Would I be eligible?

bertski246

Please help, I am looking to get a loan for £5500, I have a £500 OD and a mobile phone contract that is it. I do use the overdraft every month would this affect me getting a loan as my utilisation could be high? My Experian score is 986. I don’t want to apply for it to have a negative marker as I would like to get a car on finance later on? Any advice would be good thanks 

DrEskimo

Will likely depend on what it is for and how it compares with your income levels.
Ignore your score, it's your credit history that is important. Lenders don't see your score.

If you want my advice, it's don't look at finance as the only answer to achieve what you want. Remember, a credit agreement is just a contractual obligation to spend your future earnings. Not only will you be less well off in the future, but you also run the risk of circumstances changing and not being able to commit those funds anymore. Live within your means now and your future self will thank you for it. Get into the habit of saving up for things and delaying gratification. It will save you a lot of additional charges in interest and potentially some very testing times....

It's sometimes hard to deny yourself of things you think you need right now, but I promise you it's not important and being financially responsible and building wealth is far more rewarding.

DCFC79

bertski246 said:

Please help, I am looking to get a loan for £5500, I have a £500 OD and a mobile phone contract that is it. I do use the overdraft every month would this affect me getting a loan as my utilisation could be high? My Experian score is 986. I don’t want to apply for it to have a negative marker as I would like to get a car on finance later on? Any advice would be good thanks 

Why do you use the OD ?

Really shouldn't, it can show poor budgeting.

Maybe you should watch an episode of Martins from the other week, he covered loans.

[Deleted User]

As above using an o/d every month shows you in a bad light and may well prevent you obtaining credit, concentrate in the coming weeks on not using the o/d.