Advice Required!! Credit ratings for Personal loans

dheerajmohan

Hi,
I am looking to avail a personal loan(5500-6000 pounds). I am in full time employment from june 2011 and this is my first employment in the UK. I earn around 21K. I have Direct debits from my Lloyds bank account and never missed any payments so far. I did not had a good credit rating in february 2012 and got enrolled in electrol list.Now i have a capital one CC with a credit limit of 300. I am using around 50% credit limit and is paying full balance every month. Will this improve my credit rating? I am looking to apply for the loan around November of this year. If I use my existing credit card well, will I be able to improve my credit ratings? Any tips on how to manage my finances so that I will get this loan. To be frank I need this money to refinance my educational loan which I took in India. I am paying a huge interest rate on that now as the interest rates there are very high. I am paying around 330 pounds to this loan every month in India. I am just looking to refinance my loan to a lower interest rate loan and am sure that I will never miss any payments. I am looking for a 5 year term for the new loan.

bengalknights

Just keep paying the statement on time and it will increase your chances of credit.

LadyV2508

My advice would be to keep paying your credit card on time then when the time comes that you are looking to get a personal loan check your credit score again. Then phone your bank and ask to speak to an advisor regarding a loan and whether or not they would be willing to offer you one - the main concern of the bank is both whether you will pay the loan each month, and that you can afford to pay the amount each month. If you can prove that you can do both and you have a decent credit score then they will be more likely to offer you one. Good luck!