Advice needed - spreading out cost

corinthian28

Hello everyone,

I have run into some problems and need some advice. I need to borrow around £1000 fairy quickly and unfortunately due to lack of credit history I can only get pretty basic credit cards and not a decent personal loan. I won't be able to pay the credit in full by the end of the month, and instead was thinking about paying at least £100 a month to pay it off, hopefully within a year. I was wondering if this will hinder my credit score by any chance? All of the info I've found seems quite cryptic

Thank you very much in advance

Dobbibill

Which credit score? The one with experian, equifax or transunion? They will all amend your score with any change - how much depends on their perception. You will see this, lenders will use their own scoring system for any application so not really anything to be concerned with.

[Deleted User]

Lenders don’t see, care about or use the CRA derived scores.

bombblast1968

"Lenders don’t see, care about or use the CRA derived scores"

What do they see and care about? What is the point of CRA scores if lenders don't use them?

BoGoF

bombblast1968 wrote: »

"Lenders don’t see, care about or use the CRA derived scores"

What do they see and care about? What is the point of CRA scores if lenders don't use them?

The point of the CRA scores is to make money from gullible people who think having a high score with them is important.

Vortigern

Nobody here is offering any advice to the OP.

If the objective is "spreading out cost" as per the thread title, then a card with 0% on purchases would be ideal. If not available, then any credit card would allow spreading of cost, at the additional cost of some interest.

Either way the OP should use the eligibility checker to see what's available.

If there's nothing available then consider whether that purchase is really necessary.

[Deleted User]

bombblast1968 wrote: »

"Lenders don’t see, care about or use the CRA derived scores"

What do they see and care about? What is the point of CRA scores if lenders don't use them?

The raw data on your files.
Your history, payment information, searches, public records etc.

The CRA scores are a gimmick to sell you unnecessary “score improvement” products.

born_again

bombblast1968 wrote: »

What do they see and care about? What is the point of CRA scores if lenders don't use them?

Lender use their own scoring first and will then maybe check a CRA if they feel it's needed. They do not base their decision on a CRA.

Ebe_Scrooge

born_again wrote: »

Lender use their own scoring first and will then maybe check a CRA if they feel it's needed. They do not base their decision on a CRA.

That's not correct. Lenders will get the information from the CRA, run it through their own internal algorithms and base their decision on the resulting INTERNAL score. They won't see or use the score created by the CRA, but they will use the data contained in the files held by the CRA.