Desired credit score to be accepte for a loan....

JoshBee25

After my last thread I'm quite Nervous I've been accepted in principal for a loan, but come on everyone has that...

The loan was for £7,500 over 5 years with around 6.0% apr but I was offered around 7.5% a lot of people have told me u should get it but not sure.

My credit score is 807 & that Was after naitionwide credit checke me for the loan... They also done the Check twice but that's fine experience are removing one of the checks.

One of my bosses deals with credit checks at work in the sense of seeing if they can be overturned, what he said was my report looked good but the main thing is my credit allowance I have us £2000 and he said its a massive jump when they look into it from £2000 to £9500.

What score does naitionwide look for to accept a loan?
Has anyone else had a loan from naitionwide?
Do you think I'll get the loan?

Emmzi

1. scores don't mean anything. every lender has their own criteria.
2. not me
3. I think your income is too low for the amout you are borrowing with a liited track record of borrowing

but what do we know? yesterday it was two fingers up to us all, you'd got your loan!

opinions4u

1) 643,291. Well that's the first number that randomly came in to my head.

2) Lots of people. I'm not one of them.

3) I have no idea. Ask Nationwide or somebody else who lends money. It's what they think that matters, not what random people on a messageboard think. Not what a CRA thinks (with their random number generator).

When it comes to borrowing money I urge extreme caution. Ask yourself if you've been able to save for whatever it is you're buying and why you haven't done so. If you're buying a car, don't borrow for longer than it will reasonably last. Anything over 4 years for a second hand car is bonkers. Can you afford to insure, maintain and repair a car?

Will borrowing inhibit your ability to rent or buy a property in future?

In the end, I suggest saving up for whatever you want.

_Andy_

JoshBee25 wrote: »

My credit score is 807
What score does naitionwide look for to accept a loan?

808+

Sorry

Bravehearted_2

LOL... *pauses to catch breath*

I believe in accountability and so isn't one to dissuade like in the last thread. If you're swimming in debt in a few years, it'll be because of the decisions you took today and just have to man up to it.

That said, I'm inclined to think the loan will be declined simply because of the large sum and jump involved. As you know scores mean jack. Its whats on the file that matters - is there concrete evidence of a good repayment history? Stability? Electoral role? Other credit?

If any of these arent a 'yes' then it doesn't look good.
Getting a loan isnt the issue - any tool can get a loan - its the future longterm implications of said loan. Still, good luck.

lipsthefish

JoshBee25 wrote: »

Let's face it, half of you would love to see me not get illy loan I'd understand if I said I'm investing it in stocks or something useless its a step forward in my life.

19lottie82, your a bitter old women I've probably got better credit then you also welcome to the 21st century were you virtually sign over the Internet...

Well as you have already signed for the phone (virtually) you should have no more questions!

19lottie82

I await my apology with baited breath........

19lottie82

JoshBee25 wrote: »

19lottie82 !!!! of you bitter twisted old !!!!

I tried to offer you a bit of advice / information and you throw a paddy? Nice, real mature.

Why am I bitter and twisted exactly? I'm not the one throwing insults around. You're not doing yourself any favours son.

TrueUnitedFan

Looooooooooooooooooooooooooooooooool ^^^^^

rartherinv

JB is a master fisherman! reeling in a very large and diverse catch :T

rartherinv

ps. My mate dave says that Nationwide's credit score requirement is 810 so at 807 you are just short... unlucky