Is now a good time to apply for a loan?

strawberry_dream

Hi, this is my first post on this forum but hoping someone can advise me, you all seem very clued up! :j

Basically I would like to apply for a loan of £5000, I have never applied for a loan before, so not very sure how to go about it. I checked my credit score through Experian last week and it was in the excellent category, 978 out of a possible 999, but I'm worried that I would still get turned down because of the credit crunch. I obviously don't want to bother applying if there is a high chance I will be rejected. So, should I wait a while to apply, or do you think I'd be successful? Thanks in advance!

bigstevex

You'll never know unless you apply! Do you already have some credit so you have plenty of history?

strawberry_dream

Thanks for replying! Yes I do have credit, have done since I was 18 (now 25), haven't applied for anything in a while, but I have a couple of credit cards, car finance, etc. I think that I'd have a decent chance of getting the loan, but I was just a bit worried about all the negative things that are in the news at the moment!

Phantom_Flan_Flinger

As Steve has mentioned, you won't know until you try.

Obviously your good credit score goes in your favour.

jimbo83

I am currently waiting on my credit report coming through from experian.

Do they always provide you with a credit rating score as well as listing all the normal stuff?

Thanks

latecomer

If you mean the one you get through the post, it normally only has the credit info no scoring.

strawberry_dream

jimbo83 wrote: »

I am currently waiting on my credit report coming through from experian.

Do they always provide you with a credit rating score as well as listing all the normal stuff?

Thanks

I got my credit report through Experian online, but I had to pay £5.95 extra to see my score, I think you have to pay to see the score each time. Glad I did though, it was much better than I expected! I put it off for ages, thinking I would have a low score for some reason!

jimbo83

strawberry_dream wrote: »

I got my credit report through Experian online, but I had to pay £5.95 extra to see my score, I think you have to pay to see the score each time. Glad I did though, it was much better than I expected! I put it off for ages, thinking I would have a low score for some reason!

I ordered mine through privacyguard so i'm getting one through the post.

Do you think i'd be able to phone experian, pay the fee and they would either tell me or send me the credit rating?

Thanks

Simon_Pugsley

Guys, please do not give to much thought to the score you get, it is only a guide, and will carry little bearing when you apply to individual lenders.

That said, if your credit file is nice and clear, hopefully you will be ok..

Good luck

Simon

iamesbo

What do you want a loan for?
Have you ever considered the lunatic concept of living within your means?
It is possible to buy thing cash rather than on credit I believe.

TheKeyMaker

I would advise hold on a little while, as banks are not giving loans at this moment because of the well known financial chaos.