James
I’m looking into applying for a loan but don’t want to go somewhere I'm most likely to be refused. I have satisfied defaults from around 18 months ago, nothing outstanding and also been paying a mobile phone and Sky account for last eight months. I have been living at my address for eight months. I’m trying to find a list of fair companies who will be likely to accept me for a £2-4k loan. I don’t want to apply randomly and have footprints put on my credit file. Thanks,
Adele, Chester
Adele,
It sounds like you’ve done your homework and got your credit history into decent shape, after your previous difficulties. Do make sure you’re registered on the electoral roll before you fire off any credit applications. This is the first port of call for banks and lenders checking your name, address and creditworthiness. Not being registered can knock points off any score they calculate and can even lead to instant refusal in some cases. When you’re ready, use a price comparison service to help you find competitive loans suited to your individual circumstances. While many such services base their recommendations on a rough appraisal of your details and credit history, I would encourage you to consider signing up to Experian’s CreditExpert service and then following the Lower My Bills links. What this will do is use your Experian Credit Score (which is based on your Experian credit report) to match you to the best deals that you have a realistic chance of being accepted for. This should help find a good deal and avoid collecting lots of credit application footprints. These footprints (also called ‘searches’) can be a problem if you collect a large number in quick succession as they can indicate fraud or desperation, so it’s certainly an issue to be mindful of. Don’t worry though, CreditExpert searches don’t count so you can check your Experian credit report as often as you like.
James