Struggle is Real, Credit Club %

EternalChi

Unfortunately it just seems, the more money an individual has, the easier it is for them to access credit !

Currently, trying to overcome the odds of having to pay 18% APR on my current loan with one that has a much smaller APR.

Credit Club stated that I would be approximately 70% successful if I had applied for a 3.1% APR loan (to repay my old one) and was fairly rejected a few moments later. Unfortunately I will have to take the hit on my credit score when it updates next month.

Anyone know how much credit score drops with an unaccepted agreement?

Sincerely,

E,C

sourcrates

Might as well pick a number from a hat.

Credit score is fairly meaningless, made up numbers from someone who dosent even lend to you, may as well ask your butcher instead for a credit score.

Dont worry about the number, its credit history that counts when lenders make lending decisions.

EternalChi

I have 2 defaults which are paid that are due to drop off in May 2018. I hope its not them which are affecting my chances of getting further credit.

Or would it be the large loan I already am carrying at a high APR?

All the unknown variables !!

[Deleted User]

Two defaults and existing debt certainly won't be doing you any favours.

Definitely nothing to do with your savings.

EternalChi

Trying to reduce the APR of one loan, by taking out another.

[Deleted User]

The problem is, lenders won't believe you. Too many people take out a second loan to consolidate that and then just blow that as well.

They will score you on having both loans.

EternalChi

I will probably now wait until next year, for the defaults to drop prior to applying again.

Finally when my credit has gone up from VP, to P, now it will dip again ! Sigh

[Deleted User]

Your credit score has the same significance of the colour of unicorn poop with regard to you getting a loan.

EternalChi

Any tips on what I could do to enhance my lending criteria?

[Deleted User]

Cut debts.
Be on the ER.
Don't miss payments or go overlimit.
Use a credit card regularly and clear in full month.
Earn more.
Don't go mad with credit searches.
Don't take out cash on a credit card in the UK.

EternalChi

Deleted_User wrote: »

Cut debts.
Be on the ER.
Don't miss payments or go overlimit.
Use a credit card regularly and clear in full month.
Earn more.
Don't go mad with credit searches.
Don't take out cash on a credit card in the UK.

Slowly cutting debts at the moment.
Registered on the ER>
Definitely not looking to miss payments or go over limit.
Salary increase regularly reviewed.
Only conducting soft searches on credit club etc. Only conducted 2 real searches in past 6 months.
Never take out cash from Credit Cards.