Question about loans

Low

Hey everyone,

I've got a few questions that hopefully you might be able to answer.

A few months ago I tried to apply for a small loan of £1000 and various credit card companies to buy new (needed) things for my flat. Every one I tried seemed to knock me back.

When I was 18 I got a store card and credit card and ran up a bill of £1000 or so (which I know isn't that much reading about the forums). I never ever paid any of my bills. I know this was a stupid thing to do but, well, at that time I didn't have the first clue about banking or credit cards and used it like it was pretend money. A few months down the line I got myself in a bit of trouble where they suspended my bank account. I got help from my mum and pretty much sorted it out immediately. Since then I've never had any other problems with the bank and learned my lesson.
About a year and a half ago I moved out from my parents and into a flat where I got a loan to furnish it out with and turned my credit card debt into a loan which all came to around £2500. I've never had any problems with payments since being 18.

I'm 22 at the moment so its only been 4 years since my trouble with the bank but is this long enough to make ammends?

My other query is that when I moved out from my parents I left all my bills addressed to them. The only reason for this was so I could let my mum see what I was doing with my money and there was less chance of me getting into bother again. My new flat had letters sent to me to fill out a form for the electoral vote but I've never voted and have never taken notice. When I phoned up the bank of Scotland when applying for my new loan they said that they had no record of where I have stayed since 2005 which is strange because even having not filled out the electoral vote form to let them know where I'm staying, I moved out from my parents in 2006.

I've now filled out the electoral vote form and sent it away - will this make a difference at this stage? How soon should I wait before I re-apply?
Will applying to different companies only to be rejected affect my credit rating?

I tried to get information about my credit off a site on the internet recommended here but it says it cant find the information I provided :S

CLAPTON

The most important lesson you can learn is to save up things you want/need (except for mortgage of course). That way you avoid paying interst on the loan and yu also earn a little interest while you save.

It can take some time before your being on the electoral role will be recorded on your credit files.

Sup3rArsenal

Credit companies will look at alot of information when you apply for a loan.

For example:

How long you have been in your current address (longer the better)
Are you on the electoral role (advisable whether or not you vote as it is a form of ID)
How long you have been in your current employment
How much you earn.
Previous credit.

They also look at how many searches you have had against your name in the last 6-12 months. The more searches you have has an adverse affect on your credit score.

It would be advisable - if you do not need the money desperately - to hold fire for around six months, give the council time to upload your name onto the register and this to show on Equifax/Experian.

Hope this helps.

I work for a finance company so have an idea of what is loked for.