Son has Excellent credit but cannot get a loan with Barclays!!!

[shortwoman68]

My son is 24

earns good money and has very good credit

but has never had a credit card or a loan.

 

 

He applied for a £6000 loan to buy a new car with Barclays bank

which he has been bank who he has been banking with since he was 17 years of age.

 

 

Barclays have been sending him letters about getting loans and credit card which has previously declined

and now he has applied for one he has been refused.

 

 

My son lives with me and

 

 

I do not have good credit and I am sure that credit applies to the individual and not the household,

 

 

is this correct????

[citizenB]

Your credit history should NOT affect your Son.

 

Could it be that he doesn't have a credit history of his own, if he hasn't had a loan or credit card ?

 

I guess he could ask at his branch why they might have refused him ?

[rebel11]

He should get a copy of his credit file, some of the credit reference agencies do a free 30 day trial, but make sure he cancel's it by phone/email otherwise they will keep charging him.

 

It might be an idea to see if a Credit Union will provide him with a loan.

He might have to save with them for several months.

[slick132]

Hi SW,

 

Definitely get a current CRA report to see if anything untoward shows against YS.

 

Also, it's true that a credit rating will improve when credit is used and repaid as required.

 

Even though YS has no BAD credit history, a lack of well-serviced borrowing in the form of loan or credit card accounts will result in a poorer "credit score".

 

[Conniff]

Your son would have more protection with Hire Purchase than with a loan. It will probably cost more