Chances of Loan

hazon

Hey, any advice would be greatly appreciated. I have recently finished university back may and have been in full time employment since august. I need a graduate loan as I really need a car (for job and location purposes) but not sure if i would be likely to get one.

Brief rundown:
Salary: £22,000
2 overdrafts: one for £1300 and one for £1600
Credit Card: Currently £200 on it

Only main outgoing are phone bill (£35) and rent and bills (£350 all in)

I have had both overdrafts and credit card for 3 years during uni. Since august I have paid off my credit, but a week just had to buy somethng so put that on it which i fully intend to pay all back in jan pay.

For past 3 years I have never been over over my overdraft, never missed any credit card payments and in past five months have been managing to save ~300-450 a month......unfortunately these savings have all gone onto credit card and reloaction purposes for work (i.e. house etc). Therefore I have not had a chance yet to start ploughing money into my overdrafts yet.

I have enquired and hoping to get a 5000 loan over 3 years. this is approx £160 a month over the three months.
with 5000 i wish to spent 3000 on car and tax/insurance for the year and put 2000 straight onto my overdrafts and close them down.

Do you think i am a likely candidate for the graduate loan and is this a good idea? I desperately need a car and know i can afford the monthly payments alongside putting an additional ~150-200 aside a month for the remaining £900 of my overdraft.

Any help greatly apprectiated!

[Deleted User]

are you on the electoral roll for where you live now?
best bet approach your own bank first.

hazon

I am on the electerol roll. My main concern is them seein the 2 overdrafts and being put off. when ever i speak to somebody at my bank or on telephone banking they just say its basically up to the 'machine' if approved or not. just bit scared of being declined and it going on my credit report!

jonesMUFCforever

Well if you don't ask you don't get - up to you.

CLAPTON

a single credit request will do no harm to your credit file; it will simply show as a credit search and doesn't show whether or not it was successful