Loan with poor credit rating...

Lilycharlotte

Me and my OH are looking for a loan. We are moving house in less than a months time from a furnished house to an un-furnished house. So we need furniture and appliences etc etc.

My OH is applying for the loan, even though we both have poor credit scores.

I already have a loan with Halifax which I pay every month and have never defaulted on. I'm confused because even though we both have poor credit scores, I have proof that I am good with 'credit' although my OH hasn't any and hasn't even had a bank account for the past 3 years or so. Does this mean we are both as unlikely to get the loan as we have poor credit scores, or is he more likely as he has a slightly better score than me or am I more likely as I have been paying back my loan? lol - many questions.

The only problem with me is that all the bills and bank account have been in my name so anything which has gone wrong with them is on my credit score. Myself and my OH were declined a bank account with Barclays and have a cashcard account with them - is that a good indication we will get declined for a loan elsewhere?

I haven't applied for a loan but my OH did and got declined - so does that affect his credit score?

My OH has gone to some of these 'unreputable' loan companies which give loans to people with bad credit scores, although I am not 100% comfortable with that. They are asking for a £50 'admin fee' upfront.

Bottom line is, we could really do with a loan for our new house so we just wondered if anyone could shed any light on the subject andif anyone had had any luck with a 'reputable' comany with a poor credit score.

Thanks

Leigh73

Lilycharlotte wrote: »

Me and my OH are looking for a loan. We are moving house in less than a months time from a furnished house to an un-furnished house. So we need furniture and appliences etc etc.

My OH is applying for the loan, even though we both have poor credit scores.

I already have a loan with Halifax which I pay every month and have never defaulted on. I'm confused because even though we both have poor credit scores, I have proof that I am good with 'credit' although my OH hasn't any and hasn't even had a bank account for the past 3 years or so. Does this mean we are both as unlikely to get the loan as we have poor credit scores, or is he more likely as he has a slightly better score than me or am I more likely as I have been paying back my loan? lol - many questions.

The only problem with me is that all the bills and bank account have been in my name so anything which has gone wrong with them is on my credit score. Myself and my OH were declined a bank account with Barclays and have a cashcard account with them - is that a good indication we will get declined for a loan elsewhere?

I haven't applied for a loan but my OH did and got declined - so does that affect his credit score?

My OH has gone to some of these 'unreputable' loan companies which give loans to people with bad credit scores, although I am not 100% comfortable with that. They are asking for a £50 'admin fee' upfront.

Bottom line is, we could really do with a loan for our new house so we just wondered if anyone could shed any light on the subject andif anyone had had any luck with a 'reputable' comany with a poor credit score.

Thanks

Hiya Lilycharlotte,

Don't touch them with a bargepole!

Anyone who charges an upfront fee is to be avoided like the plague.

They won't even provide you with a loan. They are merely brokers.

The bottom line is, why do you want to stretch yourself even further, with more credit, just as you're about to move house?

I'm about to move into an unfurnished place too, so I know what it's like to suddenly need furniture and appliances!

The thing is, how many are needs / how many are wants?

ie - most of us could borrow £1k, to go out and buy the latest state of the art HD telly,but we could all equally as easily find a perfectly reasonable 28" widescreen TV in the paper for £50!

Obviously, we all need furniture / appliances, but I'd suggest having a look on your local 'Freecycle' site first. Also, what about your local furniture scheme?

Once you're a bit more settled in your new place, you could then apply to Equifax, Experian and Call Credit for your credit files. You could then see what needs improving

Good Luck, and please stay away from Provident, Welcome Finance, Yes Loans etc!

Lilycharlotte

Thank you everso much for you reply.

You are 100% right and I guess it was a little bit of a panic mode lol.

All sorted now, we move tomorrow and still need a cooker and washing machine. Got a table and 6 dining chairs from ebay for £4.99 haha

Still waiting for my 'approval' for our local freecycle, been waiting nearly 2 weeks! Shame because I have loads of stuff I could do with getting rid of aswell!!

xXx