have i got any chance in getting this loan?

pb468

Hi,

in December i'm going to need to get a £10,000 loan.

my situation is that i'm 20, do not go to uni, have a full time job as an assistant manager and earn just over £17000 per year. i have three credit cards, one master card, one visa and one amex. I always pay off my cards every month but 2 months ago i missed a payment by 4 days by mistake. i do not pay rent, or any gas/electricity/water bills etc.

i'll be looking to pay it off over three years, but i could do it in two if needed.

So, do i have a chance?

Burlesque_Babe

Paying a CC 4 days late once will not particularly affect a credit application.

They will look at whether you are on the electoral roll, your salary, outgoings each month (and then made a decision on whether your outgoings can support another one with the loan payment), how long you have lived at your address etc. If you had missed lots of payments and had any defaults/CCJ's etc this would hamper your application.

I guess it depends on the company's credit scoring policy as to whether you will get it or not. Good place to start would be your bank as you already have a relationship with them because your salary is paid in.

pb468

thanks,

i've just checked my dredit score with creditexpert and it gave me a 955(good) score, which is better than 70% of the people in the country apparently.

hopefully that will help.

iainkane

I probably wouldnt advise going for a top rate, as some companies will limit loans to 21, check before. Also with being 20 you will fall down on only being on voters roll 2 years, not being in your job or with your bank that long and the fact you dont own your house will pull you down along with if you have applied for alot of other credit in the last 6 months. Maybe try something around the 8% or 9% mark as I think you would struggle to get a market beating rate and there is no point in puting unecessary credit searches on your history, as for the missed payment don't worry thats not a big problem.

Good luck