Fab credit but no loan???

bairnbabe

Hi :hello:i'm new to this site so don't bite!! lol

I've just checked my credit expert rating and i have an excellent score of over 960, took me a while to get it back up from being poor so i'm delighted.
Decided i'd apply for a small loan roughly £2k and go on a holiday and maybe buy 1 or 2 things for the house but everywhere i've applied to has declined??
I don't understand how this is with such a high credit score so was wondering if any1 on here could maybe shed some light on it?
Thanks in advance to any1 who answers

Dabooka

Hard to say for sure without knowing a few things, ie your income, current credit agreements, amount of credit available to you and if you're on the electoral roll.
Also the score is meaningless, as the lenders base their decisions on their own criteria, so ignore the number and stop paying for it.

In my opinion borrowing money to go on holiday is madness.

fozmcfc

Your own bank is the best place to start as they will know your financies better than anyone else.

If they say no you are unlikely to get a loan anyway except prehaps somewhere which charges silly interest rates.

Members need more info to give possibly reasons, you say you have a poor rating in the past. If you have any defaults, CCJ's or a lot of missed payments even from 3 - 5 years ago on your credit reports it is the most likely reason.

Ilona

Hi bairnbabe.
You say you were poor, does that mean you don't owe anyone anything now? If so well done. Wouldn't it be a good idea to stay that way?

You seem to be going about this back to front, you think it's a good idea to to borrow £2k to go on holiday, and maybe buy a few things for the house. Do you really need the maybe's, or have they just appeared because you fancy getting them?

So, if you were poor, do you want to be again? Spend someone elses money and pay more back? You want to be owned by a loan company? Seems a bit silly to me. I would be more inclined to save up for a holiday, rather than jumping back into the fire. Celebrate your debt freeness.
Ilona

blacksta

Poster - Have you not learnt your lesson


" You want to borrow money to go on holiday"

as mentioned so many times - a credit score from experian or equifax meanS NOWT - cause these people dont lend money.

bairnbabe

WOW!!! I love how everyone on here is sooooo anti-debt. You make a simple post asking for help regarding loans and people are down your throat with the whole 'don't do it' or 'do you really need it'.
Sorry people not the response i was genuinely looking for!!
Yes i was stupid when i was younger however i paid of everything and have been building my rating for a few years now.

Everyone has debt and that's pretty much a fact of life, even a mortgage is debt!!

So what if i want a quick lump cash to go on holiday now, it's not a huge amount, i'm not going to spiral back down into the depths of serious debt & i'm keeping it at a reasonable amount so it's a comfotable amount to repay!!

Some people don't want the band-wagon of negative responses when they come on here, i've seen previous posts where people are desperate and need something to get them back on their feet but get no real response other than 'budget your finances' or 'sell what you don't need'.....LMFAO!!

Thought this was a help forum :cool:

CLAPTON

bairnbabe wrote: »

WOW!!! I love how everyone on here is sooooo anti-debt. You make a simple post asking for help regarding loans and people are down your throat with the whole 'don't do it' or 'do you really need it'.
Sorry people not the response i was genuinely looking for!!
Yes i was stupid when i was younger however i paid of everything and have been building my rating for a few years now.

Everyone has debt and that's pretty much a fact of life, even a mortgage is debt!!

So what if i want a quick lump cash to go on holiday now, it's not a huge amount, i'm not going to spiral back down into the depths of serious debt & i'm keeping it at a reasonable amount so it's a comfotable amount to repay!!

Some people don't want the band-wagon of negative responses when they come on here, i've seen previous posts where people are desperate and need something to get them back on their feet but get no real response other than 'budget your finances' or 'sell what you don't need'.....LMFAO!!

