loans - fair credit history

Chegger

My credit score according to credit expert is 874 (comes out at 'fair') - I am hoping to get a loan for 12000 - do you think its worth applying, or do I need to get my credit score up?

I have finance already on a car and I have never missed a payment on that....

any advice would be great

Apples2

you need 875 to get a £12k loan.

Seriously, the people awarding you that silly score do not even lend money.

Chegger

does that mean that the score they are showing me doesn't matter?

DCFC79

Chegger wrote: »

does that mean that the score they are showing me doesn't matter?

Yes its not seen by lenders so useless, very useless.

What's on your credit history ?
Salary ?

YorkshireBoy

I'd say definitely worth applying for.

NB: I've made some assumptions, the main ones being...

1. You earn £50K a year, and
2. The existing car loan has only one payment remaining, and
3. You've no other debt.


EDIT: Your 4 defaults might be a sticking point though? Kind of makes a mockery of the 874 number doesn't it?

boo_star

YorkshireBoy wrote: »

I'd say definitely worth applying for.

NB: I've made some assumptions, the main ones being...

1. You earn £50K a year, and
2. The existing car loan has only one payment remaining, and
3. You've no other debt.


EDIT: Your 4 defaults might be a sticking point though? Kind of makes a mockery of the 874 number doesn't it?

Based upon what I've seen on these forums regarding credit scores over the years, I'm almost of the belief that the worse your credit file is, the higher your score.

There have been bankrupts with high 900's scores.

So there you go OP, declare yourself bankrupt. It'll probably up your Experian score and obviously increase your chance of getting a loan.

(Don't do that)

Tryingtomoveout

Hi

I was recently approved a tesco loan for 10K, at a rate of 9.5% apr. No where else except my own bank were able to offer me the funds, and my own bank quoted an APR of 26.7%!

My credit history is Fair - never missed a payment, no defaults or CCJ's etc. At the time of taking out the 10k loan I had about 5k of debit elsewhere - in loans, cc, and one overdraft (which I had been constantly living in for about 2 years). My annual salary is 24.5K, so with the 10K loan plus the 5k I already had (and bear in mind that I had rougly 5k more available to me on my cc had I chosen to max it out), I do not think that the 50% rule is always applied.

I hope this helps you,

glen70

I too was accepted by tesco 7500 over 6 years at 12.2%
House owner no mortgage no credit cards no loan fair history 22k salary
Seems tesco are very easy to get a loan from apart from there interest rate i am still looking for a better deal

bsms1147

glen70 wrote: »

I too was accepted by tesco 7500 over 6 years at 12.2%
House owner no mortgage no credit cards no loan fair history 22k salary
Seems tesco are very easy to get a loan from apart from there interest rate i am still looking for a better deal

The rate is a reflection of the risk they see you as.

You would be hard pressed to get a better rate than that. After all, you are exactly the same applicant as you were then, just now with an additional £7,500 debt.

Chegger

thanks for all your messages and help guys - think I will try my bank and then tesco

Chegger

DCFC79 wrote: »

Yes its not seen by lenders so useless, very useless.

What's on your credit history ?
Salary ?

Credit History is brilliant - no missed payments have a credit card with no missed payments..

I have a loan on a car with 27k outstanding, does this matter?

Tesco have declined me for a loan because I have a high amount outstanding on another loan - I take it, this is the car yeah?