£5000+ loan for 20 year old? Good credit history

Anselm

JoeBloggs1 wrote: »

many 30/40 hour days that I've worked over the past few years.

Impressive.

DCFC79

OP whats your current business then, not the 1 you wnat the loan for ?

sharp82

DCFC79 wrote: »

OP whats your current business then, not the 1 you wnat the loan for ?

Clearly some sort of time extender

[Deleted User]

I've worked the occasional '26 hour day' - i.e. a continuous working day lasting 26 hours (split across 2 days, obviously)

I've seen people do up to 50 hours, and they're not in a great way afterwards

opinions4u

Innovate wrote: »

You sure you're not a 50 yr old lonely bloke who wants a bit of company on a forum?

I believe there are more interesting places than MSE for that sort of thing.

So my friend tells me.

JoeBloggs1

Innovate wrote: »

You sure you're not a 50 yr old lonely bloke who wants a bit of company on a forum?

:rotfl: You've caught me, back to my mum's basement!

Tixy wrote: »

30/40 hour days - you've invented a time machine?

Btw taking out cash on your credit card is recorded on your credit file and is likely to be seen as a negative by potential lenders.

The loans you have been applying for - are they unsecured personal loans? they wouldn't be suitable in this instance anyway as they should not be used for investing in to a business (in the T&Cs of the loan).
If you are looking for a business loan then prepare a full business plan for both the existing and new venture and go to see a business/commercial team manager at a bank.

30-40 hour day = work for 30-40 hours, go to sleep after that.

Didn't know that about the credit card cash advance, I didn't see it when I checked my credit report?

They are, although I always selected 'other' as the usage. I will be seeing my business relationship manager at my bank, although my branch is terrible at answering phone calls (and I'm already currently going through a financial ombudsman complaint against them)

DCFC79 wrote: »

OP whats your current business then, not the 1 you wnat the loan for ?

Sorry, another thing I can't reveal, I can reveal in a couple of months though. It's a tested model in an international market, much lower risk, but the opportunity to last much, much longer.

ringo_24601 wrote: »

I've worked the occasional '26 hour day' - i.e. a continuous working day lasting 26 hours (split across 2 days, obviously)

I've seen people do up to 50 hours, and they're not in a great way afterwards

Yeah, whenever I say that, it always raises eyebrows, glad someone gets what I mean (you should see how difficult it is trying to explain my sleep schedule! 18 hours of work, 6 hours of sleep )

Yeah, as it comes to the end of it, you're definitely not feeling too good. Worthwhile for things where you need to get something done, and time is of the essence, but definitely not something that can be done too regularly.

Tixy

JoeBloggs1 wrote: »

Didn't know that about the credit card cash advance, I didn't see it when I checked my credit report?

They are, although I always selected 'other' as the usage. I will be seeing my business relationship manager at my bank, although my branch is terrible at answering phone calls (and I'm already currently going through a financial ombudsman complaint against them)

Not all cards report the detailed information to all credit reference agencies, but it is becoming increasingly common, so you may well find that data is on at least one of the agencies credit files for you.

Using the 'other' usage won't change the T&Cs of the personal loan.

If I'd had that severe an issue with my bank/branch I'd likely be looking to present my business plan to a different bank altogether and apply for a loan with them.

gb12345

JoeBloggs1 wrote: »

They are, although I always selected 'other' as the usage.

How many applications have you made in the last month? I doubt anyone is going to consider you for a personal loan in the near future with multiple recent applications on your credit history - you now look desparate for credit.

JoeBloggs1

Tixy wrote: »

Not all cards report the detailed information to all credit reference agencies, but it is becoming increasingly common, so you may well find that data is on at least one of the agencies credit files for you.

Using the 'other' usage won't change the T&Cs of the personal loan.

If I'd had that severe an issue with my bank/branch I'd likely be looking to present my business plan to a different bank altogether and apply for a loan with them.

Ah, ok, makes sense

RE the bank, yeah, I have attempted, but the choice of banks is really limited here in the UK, most seem to either have crappy service, slow transfers/updating (time to spot transfers is critical) or staff who have no idea what they're talking about.

My biggest issue was with CAP (those card readers for internet banking, I'm currently going for a missold complaint, as I clearly stated multiple times that a program of mine needs to login to my account to check incoming payments, but for business banking, they seem really stubborn on that issue (I don't need to do anything too strange, just check the statement)

I did open an account with Metro, who, while seeming good on the surface, actually only seem that way because they hire incompetent people, tons of things wrong with them, especially waiting an hour and a half for basic queries, and (as I overheard from the person standing next to me) unable to change £800 into £50s... :doh:

gb12345 wrote: »

How many applications have you made in the last month? I doubt anyone is going to consider you for a personal loan in the near future with multiple recent applications on your credit history - you now look desparate for credit.

Not too many, I tried with Lloyds (who don't seem to actually do a credit check, they just base on your accounts with them), as well as Hitachi Finance - all the rest were searched using Experian/Moneysupermarket, so no hard credit checks. When I opened an account with Metro, I did ask for a £1500 overdraft, which got accepted immediately. (But I haven't used) Annoyingly, I think Experian haven't updated my current balance yet, which doesn't help things.

Tixy

No experience of metro for business banking - but certainly with the mainstream banks I've found the key is to make sure you are getting in front of the right person at the bank with some intelligence/ authority and business experience.

Ideally an introduction through a contact such as your accountant is a good way to get in to the higher level staff in the bank's regional teams.