loan advice

allnightuk

hi im trying to get a loan but iv checked on experian and i got a low credit score this is due (not to the fact i have bad credit in fact its 100% perfect) its due to a lot of footprints on the account has any 1 got any idea how i could get a loan maybe see the bank manager? i just not sure what to do next.

Any help welcome

Tixy

Have you applied for any loans and been turned down so far?

How do you define your credit as 100% perfect? do you mean your repayment history is 100% perfect?
What is on your credit file? what accounts? what balances?

How much are you hoping to borrow?

Apples2

What do you mean "footprints?".

Have you been applying for lots of loans recently and been refused (more than 3 in the last 6 Months?)

allnightuk

sorry credit got about £2.500 car loan and about £220 on credit card all get paid off never missed payment in 3 years.
i have been turned down for a loan because of low credit score and when i looked i seen about 10-15 things on my report like loan applications
i didnt know that these where on your report (I DO NOW) but anyways is there anyway to get these off or could i maybe talk to some1 one on
one to explain the reason for the low score im after about 8 grand

Tixy

No potential lender sees your score from the credit reference agency and they don't turn you down based on that score. They see the core data, the main body of the report, and they use that information - along with other information to decide whether ot not to lend.

Credit applications are visible to other potential lenders, they cannot be removed. And if you have a lot in a short period of time they you can look desperate for credit and so this can lead to later applications being turned down, although it would be unusual for a lender to turn you down due to this alone.
Quotation searches (eg by insurance companies) are not visible to other lenders.

If you've applied for more than 3 or 4 items in the last 6months then if you wait 6months and apply again you may stand a better chance.

£8k is quite a large loan on top of what you already owe - how much do you earn?

I would suggest a read of this as to see if any of those items might apply to you for other reasons why you have been declined - BEEN REFUSED CREDIT? Read this first...

Apples2

No, you can't remove them, they are a factual record of searches.

The problem is that to lenders, you appear desperate for a loan (because you are applying so much). They will drop off after a few months.

There may be additional reasons for the declines though, £8k is a fair amount but it depends on your Salary, debt ratio and a whole host of other factors (e.g being on the electoral roll).
Without knowing your inside leg measurement we can only guess.


Bah - Typical Tixy

allnightuk

what do lenders accually look for

Tixy

allnightuk wrote: »

what do lenders accually look for

Essentially - someone who they think can afford to repay the loan, is likely to be able to continue to afford the loan repayments and someone who is actually likely to repay the loan.

But to assess that they'll look at how much you earn, what your other financial commitments are, how much you want to borrow and will you be able to afford the repayments. They'll also consider things like your employment status.

And then they'll look at your credit history (with 1 or 2 of the credit reference agences) to see if you've paid back previous commitments on time, they'll look at indicators of stability (being on the electoral roll, length of time at address and in current job).

They'll looked to see if you are financially associated with anyone and what their credit file is like. They'll look for any evidence of fraud (using the CIFAS database), and whether your application data is consistent with what you put on other application forms (using the national hunter database).