fair credit score- which loan??

zaynab

Hi everyone,

I need help as i have to apply for a personal loan to pay off loan i took from exboss and pay off OD in halifax of £3000. i need about £5000 - £7500. im banking with barclays since 2 years however salary and direct debits have been setup in jan this yr only. previously banking with halifax but AFTER od transferred salaary and DD to barclays.

i have signed to noddle and my credit score is showing as fair. i also applied for barclays initial credit card in june to build up credit score and have been paying min payment since july and also extra £100 quid in sept

what are my chances to get a loan?? any suggestions or advice

[Deleted User]

Depends on your income and credit history. Perhaps start with your own bank.

zaynab

i have explained my credit history above and my pay is £30,000 pa

You-kip

Try your own Bank as they'll be your best bet.

John1993_2

zaynab wrote: »

i have explained my credit history above

No, you've given a snippet of it. Many other factors than the couple you've mentioned will matter.

Affordability will be an issue, too. From what you've posted, it looks possible that you have some problems managing your money. Decent (ish) wage but being overdrawn and needing to borrow off a collague does not look great.

No-one on here will be able to tell you which company will be best, but the general advice is to ask your own bank first.

zaynab

thanks i had actually taken loan from colleague as i was on maternity and had to pay rent. and OD was for same too cuz SMP does not pay off anyting other than baby food, wipes and pampers. i was living on beans and toast so u can imagine.

vassa

Never pay off loans you can't afford with loans.

John1993_2

zaynab wrote: »

thanks i had actually taken loan from colleague as i was on maternity and had to pay rent. and OD was for same too cuz SMP does not pay off anyting other than baby food, wipes and pampers. i was living on beans and toast so u can imagine.

There are lots of understandable reasons to take out loans, but each of them will tend to make it that bit more likely that you are possibly the srt of person who'll struggle to stick to a long-dated reppayment plan.

banks taking account of your credit history is not out of spite, it's their best efforts to try not to lend to people who'll not pay everything back on time.

In your case above, for example, it'd be fair to ask why you managed to need to borrow when rent and food are very predictable expenses, for which you should never find yourself short if you are managing your finances well. The bank, however, is not in the business of asking, so they just assign the existence of the debts to their scoring system.

You-kip

vassa wrote: »

Never pay off loans you can't afford with loans.

What if another loan comes in 20% Less APR.

Clive_Woody

zaynab wrote: »

i also applied for barclays initial credit card in june to build up credit score and have been paying min payment since july and also extra £100 quid in sept

Can't really help with the loan but ideally you should be paying off your credit card in full each month to build your 'credit score', lenders will see that you have only made minimum payments which suggest to them your finances are stretched.

vassa

You-kip wrote: »

What if another loan comes in 20% Less APR.

There is that...although I personally like paying for stuff with my own money.