Can't get loan withh 977 credit score! Help!

BugsyBrowne

Credit scores are private to the borrower and always will be, so it's impossible to ever know your true score, but reading through ones credit file you can pretty much tell if you've got a decent score or not.

Hazzinho

If you have a £13k debt and want a consolidation loan which I assume is the same. That is £26k debt so you need to earn over £52k to appeal to a lender so the debt is less than half your annual wage, there is nothing to stop you blowing the new loan.

sulkisu

Engimum wrote: »

Can I send a privite message so not discussing the salary in public?

Would it matter? We don't know who you are.

DCFC79

sulkisu wrote: »

Would it matter? We don't know who you are.

The OP seems to be worried about all and sundry knowing her salary,

opinions4u

Engimum wrote: »

I missed 3 payments in the last 2 years. Since September I landed a well paid job and worked very hard on improving my score to 977 on Experian.

So you've been in your job less than a year. You've missed a payment in around 10% of the last 30 odd months. Yet Experian, who don't lend money, have charged you a fee to tell you that you have a credit rating 2% off the best possible?

My money saving tip of the day is to cancel this stupid subscription immediately and allocate those funds towards debt reduction.

. My bank (Nat West) has just refused me a consolidation loan, even though I am a good earner and have an excelent score.

They lend money. Experian don't. They are looking at you asking them to take on your debts that are currently another lender's problem. Even though you've not been in your job a year. Even though you haven't bothered to make all your payments on time in the last three years.

What shall I do? I feel totally ripped off every month, paying about 350/ month towards the cards, out of which only about 50 goes towards repayments?

By missing payments you have made yourself higher risk. The card companies have upped their rates as a result. If you increase your payments the split between capital and interest will improve over time.

Can you help please..? I understand that my score is most likely damaged now from the refused credit.Thanks You

One credit search is unlikely to affect how a lender will consider a loan application. Three or more in a short period may create issues.

I've not solved your problem. You chose to borrow this way. If you can't refinance you need to pay as much as you can afford to get the debt down.

1) Scrap Experian. It's a waste of money.

2) Pay £1 more than the minimum payment on the cards.

3) Pay any excess funds to the most expensive card.

4) Do not make any late payments.

5) Do not miss any payments.

jason1231972

Whenever I've checked my credit 'score' (which I stopped doing a while ago when I realised it counts for jack sh..), it's always been 'poor' or 'fair'. I've got Noddle ('cos it's free), and they currently rate me 3/5. I have more green blobs on my credit file there than I care to count.

I'm a relatively low earner, but have ran a mixture of credit accounts spotlessly for 20+ years, some of which have far exceeded the magic '50% of salary' threshold.

On the rare occasions I apply for credit, I'm generally accepted, due (presumably) to past management of accounts, rather than some meaningless number on an arbitrary scale that lenders don't see anyway.

Your credit history (not score) isn't very good, due to those missed payments. Your score counts for nothing, and might as well relate to the number of poo's you do per day, for all it's worth

angelsmomma

I also have noddle with a 3/5 score. I don't have high earnings but like Jason above have loads of green ticks.

I rarely get turned down for credit in fact recently got a £6500 credit limit with Barclaycard at 0% much to my surprise. I only applied as my 0% on M&S cc was coming to an end.

This year alone I have applied and received 2 mortgages and 2 credit cards so I do think it is more the proven ability to manage your money that counts.

Wutang_2

I have heard that Equifax are going to scrap their scoring system but instead use fruit to determine your credit-worthiness.

Sounds crazy I know, but, for example, high earner with few outgoings and no missed payments would be a mango whilst a low earner with missed payments will be a lemon. Having seen the early prototype, I think I am a papaya - which is a little unfair considering I haven't missed a payment in years.

But anyway, back to the point, engimum, I think you'll be a raspberry so it will be more difficult...you need to be at least a nectarine.

opinions4u

Wutang wrote: »

I have heard that Equifax are going to scrap their scoring system but instead use fruit to determine your credit-worthiness.

Sounds crazy I know, but, for example, high earner with few outgoings and no missed payments would be a mango whilst a low earner with missed payments will be a lemon. Having seen the ealy prototype, I think I am a papaya - which is a little unfair considering I haven't missed a payment in years.

But anyway, back to the point, engimum, I think you'll be a raspberry so it will be more difficult...you need to be at least a nectarine.

What credit worthiness is attributed to a pair of melons?

jason1231972

WuTang, you just raised a genuine LOL from me