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Aging and credit history
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FLAPJACK60
Posts: 2 Newbie
Hi,
Just a query ......I am expecting to embark on home renovations next year, for which I will require a loan of around 15k.
I have seen that on my credit history the only loan history I have was a car loan of a similar sum which was paid off almost six years ago.....therefore this will be dropping off the credit history later this year.
Obviously this will mean that next year the only credit history I will have will be my current. Credit card.
Also I am retired.....So should I reluctantly apply for the loan before the history drops off .....or apply nearer the time I need the loan and hope for the best.
I suppose my bank of 40 years would know me, but their loan rates are not as low as I could get elsewhere....I know the credit score means nothing but my history is very good but as I say the evidence of this will not be there next year!
Your thoughts please!!!
Just a query ......I am expecting to embark on home renovations next year, for which I will require a loan of around 15k.
I have seen that on my credit history the only loan history I have was a car loan of a similar sum which was paid off almost six years ago.....therefore this will be dropping off the credit history later this year.
Obviously this will mean that next year the only credit history I will have will be my current. Credit card.
Also I am retired.....So should I reluctantly apply for the loan before the history drops off .....or apply nearer the time I need the loan and hope for the best.
I suppose my bank of 40 years would know me, but their loan rates are not as low as I could get elsewhere....I know the credit score means nothing but my history is very good but as I say the evidence of this will not be there next year!
Your thoughts please!!!
0
Comments
-
You don't need a history of loans to get a loan.
Your credit card history will be just fine. Everything else will come down to your circumstances.0 -
Excellent....thank you, I was worried that at 62 and no history I had had it for future loans....thanks again.0
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