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Computer says "No"

I admit 2000-2010 wasn't great for me; I was made redundant on 3 occasions, sold my house to avoid repossession, etc etc.

However, I've been earning a decent wage for the past 6 years and 11 months, but I'm considered to be "non credit-worthy"

Why?

Because I'm a fool who borrowed from short-term lenders when my bank wouldn't help.

So, having been stuck in a rut, having to borrow at extortionate rates for probably well over 6 years, I put my case forward to a nice man at my local branch of Natwest.

I'm paying almost 1000 per month on short term borrowing. They could help me clear this, with a much reduced monthly payment of 200-300, depending on the repayment period.

He was very nice, but looked at my credit score and effectively told me to fluuck off.

Excuse me, but what the **** is the point of having humans in the branch, if they cannot see beyond what the computer is saying?

FFS, I'm not exactly going to avoid paying them, considering they could take it out of my wages, on payday.

Surely they'd rather have that, than me go under?

Last edited by stan laurel; 20-12-16 at 14:43.
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That is truly terrible.
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Credit scoring is a stupid system.
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An independent financial advisor might have some ideas.
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You might be better off trying a credit union than a commercial bank. Also, depending on what interest rate you are paying on your short term borrowing, you might be better off getting a new credit card and paying it off with that (probably a 2 or 3% fee for doing so), as there are some quite good low rate or even 0% deals for 12 months out there. Best of luck with it.
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Quote:
Originally Posted by Pud237 View Post
You might be better off trying a credit union than a commercial bank. Also, depending on what interest rate you are paying on your short term borrowing, you might be better off getting a new credit card and paying it off with that (probably a 2 or 3% fee for doing so), as there are some quite good low rate or even 0% deals for 12 months out there. Best of luck with it.
Cheers Pud.

Unfortunately, I'm not in a position to get a credit card, I get turned down at application stage 100% - and credit unions require a minimum of 6 months subs before you can borrow anything.

Honestly, I've looked at almost all options, and keep coming up against computer generated brick walls.

I'll give Paddy's suggestion a go, but until then, it's a case of carrying on and getting as much overtime in as I can.

It's just so frustrating when my repayment history is flawless.
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Quote:
Originally Posted by stan laurel View Post
Cheers Pud.

Unfortunately, I'm not in a position to get a credit card, I get turned down at application stage 100% - and credit unions require a minimum of 6 months subs before you can borrow anything.

Honestly, I've looked at almost all options, and keep coming up against computer generated brick walls.

I'll give Paddy's suggestion a go, but until then, it's a case of carrying on and getting as much overtime in as I can.

It's just so frustrating when my repayment history is flawless.
Its a daft situation, I'll give you that. But lenders really don't have that much to go on, other than credit history. If you're using short term lenders, that in itself appears to make you seem a risky prospect, and every 'no' decision knocks the history file down too and so the only people who will lend are those that are charging high enough interest rates so that those that repay pay for those that fail to.

What about family, any chance of help there? Either directly loaning you the money to clear the debt which you're paying a high rate on, or acting as a guarantor so that you can shift your debt to a lower rate somewhere else?

Paddy's suggestion is worth following up too, people who deal with this sort of thing for a living will have way more experience than us lot on here.
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I have had terrible problems getting credit cards in the past when the computer could not work out where I lived. The formatting of the first two lines of the address has to be in a very particular way to match up with the credit scoring system. Utter pain and every declined application seems to have a negative effect on the next.
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I think professional advice has to be the way forward Stan. It does seem at times that banks only like lending money to people who already have the stuff.

Last edited by keithyboy; 21-12-16 at 10:04.
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Banks... Funnily enough they don't actually give you a credit score ('not allowed') just tell you that it's not good.

I recall when we had a similar situation (in terms of 'bad score'), I actually registered with one of those online credit score companies and found out that the only reason for a score (it wasn't actually bad, it was just not one of the best), was a fact that we weren't on a voters register before certain year. Well, how could we? We weren't eligible at that time. In reality the score was not as bad as bank manager wanted us to believe it was.

Anyway, after seeing it and bringing to the bank it was easier. But it was a different scenario of course.

From what I've learnt listening to others, sometimes the peer-to-peer lending can be more flexible in their approach and also non-bank financial services can be easier as well (like those Hitachi Personal Finances)
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Stan, I think I've heard somewhere you can contact Experian to explain your plight and, quite rightly in your case, have your creditworthiness reassessed?
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I've registered for the free Moneysavingexpert.com credit check effort - it does a "soft" check each month and tells you how you are likely to be seen by lenders, and even which lenders are most likely to accept a request. Essentially they look at creditworthiness (ie likelihood to repay) and affordability, and score each seperately.

I was able to get a creditcard with 0% interest rate for 3 years despite being on essentially retirement income only.

Conversely about 15 years ago when I was running the scrapyard, and could have bought the car outright, I was turned down by Fiat Finance for a lease deal on a 159 Q4 because I had no credit history....for the past 8 years or so I'd been operating in a cash economy........

As someone said - "bankers - will only sell you an umbrella when the sun's shining"......

Hope you can get sorted.
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