Personal Loan Application

chinton25

Hi All,

I was wondering if anyone would be able to give me some advice.

Yesterday I applied for a loan with Sainsbury's Bank for £7000 of 2 years for a car. There was an option to consolidate a debt so I thought I would include my one and only credit card in there £1000 and I am now waiting for them to come back to me with a decision.

But after reading about people getting declined for loans I got worried and got a credit score from Experian. My score was 818 (FAIR) and it said the one thing I could do to improve it was register on the electoral roll. Well I did this when I moved Jan last, and have been receiving ballot papers.

Can anyone tell me..

1) Why would my report show me as not registered at my current address on the electoral roll when I am?
2) Have I just lowered my credit rating by checking my score?
3) Do you think Sainsburys are likely to accept my application based on this credit score?

I am terrified of getting declined and having to approach someone else for a loan, all the while reducing more score and chances. I have defaults back in 2005 but that says Satisfied next to it now and all other agreements are in green and say Settled. I have no debts except for a credit card which i make regular payments on.

Any advice? Thank you and sorry for waffling, im just a jibberign wreck now!!

Claire

stephane_2

If you have registered on electoral roll last January and file is not yet updated then you need to chase Experian, might also be good to check Equifax. Your credit score does not mean anything at all, its a waste of money, each lender have their own criterias, they will look at all your account, how you manage them, outstanding debt, electoral roll, time at address...how long you've been with your bank..etc

chinton25

Thank you for that. I have checked with the local authority and I am registed so have emailed Experian. Checked with Equifax and they show me as being registered.