Loan Advice greatly needed please

Phil81

Hi

I want to take a £7500 loan out, I had some bad credit from 2004 small things like a store card, fall out with a mobile company and a £500 student card years ago, all these have now cleared off my credit score apart from the credit card default (2011).

My credit score according to credit expert is 993 (Excellent) and I have been on the elec roll etc for years I earn £21000 Per annum have no other cards or loans. we currently rent been here just coming up 3 years.

But I have been rejected by M&S & Hitachi so far which is frustrating, I know I have had some bad credit in the past but that was many years ago.

The only thing that might be changing is my mother wants to sign over the house to me, there is no mortgage on it, will this help me get a loan?

Me & my partner have worked out our finances and we can make the monthly payments etc, we would try and take one out in her name but we think her credit rating wont be great as she worked abroad for a few years and only been back in the UK 3 years.

feeling a bit stuck right now

Tixy

Hi and welcome to the forum

A default from 2011 is likely sufficient to make most mainstream lenders decline you for a loan. Or at least only consider you at high rates. Is this default paid off - does it should as satisfied on your credit file?

Have you tried applying to your own bank, they are often the best place to try if you don't have a good credit history, assuming you manage your bank account well.

Do you actually have any current credit history? what current credit accounts do you have that appear on your credit files?

Being a homeowner of a property (I assume you wouldn't live in this property) is unlikely to make any difference to getting an unsecured loan, as your housing status would still be renting.

I know you've asked for advice on the loan not mother's house - but have you taken advice on this before you do it (considering things like deprivation of assets implications, the changes it would make to your ability to get various benefits etc in the event of you losing your income for any reason, capital gains tax, inheritance tax, your responsibility as a landlord etc, the impact it would have on any debt issues/bankruptcy etc).

Phil81

Hi

thanks for the fast reply, ye the status is default but balance as satisfied.

as for credit history yes they have past bank accounts , my current mobile provider and when I was with British gas on there, they can see I have never missed payments on any of these.

As for the house I am going with my mother to see her solicitors on Wednesday to get advice as we don't know too much about it, you are correct she would still be living in it