Business Loans

Clive_Woody

DCFC79 wrote: »

Whats the public score when its at home, anyone know ?

I assume Experian now feel the need to give people two made up numbers to justify their charges.....or perhaps members of the public get to vote (by calling a premium rate number) and the 'public score' is a reflection of this.

Experian_company_representative

I don't know that this 'public score' is but the guide score we provide through CreditExpert (the Experian Credit Score) is designed to show you how a typical lender is likely to assess your personal credit report. You can only get this by coming to us direct by the way. There is another site that offers an 'Experian score' but it's based on very limited information.

Lender's scores will take account of a wider pool of data and will reflect their particular lending policies. If you've been refused a loan I suggest you ask the bank to tell you the main reason as only they know this. If your Experian Credit Score is only in the fair category then this suggests you could improve it. There should be guidance from us on how to do this alongside the score.

James

BugsyBrowne

Experian_company_representative wrote: »

I don't know that this 'public score' is but the guide score we provide through CreditExpert (the Experian Credit Score) is designed to show you how a typical lender is likely to assess your personal credit report. You can only get this by coming to us direct by the way. There is another site that offers an 'Experian score' but it's based on very limited information.

Lender's scores will take account of a wider pool of data and will reflect their particular lending policies. If you've been refused a loan I suggest you ask the bank to tell you the main reason as only they know this. If your Experian Credit Score is only in the fair category then this suggests you could improve it. There should be guidance from us on how to do this alongside the score.

James

"If your credit score is in the fair category then this suggests you could improve it" :rotfl: WHY does the OP need to improve a score with Experian...lenders don't give a monkeys what score you give their potential customer.

DCFC79

gb12345 wrote: »

It is 999 apparently, if one of the CRAs is to be believed.

Lol

Clive_Woody wrote: »

I assume Experian now feel the need to give people two made up numbers to justify their charges.....or perhaps members of the public get to vote (by calling a premium rate number) and the 'public score' is a reflection of this.

Id like to know where the OP got this "public score " from ?

Clive_Woody

DCFC79 wrote: »

Id like to know where the OP got this "public score " from ?

The Experian chap seems equally bemused. Perhaps somebody else is now selling numbers and pretending to be Experian. Good scam.

DCFC79

Clive_Woody wrote: »

The Experian chap seems equally bemused. Perhaps somebody else is now selling numbers and pretending to be Experian. Good scam.

Yes a good scam it is, would make a mint going by some of the posters who think lenders can see the actual credit score and think that score equals a loan at 5.9%.

jonesMUFCforever

Clive_Woody wrote: »

The Experian chap seems equally bemused. Perhaps somebody else is now selling numbers and pretending to be Experian. Good scam.

Could it be Noddle who give you score for free.

castortroy31

From my own experience here, when i had a business you did have to fill in a very detailed business plan.

As the other posters have put then you will have to give us more information regarding the value of the business at present.

In my instance, the first business plan wasnt detailed enough for them to give me the loan but if you speak to the bank they should be able to help you write a detailed plan also they will give you advice on whether you really need the loan or not. At the end of the day they will not give you any money risk free so to speak.

I had to give a directors guarantee for example so if the business failed I would be personally liable.

Regards,

Gas

snowcat75

Generally lenders will want a safe asset or the business to put in at least 50% of the capital needed to be raised. Typically on machinery purchases its 50% on signing + all the VAT.

With any kind of cash loan lenders are keen to put it against a tangible asset. Even with 100 years of clean trading, on a reasonably profitable business , lenders will sometimes make us jump through hoops to get a really good % rate.

It depends what the loans for, Capital improvements, are favorable, anything involving cash flow is immidiatly going to be an uphill battle.