Loan with a 313 score

Mantismat

Hello there.
According to equifax, my credit score is 313.
The only RED against me is not being on the electoral role, which I've just submitted my details for, so fingers crossed that'll come through first.
It also see's that all my payments are up to date, but knows I've struggled in the past which have required arrangements to be setup. Again all of these are now satisfied and everything current is up to date - I have a feeling month on month my score will increase.

That said though, I am keen to see what my chances of a loan of around £10,000 would be. The loan would be to pay off a number of current debts I have buy a cheap car (currently renting one).

I don't want to go crazy applying for loans with suppliers who will not touch me, so thought I'd be best to ask you kind and knowledgeable people here first.

Thanks in advance.

Matt

Tixy

You won't appear on the electoral roll until 1 December and it probably won't show on your credit files until January.

The score isn't important, its what is on your credit file in detail that is important as that is what potential lenders will look at.

You say you have had past problems - what is on your credit accounts section of your credit file? do you have defaults? lots of missed payment markers? any ccjs?

As well as taking into account your past credit history any potential lender will also consider whether they think you can afford the new debt in addition to your existing debts on your current income. (Even though you plan to consolidate the new lender will assess it as additional credit as you may just blow the lot).
So how much do you earn? How much do you owe at the moment?

JustinCredibleGillespie

Hi Matt. Sorry I didnt want to read and run. Your credit score is very low, I checked mine yesterday with CallCredit and it shows at 472 and that is also very low. Although 'credit scoring' actually means nothing.

The only companies that will give you a loan with your current rating will probably be someone who will charge you a bomb in interest and/or high apr. Whatever you do, stay the hell away from PDL companies or ones that ask for upfront fee's. We've seen quite alot of posters being 'scammed' by alot of companies in the last few weeks so be careful.

Goodluck and I hope you get something sorted. Something will more experience will come along soon and help you with all your financial queries. You've come to the right place.

Mantismat

Thanks for the response Tixy.
Let me see if I can shed some light on my world.

Credit Agreements -
Oldest Account / Credit referances / defaults - All of these excellent
Active accounts / active or settled accounts - both of these Good
Making payments - Fair (I'm not always on time with everything, but it always gets paid within a month if I miss something)
Payment History - Very Poor.

Drilling into Payment History -
Everything is up to date or settled minus a credit card which I need to sort out today, this is showing as 1 month in arrears.
There are no CCJ's
There is one which was defaulted and settled in June this year

I'm a consultant so don't have that much job security, although I am fully employed through an umbrella company.
My salary works out about £75,000 - although there is the risk that my work is not constant to a point

My outgoings at the moment are approx £1758 per month
If I was to settle what I want with the loan it would then be approx £1000 per month (before the loan repayment)

My liking would be a loan over either 2 or 3 years with payments between £350 and £450 per month if thats at all likely.

As with many people, as well as seeing a benefit with my regular monthly outgoings, I've struggled to keep track of the debts I do have at the moment. Putting these into one payment which is easier for me to manage would be a great way forwards.

Thanks again and I hope the above has helped somewhat.

Matt

Tixy

The recent default is likely to cause you an issue even though its settled.
Having various missed/late payment markers on your file will have a negative impact even if the accounts are currently up to date.

Any potential lender would be likely to think if you cannot make your current repayments on time on your existing level of debt, then how will you manage to make repayments on an extra £10k of debt.

Whilst you might argue that is just mis-managed accounts rather than a lack of money to be able to afford repayments that is not how a potential lender would be likely to see it.

When you say your outgoings are £1758 - do you mean your living costs and debt repayments? if I've interpreted that correctly then on a £75k salary you should have an extra £2500 a month spare. Surely you could use that to pay off your existing debts fairly quickly, or to purchase a new car?

JustinCredibleGillespie

£75k P/A is an incredible salary, its actually 4 x what I earn. Maybe try saving for the next 4-5 months and you will definitely have the money to buy a car outright.

Mantismat

JustinCredibleGillespie wrote: »

£75k P/A is an incredible salary, its actually 4 x what I earn. Maybe try saving for the next 4-5 months and you will definitely have the money to buy a car outright.

I think this might be better for me actually.
The old me would not have the patients, but you are right that I will have the expendable income to put work into these debts.
I'm at least going to be in work until the end of the year, so thats a few months to hit the high interest debts.

Thanks to all for some words of wisdom and helping me to stop and think before acting.
Matt

geoffky

75k a year is something most people only dream of.You must live a incredible lifestyle to not have any savings after a wage like that....cut back on tat and save.
I think the banks like me will wonder why you need a loan of 10k with the wage you earn.

masterlumps

i dont believe someone who doesnt know the difference between patience and patients could possibly be a consultant earning 75k

somethingcorporate

masterlumps wrote: »

i dont believe someone who doesnt know the difference between patience and patients could possibly be a consultant earning 75k

Maybe he is a medical consultant and actually meant patients

izools

Although I know from my position at the NHS a lot of Consultants locuming around the county can be new to the country still learning and have a bit of a challenge getting different spellings of words pronounced similiarly correct

Although working in Zomerzet Somerset so do the locals