Getting a Loan

[diyicant]

Looking to get a loan. I have a fair profile with a credit score of 722. However no one seems to want to lend to me!

Any suggestions of lenders?

 

[ntb]

Just Google subprime loan.

Being in debt in the current economic situation is quite possibly not going to be one of your best decisions.

 

[diyicant]

I work in management in retail for one of the top 3 supermarkets i think my job is safe

 

[joe-90]

What's the loan for?

 

[diyicant]

home improvements

 

[rjm2k]

will they say why not, the are supposed to give you a "high level reason"

 

[diyicant]

no reason given suggested me to a partner loan company!

 

[diyicant]

interesting as well company that rejected me i also have a credit card with?

 

[joe-90]

Do you have any equity in the house?

 

[diyicant]

what do you mean by that sorry

 

[ntb]

Home improvement loans tend to be quite large and therefore secured via a charge on your property. Equity is the difference between what you owe on the mortgage and what you would get if the house was sold. If you have no equity, a second charge is (mortgage is the first charge) pointless since they wouldn't get their money back if you defaulted.

 

[joe-90]

Well explained.

 

[kbdiy]

Also beware making too many applications as this alone can affect your credit score. Lots of refusals will deter lenders from making you any offer.

 

[diyicant]

home worth 142.5k got a 77.5k mortgage

 

[joinerjohn]

Banks just ain't lending at the moment (although the government loaned them our money , on condition they lent more money. ) Seems they're hanging on to it to pay the bankers bonuses again this year.