OT Loans, where to get one

[maffew]

pls, does anyone know any companies or banks for a loan with reasonable rates who may accept people previously turned down, my other half has been turned down for a loan by her own bank due to some previous problems (nothing too major, couple of bounced dd's and got paid cheque for 2 months so no money going in), though she earns a reasonable wage, has no major debts or CCJs. dont want to go to anyone dodgy!

cheers for any suggestions

 

[Rabeen]

Check out motleyfool.co.uk - they list all loans, and aprs etc, might have something for you.

 

[Barnet Seagull]

or moneysupermarket

 

[maffew]

thanks guys

 

[The Wookiee]

How much do you need?

 

[maffew]

3-4k Wookie

I am sure loads of companies would be willing to lend that kind of money though I'm believe if she applies somewhere else and gets turned down i think this counts against you on your credit score, so I want the next application to be accepted and to be with someone reputable. Was just wondering if anyone had dealt with such a company who had been down turned before.

 

[pasty]

Try Ocean Finance. Both myself and Mrs Pasty are in a bit of a financial pickle to say the least due to excessive demands from ex-spouses. However, they have come up trumps for us, and have given us a nice big fat loan. And we had both previously been turned down elsewhere.

 

[Birdy]

http://www.emoneyfacts.co.uk

 

[The Wookiee]

Firstly you need to establish why she was turned down for credit previously.

This info can be obtained by requesting a copy of your credit files held by both equifax and experian.

Lenders make decisions based on a credit score obtained from the infomation held in your credit files.


What is a credit score?

It's a number lenders use to help them decide: "If I give this person a loan or credit card, how likely is it that I will get paid back on time?" A score is a snapshot of your credit risk picture at a particular point in time. The higher the score, the lower the risk to lenders.

How are they calculated?

Every score is calculated by using a mathematical formula that evaluates many types of information on your credit report, compared to information patterns in millions of past credit files. The score can then identify your level of future credit risk.

What is the most important factor to consider?

Many credit score and credit rating companies use five main factors to determine your credit score. Listed from most important to least important, these are: Payment History, Amount owed, Length of credit history, New credit, Types of credit in use. These will vary between credt rating companies but the essentials will remain the same.

Why do lenders use scores?

Scores provide an extremely valuable guide to future risk based solely on credit report data. The higher the consumer's score the lower the risk to lenders when extending new credit to a consumer. Debt Consolidation Loans often require a good credit score.

Does everyone have a credit score?
For a score to be calculated on your credit report, the report must contain at least one account that has been open for six months or longer. In addition, the report must contain at least one account that has been updated in the past six months. This ensures that there is enough information, and enough recent information, in your report to compute an accurate score. Your score also will not calculate if there is a fraud statement on your credit file or if all trade lines are disputed.

How often does the score change?

Your credit file is continually updated with new information from your creditors.

How can I improve Credit Score and Credit Rating Online?

Generally, people with high scores consistently: Pay bills on time Keep balances low on credit cards and other revolving credit products Apply for and open new credit accounts only as needed.


Hope this helps!!

 

[maffew]

yeah thanks for doing that Wookie, though I'm sure she cant have that bad a credit score cos is normally good at payments and has got credit in the past, hopefully its just her bank being cautious as her wages have been paid by cheque for the last couple of months and we'll get it sorted else where

 

[The Wookiee]

yeah thanks for doing that Wookie, though I'm sure she cant have that bad a credit score cos is normally good at payments and has got credit in the past, hopefully its just her bank being cautious as her wages have been paid by cheque for the last couple of months and we'll get it sorted else where

It shouldn't make a difference if her wages are paid by chq, providing there is a regular income.

Ask her to try
www.egg.co.uk
They should sort her out.

 

[Bozza]

Right now you can get to see your credit record for free online here:

https://www.creditexpert.co.uk/

It's part of Experian one of the two major credit reference agencies.

(I know it's only a quid or two normally anyway but it that involves finding a cheque, envelope and stamp and getting to a post-office. Using the above you can see it online)

Remember to cancel within the 30 days to avoid having to pay.