Bad credit loans

Julzee_ohh

I am currently looking to take out a loan for between 4000 and 6000 but am having difficulty passing credit checks. I am 20 years old and have never had a loan or credit card before but am living with my parents who have bad credit. Every loan that I have tried to apply for does credit checks on the address as well as name. It's so frustrating to know that my credit history is clear yet I'm struggling to get credit because of my family's debt. Was wondering if anyone else has had similar trouble or has any advice or ways around it. Any help would be much appreciated! Thank you!

Caz3121

credit checks are on an individual and not an address. Unless you have a joint account with your parents there is no financial association.
It is probably more likely you are getting rejected due to having no credit history (you say you have never had loan or credit card)
You need to look at the posts about building your credit
If you have made multiple applications this can also damage your credit score so probably best to wait 6 months before applying again

Angry_Bear

Credit checks are done against your name not your address. It is far more likely that very little credit history, and repeated applications for credit is the problem.

I'd suggest that you get a copy of your credit report (sign up for a free trial or get the £2 statutory report) and check there's nothing sinister on there. If not, then try your own bank first, as they can see how you manage your accounts. You may have to wait for a couple of months to put some time between these applications.

Edit: Drat, too slow

Enfieldian

You are looking to borrow too much in the current climate for someone with no credit history?

opinions4u

Use your bank well. Get on the voters roll too.

Fund your current account with a wage.

Build up a savings balance.

After a time, get a credit card. Use it and clear the balance in full. Mobile phone contract - keep paying on time.

broad-sword_2

Can you afford to pay back this loan? ie, is your income sufficient - that's something else that's considered.

DCFC79

As already stated it doesn't go on address but the individuals credit worthiness, must be something on your file that the lenders dont like.