Loan Advice

DorsetRed

Hi there,

I'm looking for a bit of advice on whether anyone thinks I might be able to get a loan?

I'm currently 29 and according to my checkmyfile report, I have a credit rating of 531, which is 1 star.

The only negative aspects though are my age, and 1 default account which is unsatisfied and is a store card from 5 1/2 years ago owing £892.

I'm looking to get a £4,000 loan in order to start a business, and just wondered whether anybody thought this was likely, and where the best place to try was? I did try back in January with my existing bank, but at that time I had 2 default accounts, however one has now dropped off my file.

I didn't know whether this is likely to have made a difference, or if I need to wait until September when the other default account drops off?

Any advice greatly appreciated!

Apples2

You need to wait about 20 years.

DorsetRed

Wow, helpful. Thanks.

david39

With a default on your record and a business that is not up-and-running, your chances are very slim.

Why do you expect a commercial organisation to lend you money when they can clearly see that you haven't bothered to repay the money you borrowed previously?

Apples2

DorsetRed wrote: »

Wow, helpful. Thanks.

There is at least 892 reasons why nobody would lend you a penny. On top of that are more defaults.
You demonstrate your intention to take money from others and not repay it. Do you sound like a good investment?

£4k to start a "business" sounds like you have a robust business plan and have forecast your profit/loss/overhead exceptionally well...Love to know what "business" you are starting with £4k.

Your age is not going against you, in fact at 29 yrs of age anyone would consider you a mature adult, until they dig deeper.
It is not your age but your history dealing with money which will stop this dream happening.

DorsetRed

OK, feeling attacked now!

Firstly - David39, I didn't say I was expecting it, I merely asked if anyone thought I could? I was hoping, that the fact I the default was 5.5 years ago, and I have 3 accounts/cards/loans that are all small amounts and all run in perfect order, would count for me.

Apples2 - I can't see how a problem I had 5.5 years ago, shows that my intention is to take money and not repay it, you know nothing about my circumstance?

The business, is a shop, as an extension of my current business which has been trading for 4 years successfully, however I don't see what that has to do with it, the 4k covers the first quarter rent, insurance, a sign and the limited stock we need to start, that's it. The reason that I said my age counts against me, is purely because that what my checkmyfile account says, it was not my oppinon.

I would have expected more constructive advice than this, even if the answer is exactly the same, the way the postings are written are in my opinion overly critical?

BugsyBrowne

DorsetRed wrote: »

OK, feeling attacked now!

Firstly - David39, I didn't say I was expecting it, I merely asked if anyone thought I could? I was hoping, that the fact I the default was 5.5 years ago, and I have 3 accounts/cards/loans that are all small amounts and all run in perfect order, would count for me.

Apples2 - I can't see how a problem I had 5.5 years ago, shows that my intention is to take money and not repay it, you know nothing about my circumstance?

The business, is a shop, as an extension of my current business which has been trading for 4 years successfully, however I don't see what that has to do with it, the 4k covers the first quarter rent, insurance, a sign and the limited stock we need to start, that's it. The reason that I said my age counts against me, is purely because that what my checkmyfile account says, it was not my oppinon.

I would have expected more constructive advice than this, even if the answer is exactly the same, the way the postings are written are in my opinion overly critical?

I am a firm believer if your bank don't want to lend you money your chances for another lender to lend will be a very low percentage.

So my point being sit down with your bank manager and see what he/she says then you can go from there.

CHR15

DorsetRed wrote: »

I can't see how a problem I had 5.5 years ago, shows that my intention is to take money and not repay it,

But didn't you say this was still unsettled, i.e you still haven't repaid it?

Credit files are factual records, your personal circumstances are not relevant to a black and white document detailing if you have a tendancy to repay debt or not.

Your Credit Rating is worthless. I agree with star, you need to try your own bank, they can see how you regularly handle money.

I do wonder though, if your current business is successful, how it cannot support expansion where such a small amount is required.
On top of that is how you aquired Defaults without ever settling them with a successful business.

DCFC79

DorsetRed wrote: »

OK, feeling attacked now!

Firstly - David39, I didn't say I was expecting it, I merely asked if anyone thought I could? I was hoping, that the fact I the default was 5.5 years ago, and I have 3 accounts/cards/loans that are all small amounts and all run in perfect order, would count for me.

Apples2 - I can't see how a problem I had 5.5 years ago, shows that my intention is to take money and not repay it, you know nothing about my circumstance?

The business, is a shop, as an extension of my current business which has been trading for 4 years successfully, however I don't see what that has to do with it, the 4k covers the first quarter rent, insurance, a sign and the limited stock we need to start, that's it. The reason that I said my age counts against me, is purely because that what my checkmyfile account says, it was not my oppinon.

I would have expected more constructive advice than this, even if the answer is exactly the same, the way the postings are written are in my opinion overly critical?

Your not being attacked at all, apples and david39 were stating facts/the truth or would you rather we lie to you.

KingElvis

No chance, those defaults will hang round your neck like a Tiberian Bat.

DorsetRed

OK, will have a chat with the bank first anyway.

CHR15 - I hadn't settled it, because I was advised that as so long had passed without the store getting in touch then I should leave it and wait for it to drop off the file? Surely the positive accounts since then show that it's not a regular occurance? My cicumstances have changed massively to what they were 5/6/7 years ago when these problems occured.

My current business is successful, in that for the last 4 years it has provided everything I need every month, and settled some other debts, but in order to increase the earnings and build some capital, I need the expansion. The defaults were nothing to do with the busines whatsoever and were years before I even started it.

DCFC79 - My point about being attacked, is the tone and rhetoric nature of their posts. There's no constructiveness there, they aren't giving advice, merely voicing and opinion, which of course they are entitled to, I just don't see how helpful that is? And the sarcastic nature of David's comments on my business and need for the loan isn't really necessary to answer the question, is it?