improving credit score for loan app

Johnnii

Hi

Unsure where to post this but it's loan related i guess.
In Sept i will be hopefully starting a postgraduate course at university. As of now my plans are to apply for a Career Development Loan for funding however as of now my credit file is not the best. I have 4 previous searches from loan applications dating from Aug07-Nov 07. My score is around 730 now from being around 870 before i applied for the loans.
My question is how much improvement can a credit file get from now until Sept IF i keep up to date with my accounts and do not apply for credit anywhere else?.
Will my account only really greatly improve once those 4 searches get removed once their 12 moths are up?

Rafter

The 4 searches shouldn't really depress your score now. A new application will see that none of the applications has turned into a loan.

As a career development loan is backed by the government, the lenders should use different criteria anyway.

The main thing is to make sure you have a budget worked out and sufficient funds to live of through your course, as well as a career plan to repay the loan when you graduate.

Good luck

R.

Johnnii

Rafter wrote: »

The 4 searches shouldn't really depress your score now. A new application will see that none of the applications has turned into a loan.

As a career development loan is backed by the government, the lenders should use different criteria anyway.

The main thing is to make sure you have a budget worked out and sufficient funds to live of through your course, as well as a career plan to repay the loan when you graduate.

Good luck

R.

As you said they would use different criteria, but they would still look at my credit file wouldn't they. What criteria might they look at instead also.

If i kept my accounts in good shape could my score greatly improve in say 7 months?
I have thought about how i would sustain myself financially whilst i'm studying and found that i will be able to live off my funds whilst i am studying and able to pay off any repayments once i finish the cpurse which i am pleased about however i am still looking for a source for my uni fees which is the main bulk.