Fair Credit and need Loan

Linzi81_2

Can anyone help where I can go? I am looking for a loan for £3800 for a car. I'm 28 years old and looking on Credit expert I have a fair score of 854. I have been refused by Tesco, Zopa and the post office. Can I just keep applying or is this effecting my score more being refused?
Where should I go next?

Joeler

Linzi81 wrote: »

Can anyone help where I can go? I am looking for a loan for £3800 for a car. I'm 28 years old and looking on Credit expert I have a fair score of 854. I have been refused by Tesco, Zopa and the post office. Can I just keep applying or is this effecting my score more being refused?
Where should I go next?

Have you tried your bank?

Are you on the electoral role?

Have you checked your other report through Equifax?

Yes - Further applications will have a detrimental effect on your score. Ideally wait three-six months before applying again, but speak to your bank as they have the most history with you

Good luck

Linzi81_2

I have just moved out (nov) with my other half lived at my folks before. So I am still on their electoral roll still. It frustrating as I have a good job and I am wanting to borrow a small amount less than £4000. Not tried my bank as still under my folks address dunno if that makes a difference. New to all this, not really had a loan before so feel a bit stuck. My car is falling apart 6 months is way too long.

Not tried Equifax not heard of them before

jamesd

Most likely cause is that change of address and not being on the electoral roll at the new address. Get that fixed immediately because your application will appear fraudulent if they can't verify the address.

Best bet for £4,000 is a credit card company like Virgin but there's little point in trying until you're on the electoral roll and that is shown on your credit reports. That will take about a month even if you start now.

So:

1. Contact your council and get on the electoral roll. Ask your council when they send the monthly updates to credit reference agencies.
2. After the time the council gives for telling credit reference agencies sign up for Experian's trial credit checking service and verify that they show you on the electoral roll at the new address.
3. Once you're shown as on it you can apply with some decent chance of success. Some lenders still won't like the recent move.
4. Cancel the trial of Experian's service before you start to pay for it.

Linzi81_2

jamesd wrote: »

Best bet for £4,000 is a credit card company like Virgin but there's little point in trying until you're on the electoral roll and that is shown on your credit reports. That will take about a month even if you start now..

A credit card? would that not cost a fortune in the end? I am already on experian and have a fair score.

One loan company told me I cannot get a loan because I have never had a loan!!!

ILW

If you are on a decent salary, your bank should give you a £4000 overdraft facility.

jamesd

Credit cards offer deals like 0% for purchases for 6 to 12 months. They also offer deals like balance transfers at 0% interest rate for 6 to 15 months with a 3-4% fee. Virgin and a number of other cards let you do that balance transfer directly into a current account, just like a loan - sometimes called Super Balance Transfer (SBT) cards, though don't use that term when talking with a credit card company. So the best bet initially is to try one of those cards. If one doesn't give you a high enough limit, try another two or three until you get closer to the limit you want.

bryanbukowski

Linzi81 wrote: »

One loan company told me I cannot get a loan because I have never had a loan!!!

Would you lend money to someone you don't know?
When the lenders check your eligibility, they look at your history of repaying debt. If you haven't proven you can pay back loans it's reasonable that they won't take a risk on you.