Bad Credit - Guarantor Loan??

nknash

Hi,

I have a bad credit rating from a few years back and am a tenant so I am finding it impossible to get a personal loan. I was wondering if anyone knew whether I can get a loan if my parents were to act as guarantors and what companies would entertain this idea?

Thanks, Nat

ms_london

nknash wrote:

Hi,

I have a bad credit rating from a few years back and am a tenant so I am finding it impossible to get a personal loan. I was wondering if anyone knew whether I can get a loan if my parents were to act as guarantors and what companies would entertain this idea?

Thanks, Nat

Would your parents entertain this idea for starters?? :0) You say you have a bad credit rating - why do you want more credit? Can you not save up for the item? I dont think that being a tenant (rather than owning your own place) makes a difference on being able to get credit or not - I was accepted for a Capital One CC and my credit rating was terrible after defaulting etc with £19,000 in debt and I am a tenant. I am sure that some companies would let someone act as a guarantor, but I think you need to think about whether you want more debt first (and find someone that is willing to trust you!).

nknash

Is not so much that im in debt any longer, ive sorted myself out but the black marks on my credit file seem to keep hindering me with credit.

I would be able to afford the repayments but it seems this does not matter due to a registered default 3years ago and arrears on a credit card about a year ago. If I could get a loan this would hopefully also help with the repair of my file...

Thanks for your advice though

ms_london

nknash wrote:

Is not so much that im in debt any longer, ive sorted myself out but the black marks on my credit file seem to keep hindering me with credit.

I would be able to afford the repayments but it seems this does not matter due to a registered default 3years ago and arrears on a credit card about a year ago. If I could get a loan this would hopefully also help with the repair of my file...

Thanks for your advice though

Perhaps you could apply for the Capital One Credit Card too then if you were only looking at a source of credit to repair you file (as I was!!). The APR is 29.9%, however, if you are repaying your balance each month in full, this shouldnt matter!! I was totally suprised I could get one, even though I didnt want the credit as such!! So I am sure you will be suprised!! If you are using someone as a "guarantor" I am not convinced this will repair your credit file, since at the end of the day if you defaulted on the loan the other people would be chased for payment!!

I have a couple of defaults too, so I do know how you feel!!