When should I apply?

NurseGemma

Hi,

-I'm wanting a loan for £8500 for personal expenses including travel and a wedding
-I'm currently a student with a clearscore credit score of 435 (alright)
-I'm on the local electoral roll and have been for 1year and 9 months
-I start full time employment in September
-August time I'm moving in with my mother for 1 month (to save money)
-September I am moving into a rented house

If I applied for this loan in August I wouldn't be on an electoral roll and would probably be declined, but if I applied for it beforehand in July, even with my new work contract I will only just have started the job.... I don't want to make multiple applications and damage my credit score but I do need the loan...

I think my choices are apply July time, with my new contract, having not started the job yet, or apply in August but I wont have been on the electoral roll for long and will probably be declined (as I'm living with my mother).... I know on some of the applications I've seen that they ask how long you've been employed for....

So confused!

Thanks for any advice.

NurseGemma

Oh, and where I'm living now is around 40 miles away from where I will be employed in September, and I don't drive, so I don't have the option of keeping my current accommodation for longer.

Robin9

Congratulations on your forthcoming marriage but please, please don't start off your married life in debt and leave your travelling till you can afford it.

What savings / debts do you already have? I'm guessing but as a student little of the first and a fair bit of the second.

If you haven't already got one - establish an emergency fund of £1000 for those urgent repairs / replacements that can arise in a new house.

Save and save hard till you and fiance can afford what you really need.

NurseGemma

We paid for a deposit on our wedding and don't want to lose it, the travelling I refer to is the honeymoon which we have also paid a deposit on. Due to circumstances the way we were intending to pay for it isn't a possibility anymore. We currently save £200 a month and have an emergency fund so we're in the position to go ahead with it. Thanks for the response though.

Arleen

Credit score tells us only that when you've looked at it it was drizzling outside. But it sadly tells us nothing about your credit history. Did you have credit in the past? Any long running accounts? Were you working before?

Because getting 8.5k of unsecured loan even with a well paying job is not a given thing, and without solid credit history I can imagine that the rate on this loan will be quite high. And if you will do the math just losing the deposits may be a lot lower than the interest you would have to pay to not lose it.

poppasmurf_bewdley

Regrettably, you seem to have gone about things in a very topsy-turvy way.

You've paid deposits for a wedding and a honeymoon. How much have you paid? How much remains to be paid?

What happens to these deposits if you don't get a loan? From what you have written, getting a loan is not going to be easy.

The credit score means absolutely nothing. It's a figure pulled out of the ether by companies who hope to convince you to buy their credit reporting facilities. No loan company or bank will ever see this credit score. They will simply look at your credit file (time on electoral register, income, current debts, past debts, missed payments, etc) and make up their own mind.

Thinking logically, as of now, you want to borrow £8.5k with no income, and the promise of a job in September. Would you lend that to someone in those circumstances?

dealer_wins

Agree with others, you are probably not going to get a loan anywhere near this size until you have been in your job a couple of years minimum.