What credit score??????

dec050284

Can anyone give me an idea of how much, if any, my credit score might improve once i am reinstated on the electoral register??

Also i would like to know what kind of score would i need to obtain a £15k loan to pay off my existing debts so i have less to pay out each month?? I know it is hard to give me an exact figure because everyones details are different so will provide a little background.

I am 24, earn 21k, live with parent, have a seven year credit history with no late or missed payments for 2 and a half years and only 2 late payments ever. I have around 11k of debt consisting of a 9k loan, a store card and 2 x HP. My current score, according to Experian is 725 out of 1000, but will hopefully rise once im back on electoral role.

Any one who is in the loans industry your opinion would be appreciated.

thanks.

viktory

I have no experience of loans etc, but just from the information given, I would say that the level of debt you already have is likely to go against you in your quest for more debt.

dec050284

yes but i would be using this loan as consolidation so i would not be in a position where i couldnt pay, i need the new loan to lower my payments as i am getting my first mortgage soon.

jay78

For consolidation try your bank if you have a good record with them. Make sure you get rid of all the other credit cards etc and do not add any new debt. Consolidation will only work if you get a better interest rate then that you have now and learn not to relyy on credit (this is from experience!) Good luck

CLAPTON

if you have £11k debt why do you want to take out a 15k loan to consolidate?