Likelihood of a loan

Goldstar28

Good afternoon all!

My very first post on this.

Basically I'd like to know whether or not I will be eligible for a loan I require. It's for £8000.

I have no CCJ's, insolvencies, or bankruptcy issues. However, I do have 1 default on a credit card account that is 3 years old. Made default in 2015, so that won't be cleared off my report until another 3 years. I fully paid the entire balance in March so other than that it's clear.

I've been offered credit cards. And after reading my Experian report, where it stated applying for one would help in my case to increase my credit score slowly, I applied for one with my bank and have been approved.

So that's just a background and my credit score is improving albeit slowly. I'd just like to know whether or not there is a point in applying, given I do have a default.

[Deleted User]

You income is more likely to be an issue than the default, which might exclude you from the best offers, but not everywhere.

Use your credit cards regularly and clear in full each month to build a good credit history.

Don't use your credit score as a measure. It's purely there for entertainment purposes.

boo_star

No mainstream lender is going to offer you a loan with a 3 year old default on your file.

The subprime ones will but unless you want to end up with another one, the best thing you can do is wait another 3 years.