£3000-£4000 loan bad credit!

cheri15

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I always thought I had bad credit, like REALLY bad. But I checked on experian and it said it was 'fair' (814) I need a loan for £3000-£4000 for what I want and I need £500 deposit. I applied for a few credit cards last night which said they were for people who want to build credit and I thought I would get 1 which would allow me to pay my £500 deposit! however they said no and now my credit has dropped to 714! POOR! I need a loans company who will let me have at least £3000! Does anyone know any? I was going to try Amigo loans but the guarantor must be under 70 and be a homeowner and my grandmother (the only homeowner who would do it for me) is 75! I dont know what else to do and don't want to be rejected anymore as my credit has already dropped 100 point over the last day Thanks

dealer_wins

Also your deposit should be from your own savings, not more borrowing!!

maginot

As mentioned the credit score diesn't mean anything, as lenders have their own criteria. They will just check your credit history to see whether you have evidence of paying money back.

More credit checks will show up on this history and therefore will further damage your ability to borrow money.
As you tried the lower prime lenders and been rejected there is little chance of being accepted for a loan.

If you give further info on what the money is for, posters may be able to help you get it for cheaper or perhaps look at alternatives.

If you need to borrow money for a deposit are you sure you have enough disposable income to maintain your current spending and pay for a loan? If yes you should have some money in savings.

mynameistallulah

Asking your 75 year old grandmother to guarantee a loan is pretty low. You do realise what will happen if you don't pay, don't you?

somethingcorporate

Try not to drag your elderly relatives into your money problems. You won't get the loan because you have bad credit, no point in inflicting your financial difficulties on others.

Can you not save up for it?

ineed

What exactly do you need the money for? You really need to think hard about this, it's wrong to ask an OAP to be a guarantor for you, the banks realise your likely to default but she might not and it will be a tremendous shock for her. I don't think anyone is going to lend you this money and you might want to think about why that is. Can you not save up?

bargainbetty

Wow, I never realised Amigo actually had some standards. Under 70 and a homeowner. Even they know not to prey on the elderly.

If you give people an idea of what you want the money for, and prepare a budget based on your earnings and expenditure, you might find that people are keen to help you find ways to save the cash or sort out an alternative way of obtaining whatever it is you need. I'd steer clear of mentioning guarantor loans - people tend to react quite strongly!

With your current financial history, you should stop applying. Declinations are not going to help for a few months.

Apples2

What a cringeworthy post, thankfully won't be realised anyway

cheri15

Well thanks for all the negative replies guys and I said I didn't ask my grandmother so I don't know why yous are all trying to abuse me about it. Never mind I only came on here for help but it is exactly the same as yahoo answers where people just come on to get out their anger at other people.

DCFC79

Even suggesting your grandmother is a guarantor is just crazy, why involve her in your finances ? Just save up for it, do you have history of not paying debts on time ?

DCFC79

cheri15 wrote: »

Well thanks for all the negative replies guys and I said I didn't ask my grandmother so I don't know why yous are all trying to abuse me about it. Never mind I only came on here for help but it is exactly the same as yahoo answers where people just come on to get out their anger at other people.

Whats the loan for then ?

Whats urgent about it ?

Can you not save up for it ?

Oh and no1 has abused you at all.