i applied for a loan (to clear credit cards) last week with rbos and got rejected immedietley, the next day i applied with bank of scotland and was accepted, got the papers through the post, signed them and sent them back but then got a phone call saying it was rejected, does anybody know any reasons why this would be and how long should i leave it to apply again?

hi mate all banks and building societies etc at the moment are running scared of loans etc to any one who does not have an excellent credit record - however this will vary from place to place however if you keep applying for loans etc and get rejected this will show up on your credit record and may affect your score - hbos prop gave you an in principle answer and then when they fully scored your app they were not happy -

I am seeing the same thing with mortgages! Get a client passed with a lender then they turn it down on application! Any excuse not to lend!

Have you approached your bank? They might be the best people to speak to, at the very least they will be able to give you a reason why they won't. Do not get lots of credit searches done as it then looks to lenders like you are applying for lots of credit that you won't be able afford to pay back.

Dan

thanks for the replies

do you know why some companies agree/decline before papers are sent and why some dont, also does anybody know which companies use which credit agencies for checking credit scores?

There are 3 credit reference agencies used they are: Equifax, Experian and Callcredit. I don't which lenders use which reference agency you should find that either one will offer a upto date credit report.

dals:

thanks for the replies

do you know why some companies agree/decline before papers are sent and why some dont, also does anybody know which companies use which credit agencies for checking credit scores?

There can be several reasons for a company declining an application after initially agreeing in principle. The most common (off the top off my head) is that when doing the final checks the underwriters would find a linked address for the applicant that wasnt divulged in the application. This address could have adverse credit in the applicants name (or an associate) which would cause a decline, or perhaps other loans and cards therefore making the loan unaffordable.

Eco