secured loan or wait for credit score to go up?

grantham_trickie

Hello, I have a large mortgage (£1000/month) and £1500 remaining on an egg loan (no other debts). I have missed a few credit card payments in the past year but have now paid them off and have also been late on 2 or 3 mortgage payments by 2 weeks or so in the last year. I want to borrow around £7000 to pay off the egg loan and buy a new car, Ive been refused loans with both Northern Rock and the AA pressumeably due to my credit score not being high enough but have had a loan with Firstplus accepted (9.61%) in priciple, I am reluctant to go down the secured loan path but if I keep applying for unsecured loans and keep being rejected I believe this will make my credit score even worse, any advice would be greatly appreciated.

lynzpower

Id certainly wait till your CS is better

How quickly could you pay off your egg loan?

If you have kept up payments on that, you could do worse than approaching them to loan you the money for the car, if thats something you cant save up for

Lynz
x

grantham_trickie

Thanks for reply, I have about 18 months left on my egg loan (£1500) so it might be worth talking to them to see what they can offer as I have kept these payments up to date.