chances of getting a loan

pjw131178

what do you think my chances of getting a £9k loan are with a credit score of 775? I'm full time employed and earn £19k a year...

[Deleted User]

Slim. It's a lot of money on that salary.

What does your credit file look like? eg previous/existing credit, missed payments, CCJ, electoral roll etc.

pjw131178

no missed payments, no ccj's, good credit history, home owner, on the electoral roll.

am worried about applying as if i get rejected obviously it will affect my score.

matttye

Those credit scores don't mean anything. Credit reference agencies don't lend money, so their credit scores mean diddly squat. A lender will score you internally using their own criteria.

As zx81 suggests, it's the information in your report that's important.

pjw131178

ah ok, do you think it would be wiser to apply for a lower amount?

dotdash79

How long over do you want the money? the reason why?

Your bank might be the best people to approach, or nationwide do a soft search.

matttye

pjw131178 wrote: »

ah ok, do you think it would be wiser to apply for a lower amount?

Some companies will offer a lower amount if you're not accepted for the requested amount, so it might be worth finding out if the company you're applying with offers this.

If they do, then you may as well just apply for the amount you're hoping for.

pjw131178

I wanted it over 5 years and its for a bit of consolodation and towards home improvements.

Apples2

If you already have enough debts to be looking toward consolidation, £9k will likely be too much.

There are no rules but as a loose guide, try to keep your unsecured debts to less than 50% of your Salary.

Add up all your debts (including the LIMITS on your credit cards, not the balance) and subtract that figure from £9.5k.

Apply for what figure you end up with to give you the best chance of success or at least, to give them less reason to decline you.

GoldenShadow

My OH got a 7.5K loan over 3 years with his own bank on that salary but no real other debt and minor outgoings (no rent, just phone contracts, car insurance type of stuff). He was 23 no missed payments etc for him either.