Worried about being refused a loan t-dub

I need to consolidate an existing loan £2k, a credit card with £1800 and a current account over draft of £1000 all with Lloyds because of the huge amount of interest I am paying mainly on the credit card. I am paying over well over 200 a month and that only covers the minimum on the CC.

Nine difficult months of unemployment have put me in this position but now I have finally found a decent job I would like to be able to take a loan for £5k and clear the lot at a much more favourable rate.

I am worried for a number of reasons that I will be refused this loan. 1. I have only been at my new job for 3 weeks and only had one pay check. 2.I am about to have to change the address I have been registered at for the last 20 years. 3. My credit score (according to Noodle) is 3/5.

The thing I am more worried about than actually being refused is that if I apply for a loan now and am refused that the refusal will damage my ability to borrow in the future as I try to get back on my feet.

How serious a concern is this and is there anyway to find out if I would be refused for a loan with out risking a refusal?

Any other general advice on my situation would be much appreciated.


The only thing you don't have to worry about is a made up score from a credit reference agency. They don't lend money so nobody gives a hoot what they say.

One search won't hurt but with a history of no wages, it doesn't look good for a loan and even if you did get accepted it wouldn't be a headline rate.

Rather than getting a loan have you considered a 0% balance transfer credit card?

If you've kept your payments up to date you might not have a problem in getting approved for a loan. Any adverse information on your credit files?

Like you say there are a couple of reasons why you might be declined, not least your brand new job.

There's no sure fire way of knowing whether you'll be refused for a loan, but there are sites out there that do a search for loans based on your personal circumstances and give a % indication of how likely you are to be accepted. MoneySupermarket is one such site. This does not carry out an actual credit search, so won't affect your creditworthiness in any way.

A credit search (whether you're declined or not, it doesn't matter) will affect your ability to obtain more credit, as if you carry out a lot of searches in a short amount of time, this will worry lenders.


Thanks, by the credit ref agency do you mean the noodle score?. Would I do better to wait until I have say 3 pay checks to show?
Originally posted by t-dub

He means that the 3/5 score given by Noddle doesn't mean anything. Lenders will score you based on their own criteria using the information in your credit reports (they will use one or a combination of the three credit reference agencies, so check all three reports before making any applications) and also the information you provide in your application.

If you can wait until you have 3 wage slips that might slightly allay their fears, but you'll still be brand new in the job in reality.

Thank you all for the advice. My credit report says 'up to date' on the loan, CC, two mobile phone contracts and two lloyds current accounts (one with no O/D facility). It has nothing else on there other than a lot of searches by insurance companies.

I suppose I will just be glad to have a job and pay Lloyds their money back ASAP.

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