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Personal loan ,joint vs single jeffmonson

Posted: Mon Feb 27, 2017 12:49 pm
by cedrickceevah
hi,

I'm planning to take a personal loan and wondering pros and cons of joint vs single.



I earn 28k a year and my gf 18k .I've got an excellent credit rating and I will have no debts when I apply for the loan so is she. Currently I've got a personal loan with Tesco bank (1.5K) which I'm planning to pay off in a month (1K left). I tried to top up my existing loan with tesco last month but got declined (then I checked my Equifax credit file and noticed that my paypal credit was maxed out so probably that's why).



I'm planing to take 10k loan and use credit matcher from the Experian (it showing 95% of eligibility). I really don't want to get declined again as last time it cost me 30 points.

What's basic personal loan calculation criteria used by lenders ? Is it like 20% of annual wages or something ?



Thanks

Posted: Tue Feb 28, 2017 4:40 am
by sirwozzle



hi,

I'm planning to take a personal loan and wondering pros and cons of joint vs single.



I earn 28k a year and my gf 18k .I've got an excellent credit rating and I will have no debts when I apply for the loan so is she. Currently I've got a personal loan with Tesco bank (1.5K) which I'm planning to pay off in a month (1K left). I tried to top up my existing loan with tesco last month but got declined (then I checked my Equifax credit file and noticed that my paypal credit was maxed out so probably that's why).



I'm planing to take 10k loan and use credit matcher from the Experian (it showing 95% of eligibility). I really don't want to get declined again as last time it cost me 30 points.

What's basic personal loan calculation criteria used by lenders ? Is it like 20% of annual wages or something ?



Thanks
Originally posted by jeffmonson


A decline cost you 30 points thats harsh, dont focus on the score only you get to see it, lenders etc see the history.

Posted: Tue Feb 28, 2017 3:58 pm
by dfman3
If you don't have any debts, what's the deal with Paypal?





You also don't mention what the loan is for or whether it is for a joint purchase of something or another reason. You might be safer getting a £5k loan each (assuming you actually need £10k) in case you're ever not bf & gf ... that way, you can't be chased for the whole £10k.

Posted: Tue Feb 28, 2017 11:04 pm
by cedrickceevah
It was marked as red on Equifax as it was 90% used. It is just my theory why I got declined. The loan is for car purchase . Does a laon purpose matter ?

Posted: Wed Mar 01, 2017 12:17 pm
by sirwozzle



It was marked as red on Equifax as it was 90% used. It is just my theory why I got declined. The loan is for car purchase . Does a laon purpose matter ?
Originally posted by jeffmonson


Forget what the score is.



The loan purpose might matter to some lenders.

Posted: Thu Mar 02, 2017 4:18 am
by ParaHaXz
Is the car an essential purchase? Could you put the money you'd pay the loan off with aside for a while and save up instead?



(Sorry, MSE instinct )



HBS x

Posted: Thu Mar 02, 2017 12:52 pm
by DymitrPL
Get £5k each, like a poster said. So you aren't saddled the whole amount.