to their expectations. What do they mean by this and will I have trouble getting a loan, I dont want to keep applying as I know this affect my credit score.

pamntrev