Few Questions About Loan (Credit Score, Reason)

Options
mantis1
mantis1 Posts: 1 Newbie
in Loans
Hey all!

So, I want to get a loan to emigrate. Yes, I DO intend on paying it back.
However, I have some questions and concerns...

1) My Experian credit score is 908 with 1 small defaulted debt on file, what kind of loan can I expect to get? I guess an unsecured loan is my best option.

2) Should I tell them I want to emigrate? I feel like they won't like this. Maybe I should say something else?

Advice needed, thanks!
«13

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    So

    1). Your score is fictional. Any credit will depend on your credit files, not a magic number.

    2) Not telling them the truth reason for the loan would be fraud.

    So.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    Options
    Why the need to get a loan, can you not save up ?
  • lynz68
    lynz68 Posts: 323 Forumite
    Options
    Your credi score means nothing nobody sees it but you. Credit history and the ability to pay it back is what matters.

    The fact your going abroad is a big no no. Telling them anything else would be fraud.

    The fact you have a default, would be an issue anyway even if you weren't emigrating.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Name Dropper First Post I've been Money Tipped!
    Options
    Agreed with the above
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Options
    No chance of getting an unsecured loan for this.

    Like you'll give an honest forwarding address!
  • AndyPix
    AndyPix Posts: 4,847 Forumite
    Name Dropper First Anniversary First Post Photogenic
    Options
    I have to pipe up here ..


    I see it banded about again and again on this forum that credit score from experian is meaningless.


    I know where you are coming from


    But i think this is false information as it is far from meaningless.


    The score that experian give you is not meaningless atall, it is a score that they compile from the analysis of your credit file.
    I know that experian do not lend money, but they will give similar weight to each aspect of your credit report that loan companies do.
    No , it wont be exactly the same as i am fully aware that each company has their own criteria etc etc


    But rather than being totally meaningless, it is rather a benchmark as to the overall healthiness of the contents of your file.


    I think we can all agree, that if your experian "score" is sub 100, then you have zero chance of obtaining credit , whreas an experian "score" of 999 indicates a healthy credit file and chances are you will get credit easily
    Yes, there will be exceptions - and no it is not difinitive.


    But it is FAR from meaningless


    /rant
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Options
    Really? Even though people with bankruptcy on the Experian file have managed to achieve a score of 999?

    Besides your credit history, note that's history not score, is only one part of the application for a loan or a mortgage.
  • AndyPix
    AndyPix Posts: 4,847 Forumite
    Name Dropper First Anniversary First Post Photogenic
    Options
    Im talking in general terms and i think you know what i mean ..


    Too many times i see an abrupt answer that just barks "ignore your score, it is meaningless" without the appropriate explanation.
    Followed by multiple (same) people thanking the posts ..


    Like I say, i know what you mean, but it is misleading to say it is meaningless as it is an indication as to the health of the file in general.
    Pixie5740 wrote: »
    Besides your credit history, note that's history not score, is only one part of the application for a loan or a mortgage.
    Agreed - However the score is an indication as to the state of the history.
    Pixie5740 wrote: »
    Really? Even though people with bankruptcy on the Experian file have managed to achieve a score of 999? .
    Citation needed
  • Candyapple
    Candyapple Posts: 3,384 Forumite
    First Post First Anniversary Combo Breaker Intrepid Forum Explorer
    Options
    Pixie5740 wrote: »
    Really? Even though people with bankruptcy on the Experian file have managed to achieve a score of 999?
    AndyPix wrote: »

    Citation needed

    Prime example: http://forums.moneysavingexpert.com/showthread.php?t=4099257

    Post #10 is really good on this thread:
    http://forums.moneysavingexpert.com/showthread.php?t=3158508

    And from the FOS's mouth: Experian admit their "credit score" is pointless since lenders don't see it
    http://forums.moneysavingexpert.com/showthread.php?t=4858881


    Don't forget that not all lenders report to all 3 CRAs, so someone who has a default/CCJ it may only have been reported to Equifax - hence they are given a 999 (or similarly high) score with Experian and then come on here crying about '999 credit score but keep getting rejected!'.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • AndyPix
    AndyPix Posts: 4,847 Forumite
    Name Dropper First Anniversary First Post Photogenic
    Options
    Thanks CandyApple - I had to chuckle at that thread :)


    Well obviously there are exceptions then and I would guess that there is some kind of technical issue at play there - We didnt actually see the credit report in question did we ?? Perhaps the 6 defaults had dropped off that month .. who knows ..


    I stand by my assection that the experian credit score, whilst not being a universal score used by lenders, does serve as a benchmark of how you are likely to be viewed by these potential lenders


    And is FAR from meaningless - as it is posted as time and again
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.4K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.8K Spending & Discounts
  • 235.5K Work, Benefits & Business
  • 608.4K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards