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no credit rateing, advice needed
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Hi,
I am not sure if anyone can help with this problem, but I would appreciate any advice.
My son – in –law has never had any credit, he has always just dealt with cash; he is working full time and is a tenant.
He has had some problems with debt in the past, but these debts in themselves have always been resolved; but as he has never ‘borrowed’ money in the form of a loan, which means he is effectively a ‘non person’
One aspect required to get a credit rating is to successfully of had and repaid the money; he has that bit missing and because of that he is being turned down for unsecured loans.
Does anyone know how he can borrow £5000 with his ‘non’ credit history? They have had offers from some companies who request an up front fee; but they cannot afford to do this if the funds are not made available.
He has just opened up an Abby basic bank account as his wages were being paid into my daughters account as she manages the finance.
The reason for the loan is for a reliable and (hopefully!) decent car as theirs is about to give up on them and they simply do not have the funds to just go and buy another; (no car will equal no work as they live in the sticks, for them their car is a necessity) He has investigated car finance packages but the answer is always the same; with zero credit, forget it.
One last bit of information, my daughter only works part time and not always regularly due to my 3 year old granddaughters’ ill health.
I do hope you can help, thanks in advance,
Jo
I am not sure if anyone can help with this problem, but I would appreciate any advice.
My son – in –law has never had any credit, he has always just dealt with cash; he is working full time and is a tenant.
He has had some problems with debt in the past, but these debts in themselves have always been resolved; but as he has never ‘borrowed’ money in the form of a loan, which means he is effectively a ‘non person’
One aspect required to get a credit rating is to successfully of had and repaid the money; he has that bit missing and because of that he is being turned down for unsecured loans.
Does anyone know how he can borrow £5000 with his ‘non’ credit history? They have had offers from some companies who request an up front fee; but they cannot afford to do this if the funds are not made available.
He has just opened up an Abby basic bank account as his wages were being paid into my daughters account as she manages the finance.
The reason for the loan is for a reliable and (hopefully!) decent car as theirs is about to give up on them and they simply do not have the funds to just go and buy another; (no car will equal no work as they live in the sticks, for them their car is a necessity) He has investigated car finance packages but the answer is always the same; with zero credit, forget it.
One last bit of information, my daughter only works part time and not always regularly due to my 3 year old granddaughters’ ill health.
I do hope you can help, thanks in advance,
Jo
If I had known then what I know now...
0
Comments
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Well if your credit rating is good, then you could act as a guarantor for a loan from your bank to him. Can't say if they would lend the full amount though.0
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Apply for a Capital One card - they're more flexible with this type of thing - manage it well for 6 months or so to build up a positive credit history and then see what happens! Combine this with managing the Abbey basic account well for a well and apply for an upgrade based on that and the credit history being built up with Capital One.0
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