Credit rating

notinmyname

Any advice/suggestions would be appreciated.

Bottom line - I have a lot of debt (2 loans, a credit card, overdraft) - am doing up my house in order to sell it and need some extra cash to finish it and to help tide me over till its sold. The sale of the house should hopefully clear most of my debt. Stupidly forgot to register for electoral register and have just been declined for extra top-up loan from one of my current lendors. Obtained a report from Equifax which wasn't terrible (score of 466) though it did flag electoral register problem. Will register on electoral register asap but doubt council/credit reference agencies will update very quickly. (If indeed this was reason for refusal)

Obvious answer is to try for a loan somewhere else, though after having seen comments on forum/site regarding problem of multiple credit requests in short time period am paranoid that this will screw up my credit rating.

Does anyone know if its better to try to apply for a different loan quickly (ie before recent failed attempt at extra loan is processed by credit reference agencies-unless they are advised almost immediately) Sorry if this sounds dodgy but am getting desparate. I know this may go against the advice on this site, ie don't borrow to get out of debt but I think my circumtances are a bit different -hopefully the money I borrow will lead to me getting more for my house. The only other option is to use one of the companies that buy property off you quickly but that would mean I'd get a lot less for it.

Also I've seen the list of CRAs used by the various lendors - does this also mean that they only report loan requests to these CRAs or does it filter through to them all. Today's unsuccessful loan request was turned down by a lendor who use Equifax (ie who provided my ok-ish report today)

Thanks, and apologies if this is a bit garbled.

notinmyname

How sad is this-posting a reply to my own post.

Does anyone know of any reputable loan brokers (this would hopefully avoid unnecessary/declined loan requests that will mess up my credit rating) I've got no experience in this area and am wary of secured loan companies. Any help or suggestions would really be appreciated - getting that headless chicken feeling which is making it hard to deal with things logically.

Xbigman

A credit rating of 466 is actually pretty poor and with no electoral roll record you simply won't get a loan from a reputable lender.

How much are we talking about? It doesn't cost that much to tidy a place up.
You also need to realise that borrowing money to do somewhere up then paying it off early could easily mean you don't actually get any extra out of it.

One important point. You need to get on the electoral roll immediately. When you sell solicitors will expect you to prove who you are and you are going to need to do so.
Regards


X

Skint-gall

notinmyname wrote:

Any advice/suggestions would be appreciated.

Bottom line - I have a lot of debt (2 loans, a credit card, overdraft) - am doing up my house in order to sell it and need some extra cash to finish it and to help tide me over till its sold. The sale of the house should hopefully clear most of my debt. Stupidly forgot to register for electoral register and have just been declined for extra top-up loan from one of my current lendors. Obtained a report from Equifax which wasn't terrible (score of 466) though it did flag electoral register problem. Will register on electoral register asap but doubt council/credit reference agencies will update very quickly. (If indeed this was reason for refusal)

Obvious answer is to try for a loan somewhere else, though after having seen comments on forum/site regarding problem of multiple credit requests in short time period am paranoid that this will screw up my credit rating.

Does anyone know if its better to try to apply for a different loan quickly (ie before recent failed attempt at extra loan is processed by credit reference agencies-unless they are advised almost immediately) Sorry if this sounds dodgy but am getting desparate. I know this may go against the advice on this site, ie don't borrow to get out of debt but I think my circumtances are a bit different -hopefully the money I borrow will lead to me getting more for my house. The only other option is to use one of the companies that buy property off you quickly but that would mean I'd get a lot less for it.

Also I've seen the list of CRAs used by the various lendors - does this also mean that they only report loan requests to these CRAs or does it filter through to them all. Today's unsuccessful loan request was turned down by a lendor who use Equifax (ie who provided my ok-ish report today)

Thanks, and apologies if this is a bit garbled.

If you search google there is a webiste called rolling registration where you can be added to the electoral register online.

notinmyname

Thanks for posts - I have sent off an Electoral Registration form - couldn't see any way of registering on-line with my council but will check with them soon to see how long it will take for an updated register to be made available.

Not sure of exact requirements for how much extra money I need (which I guess will be my next task) - probably asked for too much at last declined loan request though this figure included a couple of optional more expensive jobs that I'm not now going to get done - also planning to get some advice this week from an estate agent about likely price I could sell house for with or without this sort of work. Will also investigate quick sale option, though would really prefer to avoid that.

Do need some extra though to get a couple of non-optional things done (carpet for one room etc) and also to be honest to help me get through the next few months. Never defaulted before on a mortgage/credit card payment and really want to avoid doing so if I can.

Cheers