credit ratings?

loztredders

I may need to apply for a loan in a year or so time for some private dental work.
I have no current outstanding credit, but have had credit in the past, and have made the payment dates for at least the past three years - had one month where I forgot to make the minimum payment about three years ago but paid the late fee etc when requested.
Would my best bet be to go through my bank (halifax) for a loan? I'd probably need to borrow around £3000, as in the meantime I am saving up £200ish a month to help towards the cost if I need the work done.
So would my credit rating likely be fairly decent with just that one instance of late payment and late fees. I use a credit card fairly regularly for larger purchases and then pay it off after payday in a few installments.
I don't own my own home.
anything else that would affect my credit rating?

somethingcorporate

Are you on the electoral roll? That's a fairly key one too.

RichGold

loztredders wrote: »

I may need to apply for a loan in a year or so time

Start saving now, then in a year or so you'll have plenty saved and may not need to borrow at all. If you feel you are unable to save now, how were you planning on repaying a loan?
On the other hand, according to the Mayan calendar and Nostradamus the world will end later this year anyway, so you might as well stick with the teeth you've got and spend the money on booze and fried chicken.

[Deleted User]

whats wrong with nhs dentist?

loztredders

RichGold wrote: »

Start saving now, then in a year or so you'll have plenty saved and may not need to borrow at all. If you feel you are unable to save now, how were you planning on repaying a loan?
On the other hand, according to the Mayan calendar and Nostradamus the world will end later this year anyway, so you might as well stick with the teeth you've got and spend the money on booze and fried chicken.

I am saving now, as stated in my post..... but this unfortunatly wont cover the entire costs.
I'm having hospital orthodontic treatment free on the nhs but implants arent covered and i will need to pay this myself.

Jeff_Bridges_hair

What about entering into some sort of dental plan which may cover this extra work you need doing

http://www.dentalplans.co.uk/

Tixy

Good idea to plan ahead and save up as much as you can.

If you currently have a credit card then make sure you keep it open and use it regularly (if you don't need to put anything on it you could always just pay for some groceries or petrol each month and then pay off in full after the statement is produced) - this will help you maintain an ongoing positive credit history.

If you do find you need the loan and do need to borrow the money then yes your own bank can often be a good place to try. Its difficult to predict what the loans market will be like in a year, but if you have a good credit history, and no outstanding debt at that point then you might find somewhere more competativly priced than your bank.

Another option to consider (at the relevant time) might be to find out if you could pay for the treatment by credit card and to see if you could get a 0% purchase credit card with a high enough limit (if you could get a 15month 0% card and pay at least the £200 a month you are currently saving then you might be able to pay no interest at all.