Loan referred to underwriters - advice needed

[lawriejones1]

Hi all,

I'm 29, earn around £33k per year and have applied for a consolidation loan of £8,500 for a credit card and overdraft debt.

I was approved at the rate of 9.4% interest which is reasonable as I'm paying a great deal more through my overdraft and credit card.

Credit score on Equifax was 445, but the only negative was that I wasn't on the electoral role at this address. No credit card missed payments, I think I exceeded my overdraft once in the last 3 years.

I was turned down for a Natwest loan for a similar amount in February so I assume that this time I'll get knocked back as well.

I'm intrigued as to whether I will get the loan or not. Any advice? I appreciate it's individual circumastance, but I'd be interested in some informed advice. To note I've nearly saved £2,000 to pay off the credit card (by selling other items) in the last week (applied for a loan beginning of August) so I'm not particularly bad with money.

Look forward to hearing your replies.

[msmyth18]

445 is pretty low i must say, im a student with a summer job and a yearly (earned) income of around £8k my credit score is 780.

Get yourself on the electoral roll, pay off as much as you can! As my signature says i have debt but my credit rating is increasing because im making regular payments to clear it all and they've obviously made some money from me!

Who have you applied to? Remember the 3 main credit rating agencies and certain lenders use certain agencies you may have better luck elsewhere!

[lawriejones1]

Hi, yeah it is low which is odd really as I've not been a bad credit user.

I applied through Tesco, so we shall see. I can easily repay the money, it's a small fraction of my monthly salary and I've a very secure job.

Ce'st la vie!

[lee1985]

Equifax only goes up to 500 so your score must be Experian which goes up to 999. 445 on Equifax is a strong 'good' score, almost under the 'excellent' band.
780 however is Experian which is 'Fair'.
So the 445 is much better.