Being declined does not mean you have done something wrong. The credit union reviewed your application and decided that lending to you was not the right fit at this time. That decision is based on your current circumstances, not a judgment of you as a person. It does not close the door permanently.
We know this is not the outcome you were hoping for, and it can be really disappointing to get here and still hear no. The credit union made their decision based on a set of lending criteria, and NestEgg does not have the ability to overturn it. What we can do is help you understand what likely influenced the decision and what your options are from here.
What do credit unions look at?
Credit unions weigh up three main things:
Affordability: whether you have enough spare income after outgoings. Bounced direct debits or heavy spending on gambling or other credit can count against you.
Credit history: most credit unions will decline if you have had a default or CCJ in the last six months, or missed payments in the last three months.
Membership criteria: loan size, your age, where you live, and who you work for. Most credit unions can only lend to people who meet their common bond.
Can NestEgg tell me the exact reason?
We can give you limited feedback on the likely reasons. The credit union makes the final decision and does not always share the full details with us, but we can help you understand what probably weighed against you. Get in touch and we will do our best to explain.
Will this affect my credit score?
The soft credit check NestEgg ran at the matching stage did not affect your score. If the credit union ran a full credit check as part of your application, that hard search will be recorded on your file. The decline decision itself is not recorded on your credit file.
What to do next
Request a free copy of your credit report from TransUnion, Experian, and Equifax to see what the credit union will have seen.
Review the report and identify anything you can address before reapplying.
Consider waiting at least 60 days before reapplying, to give any improvements time to show on your file.
Contact NestEgg if you would like limited feedback on why your application was unsuccessful.
Free debt and money advice If you are worried about debt or your finances more broadly, free and confidential help is available from: StepChange: www.stepchange.org Citizens Advice: www.citizensadvice.org.uk National Debtline: www.nationaldebtline.org |