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a different "loan" dilemma
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We have a different problem, we have NO debt and therefore NO credit rating.
We have decided we wanted to borrow 17,000 pounds for a purchase but no one will look at us because we have always paid cash for everything, including the houses we have owned. We live on a yacht, not in a house. We didn't have a mortgage when we owned a house neither. We no longer own a house. We have always paid cash for our homes and boats but this has been a problem in getting a loan for a purchase. We would be happy to use our boat as collateral for the loan but no one is interested. We applied to our local bank where we have had an account for 9 years for a "bridge loan" until the current boat sells, but they are only interested in loaning if we own a house. They said our credit rating was just fine but we had no debt history so that eliminated us from borrowing from them. We don't really want debt history but this seems to be the only way to get an active credit rating for a loan -- like the chicken and the egg!
There must be others like us with this unique problem. We'd be SO happy if you would address this and give us some hope and help!
We have decided we wanted to borrow 17,000 pounds for a purchase but no one will look at us because we have always paid cash for everything, including the houses we have owned. We live on a yacht, not in a house. We didn't have a mortgage when we owned a house neither. We no longer own a house. We have always paid cash for our homes and boats but this has been a problem in getting a loan for a purchase. We would be happy to use our boat as collateral for the loan but no one is interested. We applied to our local bank where we have had an account for 9 years for a "bridge loan" until the current boat sells, but they are only interested in loaning if we own a house. They said our credit rating was just fine but we had no debt history so that eliminated us from borrowing from them. We don't really want debt history but this seems to be the only way to get an active credit rating for a loan -- like the chicken and the egg!
There must be others like us with this unique problem. We'd be SO happy if you would address this and give us some hope and help!
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Comments
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Have you tried Lombard Marine?
http://www.lombardmarine.co.uk/landing.aspx?ct=lmt10 -
Do you have an address for post to go to? What about utility bills IE electricity supply billed at your mooring? Possibly a mooring bill might count.
How are you online? A broadband or even dial up bill in your name might count as a utility.
Do you have a regular income? How much? 17k is do able as an unsecured loan so that shouldn't be an issue.
They said our credit rating was just fine but we had no debt history so that eliminated us from borrowing from them. We don't really want debt history but this seems to be the only way to get an active credit rating for a loan
Saying your credit rating is fine, but you don't have one, is gobbledegook.
Standard advice in building credit worthiness is to get a sub prime credit card, like vanquis, and use it for a few purchases each month but ALWAYS pay it off in full.
Regards
XXbigman's guide to a happy life.
Eat properly
Sleep properly
Save some money0 -
Thanks, we appreciate your advice!!!0
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