Loans for people with bad credit score.

poppasmurf_bewdley

Judy1967 wrote: »

How is my credit score meaningless, not sure how it works?

It may be that the info about Credit Scores needs explaining, not just to newcomers but to the very high ups.

Last week, I heard a spokeswoman from none other than MoneySavingExpert on the BBC's You and Yours programme explaining to a student how she could improve her Credit Score to help her get a loan.

[Deleted User]

poppasmurf_bewdley wrote: »

It may be that the info about Credit Scores needs explaining, not just to newcomers but to the very high ups.

Last week, I heard a spokeswoman from none other than MoneySavingExpert on the BBC's You and Yours programme explaining to a student how she could improve her Credit Score to help her get a loan.

Stupid isn't it? see advert after advert on TV for credit scores, and so called experts advising how to improve your credit score, they should be banned from TV
And MSE should really know better, don't they read their own forums?

boo_star

venison wrote: »

Stupid isn't it? see advert after advert on TV for credit scores, and so called experts advising how to improve your credit score, they should be banned from TV
And MSE should really know better, don't they read their own forums?

It's a shame that the article that MSE have on it (a sticky in the credit files section of the site https://www.moneysavingexpert.com/loans/credit-rating-credit-score/?_ga=2.258904846.50502296.1570406333-1877982450.1560442662) still seemingly promotes the basic idea that CRA scores mean something.

They do appear to be referring to scoring in general but it's very easy to think they're talking about the CRAs, rather than lenders.

glennstar

Judy1967 wrote: »

Clutch is going and timing chain causing the car to sound like I’m in the wrong gear.

I'm not a mechanic but I doubt very much the timing chain is going. The chain makes sure the pistons and the valves don't smash into each other. If it was going then you would get a very short period of crunching and then nothing, rather than making your car sound like it's in the wrong gear for any period of time. Follow DCFC79's sage advise and get a second opinion or maybe jump onto a car forum for your make and model and ask a few questions.

foxy-stoat

Judy1967 wrote: »

How is my credit score meaningless, not sure how it works?

Because only you see the score, the lenders don't.

Herzlos

MrSilver wrote: »

Hey,

So you need to repair/service your vehicle and instead you thinking of making something that will cost you about (I'm not a mechanic but bear with me) £500-£700

And instead you are thinking to be in this scenario:
1. Get a loan that will most likely have 20%++ APR
2. A car that I'm thinking will be about £3000+
3. That car will most likely have unknown problems to you
4. You are now £3k in debt for a long time and you don't know what's the problem with the car you just bought.

If it was me, I would request a mechanic's opinion on what is the major problem that needs immediate attention and get a quote to fix that specific problem.
Now the question is wether you do have enough savings to cover that expense, I don't know your car or on what condition it is in, but a clutch and a timing chain will not cost you £1500 in service, unless you own an exotic car, that is.

I hope you find a good solution for your problem and that the repairs/service are not as expensive as my hypothetical values in this post.

Couple that with a trade in value of scrap if the clutch is going. It'd be much cheaper to get the clutch replaced than replace the car, unless it's going to start needing welding to pass an MOT.

Judy1967

Ahh right, never knew that, so they look more at the credit history then?

Davy_Jones_II

That’s right. A lender may we’ll translate it into a score, but that’s not really hot anything to do with the score that the agencies sell you.

For one thing lenders tend to include your salary in their considerations, something that the agencies don’t even know.

DCFC79

Judy1967 wrote: »

Ahh right, never knew that, so they look more at the credit history then?

Its not a case they look more at the history, they only see the history.