Help with Short Term Loan/Credit Card

Vixsoir

Hi,

I appreciate that this subject is pretty exhausted in this forum, but I just need some advice for getting a short term loan.

It seems my credit rating is satisfactory. But I can't seem to get credit? I've never missed payments and have paid off a loan without problems in the past, alongside car finance which is ongoing - I thought this would improve my rating...

I have recently moved out and have only been at my new address a short while, so will this affect my chances of getting anything for a long time? I registered on the electoral roll today as I understand this helps as well (and I should have done it anyway).

If I've applied for various credit in the past month, will it affect my chances even more? (there are 5 attempts on my experian report).

All me and my partner need is £1500. It's a small amount that we won't struggle to pay back but it seems to be impossible! Is it easier to get a credit card with a high interest rate in this situation? I know that's not the best idea, but we need this pretty sharpish.

So frustrating!!

Please help if you have any advice!

CLAPTON

not being on the electoral roll is obviously a problem
and only being at your address a short time

but
income?
existing debts?
existing CCs?
existing OD?

Vixsoir

My income is is fine and far better than when I was given the OK for a loan 4 years ago.

My debts are:

- car finance (never missed a payment and that is satisfactory in my report
- student loan (comes out of my salary so never missed a payment

That's it. I don't miss payments for phonebills or car insurance. I do, however have an overdraft that I live in of £600, which at the moment is proving impossible to get out of. I never go over this, though. I also have another account that is £200 overdrawn (started paying regular amount into that to try and shift it).

There didn't seem to be any problems on my credit report.

I don't understand because even at my previous address (which I was at for over 15 years and on the electoral roll), I couldn't even get a payday loan (which is probably a blessing now, looking back).

CLAPTON

I had in mind the numbers

Vixsoir

Sorry, obviously having a brain issue this evening.

Car Finance - £5,329 left I pay £117 pcm for this
Student Loan - not sure, but I pay £30 pcm for this and it doesn't seem to be listed on my experian report
Overdrafts (collectively) - £800

Income at present is £19,500, due to increase in July but not sure by how much just yet.

CLAPTON

well being permanently in your overdrafts does suggest you have no spare cash each month so that raises the issue of how you would repay a loan back.

combined with not being on the electoral roll and recently moved might be enough to be refused additional credit.

in any event, with five recent credit searches and not (yet) showing as being on the electoral roll it's best not to apply for any further credit for 6 months or so

maybe your partner is in a better position

Vixsoir

Nope. Neither of us are in great positions. Looks like there are no options for us at all!

CLAPTON

why do you need the money?

do you or your OH have a credit card?

jamesd

Living in the overdraft is a significant negative indicator that can be taken by lenders as a sign of financial trouble, poor finance management or both. You can expect it to reduce your chance of getting credit.

It is probably easier to get a credit card in this situation. Five failed attempts within a month will be a negative factor, in part because it's not immediately obvious to other creditors whether any of those succeeded. So it can look as though you might have five new accounts about to show up.