Low credit score. Where to go?

Mishomeister

Grumpy_chap said:

To get the best advice, the OP may need to share more information on their position / status and the size and purpose of any loan obtained.

The OP has twice asked "how to get the maximum amount of credit?".
Both times stating a low credit score but no adverse credit history / data other than short tenure at current address / electoral role.
This thread, plus the following:
https://forums.moneysavingexpert.com/discussion/6469514/low-credit-score-where-to-go#latest

The OP has not responded to requests for clarifications.
In addition, the OP has one business they are closing and starting a new business doing the same thing:
https://forums.moneysavingexpert.com/discussion/6469597/accountant-recommendaions#latest

Can the OP provide clarifications which may support the ideas towards how to obtain the credit that is required?

• A low credit score is not critical.  It is the data behind that score that has more relevance.  Has the OP checked the main credit reference agencies to ensure the data they hold is correct?
• As short time at the current address is not, on its own, likely to be a major issue.  Does the OP have a previous record of residential stability or a record of regular moves?
• Does the OP own or rent their home?
• What income and assets does the OP have?
• Does the OP have recent employment history, or only self-employment / own Ltd Co?
• What is the purpose of the loan?
• How much does the OP need to borrow?  Simply saying "as much as possible" is likely to be a red flag to potential lenders.
• Is the OP putting any of their own capital into the purchase or borrowing 100%?
• Is the loan for a personal use or is it for the purpose of establishing the new company that the OP is setting up?  If for the company, a commercial lender will be required and will wish to see detailed business plans.
• Why is the OP closing a Ltd Co and starting a new one in the same field?  A lender may see this negatively, especially if they are left to reach their own conclusions as to why.

The loan is not for me so anything to do with my circumstances is irrelevant. 

born_again

Mishomeister said:

Grumpy_chap said:

To get the best advice, the OP may need to share more information on their position / status and the size and purpose of any loan obtained.

The OP has twice asked "how to get the maximum amount of credit?".
Both times stating a low credit score but no adverse credit history / data other than short tenure at current address / electoral role.
This thread, plus the following:
https://forums.moneysavingexpert.com/discussion/6469514/low-credit-score-where-to-go#latest

The OP has not responded to requests for clarifications.
In addition, the OP has one business they are closing and starting a new business doing the same thing:
https://forums.moneysavingexpert.com/discussion/6469597/accountant-recommendaions#latest

Can the OP provide clarifications which may support the ideas towards how to obtain the credit that is required?

• A low credit score is not critical.  It is the data behind that score that has more relevance.  Has the OP checked the main credit reference agencies to ensure the data they hold is correct?
• As short time at the current address is not, on its own, likely to be a major issue.  Does the OP have a previous record of residential stability or a record of regular moves?
• Does the OP own or rent their home?
• What income and assets does the OP have?
• Does the OP have recent employment history, or only self-employment / own Ltd Co?
• What is the purpose of the loan?
• How much does the OP need to borrow?  Simply saying "as much as possible" is likely to be a red flag to potential lenders.
• Is the OP putting any of their own capital into the purchase or borrowing 100%?
• Is the loan for a personal use or is it for the purpose of establishing the new company that the OP is setting up?  If for the company, a commercial lender will be required and will wish to see detailed business plans.
• Why is the OP closing a Ltd Co and starting a new one in the same field?  A lender may see this negatively, especially if they are left to reach their own conclusions as to why.

The loan is not for me so anything to do with my circumstances is irrelevant. 

So details of the individual involved then.

But TBH. Biggest factor is going to be lender risk appetite in conjunction with their income, available credit and affordability. 

Grumpy_chap

Mishomeister said:

The loan is not for me so anything to do with my circumstances is irrelevant. 

There was absolutely no indication of that either time you asked the question:

Mishomeister said:

Can someone please point me towards crefit card or loan provider that is known to give highest possible credit card limit or personal loan amount?
No adverse but short time at the current address and on the voters roll mean low credit score. It would need to be a few thousand rather than tiny limits that are offered to people with adverse credit.

Mishomeister said:

Can someone please point me towards  loan provider that is known to give highest possible  personal loan amount?

No adverse but short time at the current address and on the voters roll means low credit score.

Not interested in guarantor and simillar arrangements.

It is difficult for contributors to the forum to offer useful comment if there are critical gaps in the information within the question asked.

The bulk of the clarifications I mentioned remain relevant, only rather than answering on your own behalf as OP, provide the information as appropriate for the individual for whom you asked in the opening posts of your two threads.

It might be most helpful if whoever needs the finance can post to the forum directly.

Grumpy_chap

Ryan_Holden said:

OP, what do you want the money for and how much do you need?

In their other thread, the OP has advised they don't need any money:

Mishomeister said:

The loan is not for me so anything to do with my circumstances is irrelevant. 

If anyone is to help the OP, or the third party that requires the loan, then the OP, or the third party, will need to provide the information against the questions that have been prompted as relevant for whoever desires the loan.

Ryan_Holden

Then, echoing you in the other thread, I'm not sure what answer the OP expects to hear. Strange thread.

Ryan_Holden

Mishomeister said:

The loan is not for me so anything to do with my circumstances is irrelevant. 

Then use a modicum of common sense and put together answers to the questions on behalf of the person taking out the loan. 

They're all relevant. Unless you're taking out a loan on their behalf in which case Mishomeister's clarity relative to you is relevant.

These are a couple of very short, snappy, dare I say sassy threads and replies. People are looking out for your best interests despite not knowing you, so do them the courtesy of helping them to help you.

DCFC79

OP the advice given won't change the replies, speak to your bank so go online and apply for a credit card.

Whats the money for ?

Mishomeister

DCFC79 said:

OP the advice given won't change the replies, speak to your bank so go online and apply for a credit card.

Whats the money for ?

He wants to buy the car and be a taxi driver in that car. The more he is able to borrow, the better the car will be and the more he can make from that job hence the reason for maximum amount required. Not interested in car finance as it limits where you can buy from.

Grumpy_chap

Mishomeister said:

He wants to buy the car and be a taxi driver in that car. The more he is able to borrow, the better the car will be and the more he can make from that job hence the reason for maximum amount required. Not interested in car finance as it limits where you can buy from.

This will probably mean a loan rather than a credit card.
The short period at the current address is probably not going to be a major factor.

The correlation between more expensive car and greater income is probably only true across a relatively narrow band.

I assume the individual holds the necessary licence.

What type of platform does the individual plan to use?  Local firm, national firm, UBER, etc?  These will all stipulate the constraints on acceptable vehicle type.  Often, the platforms have financing provisions in place.

If the platform cannot provide the vehicle / finance, then a general lender will need to see a business plan. 
I would expect there are brokers that specialise in finance for this purpose and they would probably be better than a general lender.

Whether a general lender, or a specialist broker, the starting question is more than likely going to be "how much is required?"  In general, lenders do not like the "how much can you give me?" approach.

born_again

Could also be looking at business finance, given the nature of the loan.

As above hope that they have looked at local council & their requirements to get a licence as a "Private Hire Driver"

https://www.leeds.gov.uk/licensing/taxi-and-private-hire-licensing

Not that easy or cheap either.