Unsecured Loan - lenders using Equifax query

Coolbeanz

Hi all,

If I were to apply for an unsecured loan of circa £15k, which lender currently uses Equifax as their primary search?

I have an 'excellent' score with them and so it would be more likely accepted.

I know most use all 3 major credit reference agencies and Experian seems to be the most used but just wondering if any rely on Equifax.

Cheers

Apples2

Lenders really aren't that stupid to only go on a single piece of information.

They will build their own profile of you from a multitude of sources.

Why do you think if they look elsewhere your chances of acceptance will be dashed?

Tixy

I don't think there is a definitive list but there is a guide here
Credit Reference Agencies - Who Really Uses Who? II

Is there something negative missing from your equifax file that appears on the other 2?

gb12345

I doubt the lenders will see you as having an excellent "credit score" based on the situation you ware in a couple of months ago - https://forums.moneysavingexpert.com/discussion/4679765

Coolbeanz

Equifax score is 513 out of 600.

So 'excellent' according to their analysis.

I have a large amount of cc debt and consolidating is the way to go.

I haven't checked my Experian score and went straight to Equifax and it correctly shows that I have never defaulted on a single payment, have had several loans over the years paid up early and loads of information to build a positive picture.

I tend to live on the edge - I earn a lot but spend a lot. I max out my credit cards and there comes a point - like now - that I decide to kill the debt and have always managed to do so within a couple of years.
I used a payday company too not so long ago for a short term loan when I maxxed out my cards, true. Repaid on time though as with everything else so my only negative is that I have a large debt at the moment, not that I am unable to make the payments. Indeed, I have a savings account with sufficient funds that could take care of my entire debt but it is for emergencies only - as in finding myself unable to earn an income. So I ignore it and manage my everyday finances as though it didn't exist.

So now is the time to consolidate and pay off the cards. Then the cycle begins again. It's just the way I operate.

DCFC79

Coolbeanz wrote: »

Equifax score is 513 out of 600.

So 'excellent' according to their analysis.

Well nonetheless the score given is irrelevant, it could be 599 out of 600. Lenders dont go by the score but whats on your report/history.

Coolbeanz wrote: »

I have a large amount of cc debt and consolidating is the way to go.

I haven't checked my Experian score and went straight to Equifax and it correctly shows that I have never defaulted on a single payment, have had several loans over the years paid up early and loads of information to build a positive picture.

I tend to live on the edge - I earn a lot but spend a lot. I max out my credit cards and there comes a point - like now - that I decide to kill the debt and have always managed to do so within a couple of years.
I used a payday company too not so long ago for a short term loan when I maxxed out my cards, true. Repaid on time though as with everything else so my only negative is that I have a large debt at the moment, not that I am unable to make the payments. Indeed, I have a savings account with sufficient funds that could take care of my entire debt but it is for emergencies only - as in finding myself unable to earn an income. So I ignore it and manage my everyday finances as though it didn't exist.

So now is the time to consolidate and pay off the cards. Then the cycle begins again. It's just the way I operate.

The pay day loan may have an adverse affect but im not sure.

Use the savings to pay the debts off, cut your spending and you can build up your savings at a faster rate.

Isn't this an emergency ? Ok not an emergency as such, like part of the house needs repairing eg roof.

CLAPTON

Coolbeanz wrote: »

Equifax score is 513 out of 600.

So 'excellent' according to their analysis.

I have a large amount of cc debt and consolidating is the way to go.

I haven't checked my Experian score and went straight to Equifax and it correctly shows that I have never defaulted on a single payment, have had several loans over the years paid up early and loads of information to build a positive picture.

I tend to live on the edge - I earn a lot but spend a lot. I max out my credit cards and there comes a point - like now - that I decide to kill the debt and have always managed to do so within a couple of years.
I used a payday company too not so long ago for a short term loan when I maxxed out my cards, true. Repaid on time though as with everything else so my only negative is that I have a large debt at the moment, not that I am unable to make the payments. Indeed, I have a savings account with sufficient funds that could take care of my entire debt but it is for emergencies only - as in finding myself unable to earn an income. So I ignore it and manage my everyday finances as though it didn't exist.

So now is the time to consolidate and pay off the cards. Then the cycle begins again. It's just the way I operate.

why bother?

Tixy

Despite the excellent rating even if a lender does only search equifax you may struggle to get accepted.

Its not just about whether you have never defaulted in the past that they will consider, they'll also be looking at how much debt you have and doing affordability calculations. Several things about what you have posted could tigger them to consider you high risk.

Still at least you have the savings if you are unable to get accepted. That said I am amazed at anyone taking out a payday loan if they have £15k in savings. Not just for the cost but also the negative impact it can have on any future potential lenders perception.

dealer_wins

Wants £15K just 2 months after wanting a payday loan.

Chances of acceptance <0.001% even from Ronnie & Reggie!!

savingjenny

"I have a savings account with sufficient funds that could take care of my entire debt but it is for emergencies only - as in finding myself unable to earn an income. So I ignore it and manage my everyday finances as though it didn't exist.

So now is the time to consolidate and pay off the cards. Then the cycle begins again. It's just the way I operate"

Then it's time you broke the cycle. Clear your debts, close all but 1 or 2 credit cards, 1 for everyday savings to pay off in full everymonth (& get a great credit rating) 1 for your rainy day which you just don't use at all. Then start rebuilding your savings.

You take control of your finances and your life and get off this stupid debt merry go round.