Credit Expert

gthththt

Hi,
I want to buy a product and pay for it on finance, but on my credit report it says

"Amount of available credit (excluding mortgages)...........................................£577 " is that how much i can borrow or what does it mean?

Thanks

milliemonster

It means out of the credit you have already taken on, you have £577 available and unused. Potential lenders will look at how mcuh debt you already have and the amount of credit you have available in relation to what you owe before deciding whether they will lend to you. Usually if you are using 70% or less of the credit available you are a good risk to lend to

gthththt

Hi,
Thanks for your reply, Does that mean I can't borrow no more then £577?

my % is

"% of your total credit being used (excluding mortgages)........................................58%"

I want to buy a laptop for £600 and pay in 12 months time from pc world

thanks for you're reply

Jakg

No thats not what it means at all.

milliemonster

No it means what I said in my post, it means out of the credit you have already taken out in your name £577 remains unused, so for example you have a credit card currently with £1000 limit of which you have £423 balance owing on it. This means £577 remains available to you.

Lenders look at the credit you already have taken out and how much of that you are using before they decide if they will lend anything more to you.

As long as you have nothing adverse on your credit file, if you are using 58% of your available credit and have not missed any payments etc you should have no problem getting credit for a laptop

Kazipoo

Hubby is currently using 187% of his credit lol.