»

Would I be eligible?

New Post Advanced Search

Coronavirus: The latest from MSE


The MSE team is working extremely hard to keep the info we have about your travel rights, cancellation rights, sick pay (and more) up to date.
The official MSE guides: NEW MSE Coronavirus Guides

NEWSFLASH 31/3
RESCUE FLIGHTS FOR STRANDED BRITS * SCHOOL MEALS VOUCHERS * BRIGHTHOUSE COLLAPSES

Would I be eligible?

3 replies 181 views
bertski246bertski246 Forumite
1 posts
MoneySaving Newbie
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 

Replies

  • edited 13 February at 10:02PM
    DrEskimoDrEskimo Forumite
    1K posts
    1,000 Posts Second Anniversary
    ✭✭✭
    edited 13 February at 10:02PM
    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.
  • DCFC79DCFC79 Forumite
    38.1K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    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.
  • venisonvenison Forumite
    4.5K posts
    1,000 Posts Fourth Anniversary I've been Money Tipped! Mortgage-free Glee!
    ✭✭✭✭
    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.
    Stay safe, keep well and take care x
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support