Credit Score!

Ganges74

Hi,

I know Martin said there is no such thing as a credit score but I have a couple of loans and need to top up, my car was written off and need more money for new one.
How do I get the loan I need without getting turned down and ruining my score.
It seems to be a chicken and egg situation?
Thanks
:mad:

rjm67

Hi Ganges74,

There is no easy answer I'm afraid. If you think you're already stretched financially then you might be in trouble getting more. Best bet would be to go back to the original lenders for an increase as you'll already have a history with them.

Good luck

Astaroth

There is such thing as a credit score but what your score is will be different with every company that you approach as they all have their own scoring system.

As you say, it is very difficult to judge what the best thing to do is... the obvious answer is to approach a company that provides much less competitive rates of interest as generally their acceptance criteria will be lower but then you dont want to be paying 10% for a loan if you could have got 7%... but then you dont want to apply for 7% because if you get turned down you many not be able to then get the 10% one.

Approaching your own bank can be a good option if you have a good record with them as you represent more of a known risk to them than a total stranger.

Some also will approach companies that have a range of interest rates on offer and apply with the intention of trying to negotiate down the rate after having been accepted.

vwman_3

And please stay clear of the companies like Picture/Ocean and that Carol Voderman outfit, you'll end up paying through the nose..........