Could I get a loan?

bikkushii

Okay.

I am just curious so I thought Id ask those who know a little more than myself.

Right. I was just wondering whether there is any chance that I would be accepted for a loan? So far, from looks of it, I have a good credit rating ... well thats what is says online. Now, I have a bank account and a mobile contract only. I've applied for a few credit cards: 2 when I was unemployed (bad mistake - got declined of course) and 2 more when I finally got a job. Got declined again from my bank, Halifax, but have yet to hear back from the other. I have a £1000 overdraft, which I've recently slipped into by quick a bit but I should get out of it in 2 months.

I do work part-time but am managing to get alot of overtime, so I am able to make repayments without fail.

But, I am just curious.

Thanks

CLAPTON

you have a part time job
your income is dependant upon overtime that presumably could stop at anytime
you aren't managing on your income at the moment as you are in your OD 'quite a bit'
you don't need a loan
you need to learn to manage your income and spending a bit better and clear the OD asap and start to save so you never pay interest or OD fees and never (except for mortgage) ever borrow again and stop wasting you hard earned income on paying interest.
good budget format is here
http://www.makesenseofcards.com/soacalc.html

creditsurfer

Hi there,

New member here,

The world of personal finance has been quite a steep learning curve for me and, like most, i have had to learn the hard way.

I want a personal loan to buy a motorbike at £7000. i have never had any CCJ's but i have been in arreas and defaulted in the past 3 years on my credit card and once on my mobile phone contract. all of my credit accounts are now settled up in full and have been so for the past 6 months.

So if you were a lender would you accept me?
I have a full time job and have been employed consistently for 4 months

CarineG

creditsurfer wrote: »

Hi there,

New member here,

The world of personal finance has been quite a steep learning curve for me and, like most, i have had to learn the hard way.

I want a personal loan to buy a motorbike at £7000. i have never had any CCJ's but i have been in arreas and defaulted in the past 3 years on my credit card and once on my mobile phone contract. all of my credit accounts are now settled up in full and have been so for the past 6 months.

So if you were a lender would you accept me?
I have a full time job and have been employed consistently for 4 months

The fact that you have not been in a secure employment for more than 4 months is not going to play in your favour.

I am not sure how long the defaulted transactions stay on your credit file for but I would imagine more than 6 months.

Your best bet is to check your credit scoring/file from one of the credit agencies like Equifax/Experian and take it from there... You can do that online and most of them do it for free as a trial.

Good luck!

CarineG

bikkushii wrote: »

Okay.

I am just curious so I thought Id ask those who know a little more than myself.

Right. I was just wondering whether there is any chance that I would be accepted for a loan? So far, from looks of it, I have a good credit rating ... well thats what is says online. Now, I have a bank account and a mobile contract only. I've applied for a few credit cards: 2 when I was unemployed (bad mistake - got declined of course) and 2 more when I finally got a job. Got declined again from my bank, Halifax, but have yet to hear back from the other. I have a £1000 overdraft, which I've recently slipped into by quick a bit but I should get out of it in 2 months.

I do work part-time but am managing to get alot of overtime, so I am able to make repayments without fail.

But, I am just curious.

Thanks

If you have applied for credit cards and have been declined you have to wait a few months (I believe it is ususally 6) in order to make another application. Never apply for credit straight after you have been declined.

You cannot have a good credit rating if you have been declined for credit...

bikkushii

CarineG wrote: »

If you have applied for credit cards and have been declined you have to wait a few months (I believe it is ususally 6) in order to make another application. Never apply for credit straight after you have been declined.

You cannot have a good credit rating if you have been declined for credit...

I've just checked my score and it says that i have a 'fair' score. Its better than a poor one lol ... I dont suppose Id be accepted anywhere for that tho, would I?

vaporate

bikkushii wrote: »

I've just checked my score and it says that i have a 'fair' score. Its better than a poor one lol ... I dont suppose Id be accepted anywhere for that tho, would I?

I have a 967-999 experian credit score and got rejected for a student credit card from Natwest 1 year ago.

I was never OD and always had around £700 in the bank. I'm glad they did in a way.

Their reason was because I requested a new maestro card replacement and ordered a credit card soon after?! :rotfl:

That I don't get. I only wanted the card for purchases that required masterard or visa, nothing else, because I had maestro only.

So don't worry. Maybe you should just build your credit score first?

creditsurfer

hello there again thankyou for a quick response to my earlier question.

I am looking to purchase a motorbike for commuting and general use. i wanted to search the high st banks for a personal loan deal before considering dealer finance.
Is there more chance of me getting accepted for dealer finance than a personal loan as the money lended is secured on the vehicle? whereas a personal loan isnt secured on anything. my credit rating suggest i will not qualify for the top rates but some where in the 10%-18% APR. what are the best ways of going about this.

kind regards.

CS