Help with Obtaining Credit

chris198

Hello all 6rs agao I found my self at the bottom of a debt pit with no way out. I have finally started to see the light now I have 3 ccjs that are all satisifed and all will have dropped off by November, I have 3 or 4 defaults also that will be also gone by november, However I have 1 default that I have registerd with Capquest due to an old Capital one debt, this is satisfied but the start date isnt until Dec 2007 which I think is wrong. Come November that is going to be the only one holding me back.
Currently I have a credit score of 749 with experian which shows as a fair credit report. I have managed to gain a Vanquis Credit card which i have held for 2 years and never missed or been late paying, also pay back more than just the minimum payment at the mo tho my balance is £2300 limit is £2500. I have also aquired Car Finance for a £11000 Lexus which is my baby!! again ive had this for 2 yrs however the % on both these are high, I would like to take out a loan to pay these both off at a lower% do I need to wait for the other ccjs and defaults dissapear or will my credit score be good enough?

Thanks

stephane_2

What is your total level of debt?
What is your income?
Even if your income is relatively high compare to your level of debt I doubt very much that you would be able to get a loan until all defaults have dropped.

chris198

Hi My income is £24000 and my total debt is £8000 outstanding on car finance £6000 if i settled now, £2300 on cc and around another £1000 on the defaults.

Thanks

stephane_2

If you are looking to borrow just under £11000that would mean to a potential lender that your level of debt would be about 22k for a salary of 24k. What a lender would think is that they would have no proof that the loan will be used to repay other debts. I think that your chances are almost nil...not for that amount anyway

izools

You haven't even paid the defaults off?

You'll need them to have been closed and settled with a NIL balance for a few years as a first port of call before we even consider going in to what else you'd need to do to look appealing to a prime lender.

If you hold off making one single credit application and just leave everything precicely as it is until December you may stand a chance.