To wait or not to wait? Fair credit rating...

johnnybzw

So my partner has a credit rating of 842 on Experian but we're pretty desperate for a personal loan (her first). She's already been declined twice (Nationwide and Sainsburys both at £25k). There's nothing really awful on her report and all looks pretty good apart from 2 late mobile payments to Orange in the last 12 months but she has got 4 credit sources - her credit card (£3k balance but can borrow up to £5k) her overdraft (currently £0) her mobile and a very old unused storecard that we've just cancelled. I really don't want to have to wait another 30-60days to take the loan but can't really afford for her to be declined again and that go on her score. So my question is this - does anyone know a lender who is lenient on those in the 'FAIR' category that she's likely to get the £25k from (minimum we need it £15k, £20 would be great and £25 puts us in the clear!)without being refused or should we pay off her credit card completely and cancel her overdraft facility and are those likely to have any impact on her score in the short term (max 30 days we can wait)or is that only likely to help in like 6 months time? Oh apparently the reason she may also have been declined at the time (about a month ago) was because I'd also just taken out my first and only loan ever and got a really good deal from Nationwide but apparently as we live at the same address that affected her rating so she had to delete me as a financial partner which now isn't showing but hasn't changed her credit score either... So 2 more questions - should she re-apply to Nationwide or Sainsburys as they have the best rates now that I'm not linked or does the fact that she's applied with them and been declined previously mean she's less likely to be accepted now. And 2 - even if I already have a £25k loan myself I still have a fair amount of savings and I presume a really good credit rating so would it help if I offered to stand guarantor? SUCH A MINEFIELD!!!! AHHHHHH!!!! Any help or advice greatly appreciated!! Or otherwise does anyone know a helpline that we can call to ask all these questions or a company who knowing our predicament can recommend a suitable product without us having to apply for several and risk being declined?

BugsyBrowne

Anyone wish to assist the OP?

iolanthe07

Unsecured loans of £25K are as rare as hen's teeth these days. She would need to be earning over £50K a year, with no other debts and a squeaky clean credit history., to stand much of a chance. I think she is being unrealistic about the amount she is trying to borrow. The debtfreewannabe board of this forum will offer her advice as to how to live within her means as is very helpful. I suggest she posts there with a Statement of Affairs.

Emmzi

you have savings

she has never needed a loan before

you talk about "putting us in the clear"

I can only assume she is trying to borrow to clear someone else's debt in which case run away fast now.

BugsyBrowne

I was going to answer but think the OP is on a wind up, who in their right might would honestly think a lender would lend out 25k to someone who can't pay a mobile phone contract on time.

johnnybzw

Sorry - I should have said that we don't need to money to clear any other debts (for us or anyone else). Basically we have an opportunity to make a really good investment in vehicles that will give us a great return in less than 6 months (export) and can pay back the loans. SO nothing sinister. And her black marks on her phone were because we visited the States and they hit her with a £300 bill the next month for data charges which she tried disputing and cancelled her DD in the meantime and told them she'd only pay in future if they invoiced her which is fair enough but counted as 2 strikes in the meantime unfortunately - so much for principles! Otherwise everything else is fine. She earns £30k and me £50 which is how I got my £25k unsecured no problem. So can I rephrase then - how much can she realistically look to borrow at that rating and from who? And would it help if I paid off everything she owes and reapply in 30 days - so will that help in the short term or only long term (3-6 months)? Also would it help if I stand as guarantor or will my loan status not help? Honestly any constructive advice would be much appreciated - we're very green at this and have always been financially independant so finding this all unnecessarily difficult! It would be great if there were one advisory bureau that you could give your story and they tell you what's realistic and then find you the best product (ie: mortgages, insurance etc.)

BugsyBrowne

Mate no one knows their credit rating(score) as this is private to a lender, your partner has payed for a credit score from a company that Does not LEND money so take this with a Pinch of salt.

Emmzi

if it's a great business deal, ask a business banker how to do it.

simon2010

You have my every sympathy, you have real case (perhaps) and no one listens to you. However, with the late's on a mobile phone bill (and you have explained it quite well why) you stand little chance because banks DON'T LISTEN to anyone anymore!!! They don't consider you went to the states, they don't care about your or mine circumstances and it is a right f ing pain.


I am sorry, agree with everyone else.


£1 on a lucky dip?

Sorry mate.

johnnybzw

Emmzi wrote: »

if it's a great business deal, ask a business banker how to do it.

Thanks Emmzi - the trouble is as soon as I mention export the business guys don't want to hear it. Rock and a hard place. Surely people with FAIR credit can get personal loans - I just need to know who's the most likely lender so we don't waste any more credit checks...anyone?

AHAR

johnnybzw wrote: »

Basically we have an opportunity to make a really good investment in vehicles that will give us a great return in less than 6 months (export) and can pay back the loans. SO nothing sinister.

Sounds dubious to me.