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Help needed. Turned down for loan by Halifax

Last post Mon, Oct 08 2007, 2:56 PM by Eco_warrior. 4 replies.
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  •  Mon, Oct 08 2007, 2:56 PM

    Re: Help needed. Turned down for loan by Halifax

    At a glance I would suggest scoring is the problem, i know that when i dealt with loans, customers who had either recently started jobs, changed banks or moved house were often declined or got high rates.

    The amount you ask for may also require a higher score, but id be wary of trying again. Perhaps the company you tried with could reconsider you for a lower amount without re-applying.

    Eco

    • Post Points: 5
  •  Mon, Oct 08 2007, 11:59 AM

    Re: Help needed. Turned down for loan by Halifax

    Ian and Cerbius thank you both for your replies. I asked for 15000 because i need 8000 to pay off atax bill in a couple of weeks and the rest was to pay off a family loan. The tax bill is the most pressing. I think for reason for the loan i clicked other and then put "Relative loan" which was silly. Would you suggest that:

    1)   I try to borrow only 8000

    2)   Use only Experian or Callcredit lenders

    3)    Put a more suitable reason for loan (eg Home improvement)

     

    Another question: Is it best to apply on line, by phone or face to face. I am very wary of making any more applicaqtion because of the possibility of being refused and then leaving footprints on my file.

    Cheers!
     

    • Post Points: 20
  •  Mon, Oct 08 2007, 11:19 AM

    Re: Help needed. Turned down for loan by Halifax

    I would also suggest that you should look at the reason stated for the loan. Many lenders will not lend to pay a tax bill
    • Post Points: 20
  •  Mon, Oct 08 2007, 10:57 AM

    Re: Help needed. Turned down for loan by Halifax

    £15k looks quite high for your salary. Also you have only been in a job 7 months.  Your bank accounts are recent.  This things added together would mean a lowish credit score which could result in the application being turned down.  If they used Equifax then you will not appear on the voters roll.  This will have a huge impact.
    • Post Points: 20
  •  Mon, Oct 08 2007, 10:45 AM

    Help needed. Turned down for loan by Halifax

    Hi Guys, I have just been turned down for a loan by Halifax (Online). I
    am after a loan for £15000 to pay off a tax debt. Who should i approach
    next.

    I had 3 credit reports about 9 months ago:

    Experian ......... On electoral Roll for 15 years and check for opening of current account recently. Thats all.

    Equifax ........... No electoral roll, no searches, nothing at all.

    CallCredit .......... On electoral roll for 15 years.Nothing else.

    Positve Points

    I am an Home owner with no mortgage.

    1800 per month gross pay

    Lived same house 15 years

    Bad points

    I only opened my current account (HALIFAX EASYCASH basic account) about 16 months ago. It does not come with check book.

    On the application i gave details of the above account into which all my salary is paid.

    I opened a full Halifax current account about a month and a half ago.

    I do not have any credit or store card

    I have only been employed in my Civil Servant job for 7 months

    I think possibly i answered yes when the online form asked me if i had
    a cheque guarantee card.I have one for the new account but not for the
    basic.

    From the details given can anyone suggest why i was turned down and which lender should i try.
    Also would i be more successful with a loan of £8000

    Thanks 




    • Post Points: 20