Unsecured Loan Advice

danleeds81

Hi everyone,

I'm new here and after a bit of looking around I would like a little advice if at all possible.

I'm looking for an unsecured loan to purchase a new car. I'm 32 and aalthoughin the past I defaulted on a credit card, 9 years has passed.

I joined creditexpert to check my credit file. I have a score of 860 which they have deemed fair. I have three mobile contracts, and an overdraft of 1800. Creditexpert shows green ticks for all the accounts. I also have settled accounts with Virgin Media. No defaults or CCJs on my file.

I have just sent off to be added to the electoral register at my new address, which I am hoping will improve my score further.

Only negatives creditexpert are showing are the fact that I haven't held my credit accounts for long (mobile ones for 18months) and overdraft for 8 months. Secondly, I naively applied for finance using carloan4u back in January, which was declined. So they are on my record. There are a number of "unrecorded enquiries" on my record but experian say this is fine as it makes no difference due to lenders being able to see them.

So I guess the question is am I likely to get a loan when I am entered onto the electoral register and who is best to go with.

I earn about 19k a year, I'm 32 with about 240quids worth of outgoings, so want to borrow £4000 over 3 or 4 years so I can clear part of the overdraft and buy a new car.

Any help or advice would be greatly appreciated.

DCFC79

danleeds81 wrote: »

Hi everyone,

I'm new here and after a bit of looking around I would like a little advice if at all possible.

I'm looking for an unsecured loan to purchase a new car. I'm 32 and aalthoughin the past I defaulted on a credit card, 9 years has passed.

I joined creditexpert to check my credit file. I have a score of 860 which they have deemed fair. I have three mobile contracts, and an overdraft of 1800. Creditexpert shows green ticks for all the accounts. I also have settled accounts with Virgin Media. No defaults or CCJs on my file.

I have just sent off to be added to the electoral register at my new address, which I am hoping will improve my score further.

Only negatives creditexpert are showing are the fact that I haven't held my credit accounts for long (mobile ones for 18months) and overdraft for 8 months. Secondly, I naively applied for finance using carloan4u back in January, which was declined. So they are on my record. There are a number of "unrecorded enquiries" on my record but experian say this is fine as it makes no difference due to lenders being able to see them.

So I guess the question is am I likely to get a loan when I am entered onto the electoral register and who is best to go with.

I earn about 19k a year, I'm 32 with about 240quids worth of outgoings, so want to borrow £4000 over 3 or 4 years so I can clear part of the overdraft and buy a new car.

Any help or advice would be greatly appreciated.

Well first off the score given by CE is worthless since you are the only 1 who sees it (no lenders see it), the figure is their way of rating your credit worthiness i guess. Id get a report from equifax and callcredit as well.

Cant answer the last question, talk to your own bank and see what they would offer, obviously depends if you are on good terms with them. Maybe try nationwides soft loan option, it doesn;'t leave a mark on your credit file.

R_P_W

How does a 32 year old only have 240 quid outgoings?

danleeds81

@DCF Thanks for the advice. I am going to have to send off for call creditand eequinoxas they are currently unable to allow me to do their online checkingdue to my rrecord cent address change. I shall look into nationwide.

I am living with my parents for the time being. They work away most of the week and I stay with partner, so only have petrol and mobile to pay for, and clearing overdraft.

Tixy

From what you have said I would think you have a reasonable chance of being accepted for a £4k loan once your credit files show you are on the electoral roll.

As suggested nationwide's soft search will give you an indication as to whether you might be accepted and at what APR.

Your own bank could also be good because you can explain to them that you want to use £1k to clear the overdraft, which they can ensure happens and so will only see this as £3k additional risk.

It will take a couple of months for the council to get you on the register and then this to show on your credit file. If you make a decent dent in the overdraft in those 2 months that will help show the bank you have surplus funds each month now, and help prove you can afford loan repayments.