Thought this was a help forum :cool:

maybe

a long post but you have still forgotten to

tell us what your credit file say
what your salary is
what your existing debts are
what your available credit is
whether you are on the electoral roll

Dabooka

bairnbabe wrote: »

WOW!!! I love how everyone on here is sooooo anti-debt. You make a simple post asking for help regarding loans and people are down your throat with the whole 'don't do it' or 'do you really need it'.
Sorry people not the response i was genuinely looking for!!
Yes i was stupid when i was younger however i paid of everything and have been building my rating for a few years now.

Everyone has debt and that's pretty much a fact of life, even a mortgage is debt!!

So what if i want a quick lump cash to go on holiday now, it's not a huge amount, i'm not going to spiral back down into the depths of serious debt & i'm keeping it at a reasonable amount so it's a comfotable amount to repay!!

Some people don't want the band-wagon of negative responses when they come on here, i've seen previous posts where people are desperate and need something to get them back on their feet but get no real response other than 'budget your finances' or 'sell what you don't need'.....LMFAO!!

Thought this was a help forum :cool:

Easy tiger, I simply said that to give you a more detailed answer, you'd have to give more information; this isn't jumping down your throat or me being anti debt, this is trying to help you.
Regarding the credit score it is meaningless, I simply suggested you save your money and don't buy it.

Sure I signed off by saying personally I think it's madness, but it is a public forum and it's a fair enough viewpoint.

Cross posted with Clapton above

fozmcfc

This is a moneysaving site generally, so people aim to save people money in general.


This is why sometimes people make comments, like you received thinking that maybe you will think, hold on get into debt to go on holiday is that really a good idea. Could I do it differently and go on holiday a bit later and not pay interest on a debt over the next few years and what happens if my circumstances change and I can't afford the repayments, what am I going to show for it, some photos from a holiday.


Ok so fair enough, you aren't interested in those comments and still want to get into debt to go on holiday.

So really we need to know what your credit history over the past 5 or 6 years contains to give the best advice.

fleitner

bairnbabe wrote: »

Thought this was a help forum :cool:

The first reply asked you for more information in order to help answering your question.
The second reply gave hints about common problems of people in similar situations.

Yet you ignore these replies and start ranting about them... I never understand why people ask for help and then complain because people try to answer...

dtsazza

bairnbabe wrote: »

WOW!!! I love how everyone on here is sooooo anti-debt...
Thought this was a help forum :cool:

It is a help forum - and most of the threads are helping people who are in serious financial trouble, because they took out loans to spend purely on consumption. To fail to address the underlying issues when someone is going down the same few steps of this path would be irresponsible.

To some extent the answers are justified because it's very difficult to get unsecured personal loans nowadays - and while I'm sure you could get something from someone, what you're looking for quite possibly doesn't exist (I remember getting a few grand at 6.9% for a motorbike a few years ago, there's no way that'd happen now).

So if one accepts the premise that loans are hard/impossible to come by, then the best advice possible is to tell you this: that loans aren't the answer or a reliable source of funding, and that changing your mentality to reflect this is going to be very helpful. I honestly believe that the answer to your problem is to save up the money and then go on holiday - partly because it's safer, partly because its feasibility is guaranteed, and partly because it's cheaper overall (no interest payments, and in fact interest receipts).


It might just be me, but I don't consider these responses negative - I think they're advocating an overwhelmingly positive view, which is to view credit as a last resort that tends to create cycles. If you don't spend tomorrow's money today, but instead put the loan repayments into a savings account, you'll have paid off this virtual "loan" quicker than you would a real one, and so can go on holiday more often, or go on a bigger holiday, or buy lots of other things as well.

(Besides - if you're using next year's money to go on holiday this year, then you'll have to have no holiday next year. Or spend year three's money on year two's holiday, etc., which means you're accruing interest payments for the rest of your life, which is like taking a deliberate and voluntary pay cut. Once you own up to the fact that with your current funds you can only afford one holiday in two years, it makes much more sense for this year to be the holiday-less one, because it will leave you much better off overall.)

So that's my "positive" view on things - not being able to easily get a loan will hopefully be a positive thing for you overall.