Credit rating improvement loan

yangptangkipperbang

trevor_lock wrote: »

I was asking for advice about a loan or finance agreement to help improve my credit rating. I wasn't asking for opinions on how I spend my money or what kind of person I am.

The people who are not giving you their money ARE asking what sort of person you are.............and obviously they don't like what they are seeing.

trevor_lock wrote: »

If you have some advice that would be informative regarding how to improve a credit rating with a small loan/finance agreement please post a reply, if you only want to increase you post count to get the next star under your username please go elsewhere.

If you are not getting the answer you want perhaps YOU should go else where...................

fracturedsun

Another credit card or overdraft facility (that you don't use) may help you credit rating. They will be looking for CC to be managed well, pay off in full every month and for you not be using too much of you available credit.

Do you have a contract mobile phone or similar... they are another way to prove you can manage credit well and pay on time. With all of these things they will be looking for an established history with (at least) several months of a well managed account.

My only other tip would be that it is often easier to get loans etc and better rates through your bank. The exisiting relationship they have with you means that they can better judge whether you can afford the payments, whereas anyone you don't have an account only has a limited credit history by which to judge whether you will pay them back or not.

Oh and do not apply for too many different things in a short space of time, that can adversely affect your credit rating as it makes it look like you are desperate for money.

bargainbetty

Hello OP,

You say your salary is 'around' £30k. These days, you cannot typically obtain more than one half of your salary, less any other outstanding debt. It is likely that this is the reason for your decline.

Make sure you are on the electoral roll, use your available credit well, save up, buy a cheaper car or consider a lease arrangement.

If you require this type of vehicle, have you considered asking your employer to provide a loan for the purchase? If it is purely for your business use you may be able to write off a percentage of the costs against your annual taxes too.

Please remember, this is a money-saving forum. Many people on here have seen the fuzzy end of the debt lollipop and can be quite vehement about the sillyness of taking on unnecessary debt, and a lot of people consider a 'posh' car to be in that category.

DCFC79

Lower your expectations and go for a less expensive car.

somethingcorporate

It'll be your borrowing to salary ratio that will be having an impact. You do not earn enough to be given that amount of credit.

Experian_company_representative

Obtaining and managing a few additional lines of credit - such as a credit card, mobile phone agreement, store card etc - will help you strengthen your credit history. Lenders like to see a proven track record of repayment. This will take a little time to take effect, but the sooner you start the better.

James Jones