loans

[Ryan]

The thing is they turn you down cos u have a low credit rating but how the duck are you supposed to get a credit rating if u cant get credit? lol its a joke :-/

[steveo]

tell me bout it ryan9t9 that the prob i ahve had for years, bank wnt give me one lol stupid people

[Ducatista]

I've tried on and off for years and they still turn me down! Never overdrawn either!

First thing to do is to get your credit reports to check for any mistakes/omissions or to see what's bad.

I don't claim to be an expert but I'll take a look if you want.

There are 3 credit reference agencies in the UK.
Experian, Exquifax and call credit.
You really need to get all 3 credit reports to get a full picture, because you might check one, but the loan company you are aplying to check a different one.

You can get call credit for free at.
www.annualcreditreport.co.uk
I've been with them a couple of years and have not had a lot of spam.

I would recommend getting the other 2 by paying £2 each and getting the statutory report.
You can pay more for an instant on-line one, but there is no need.
You can also sign up for a free one, but you have to subscribe to a service which you must cancel if you don't want to pay.
You might forget to cancel, or not be able t to get through on the phone or they might "lose" your cancellation, so my advice is pay for the STATUTORY one for £2 and wait about a week to get it through the post.

One imporant thing to check is that your credit report shows that you are registered on the electoral register.
If your not this will affect your ability to get credit.

Then check for anything bad e.g. alte payments or defaults (they can contain mistakes).
If there are mistakes then you can get them corrected or take action to improve your credit rating.

If you can't get a loan or credit card then try these
1) Get a cheap contract mobile (no pay as you go must be contract)
2) Get a catalogue account
3) Apply for a credit card with your bank if you have a good record with them. It might be a poxy limit or not the card you want, but your bank have your personal records so you have a greater chance of getting a record with them.

Not all lenders use all credit reference agencies, so you might want to check that out as well e.g. try to get a catalogue account with one that uses BOTH experian and Exquifax and then it's recorded on both.

I'll try and help if there are any questions.

Also do not keep applying for loans/card when you are getting rejected.
The searches show on your credit record and if you have lots of applications in a short space on time then it looks bad.

[Ducatista]

Here's a link for the £2 experian report (it can be difficult to find as they promote heavily their more expensive services)

http://experian.metafaq.com/templates/experian/main/answerPage?_mftmfenv:linkEntryCategory=$Order_Repo rt&_mftmfenv:linkEntryClient=$experian&_mf tmfenv:linkEntryName=$orderbypost

Here's the Equifax one

http://www.equifax.co.uk/Products/cr...ry-report.html

[steveo]

will defo look into that, could be a big help thanks

[Ducatista]

BTW - don't want to get anyones hopes up neither.
It could be that there is no mistake and you just simply can't get credit in this credit crunch.
Well paid people with good histories are being turned down as well.

But getting the reports is still the frst place to start.

[steveo]

the credit crunch sucks thats all i have to say lol

[igbell]

Yes the Credit Crunch is killing peeps getting loans and such
Do you have a Credit Card?? do you pay it off, as this does not help with your credit report, if you have money still on a credit card that helps.

[steveo]

yeah got card got cash on it, im trying to pay it off asap need to get parts for bike

[davej]

your better off getting a bank loan and getting rid of the credit cards steve,
the intrest rates are so low at the min credit cards are just not good.
i dont know your situation but i have 2 credit cards and they are paid off just there for buying online or emergencies.

i dont know if you can get a loan but its a better option if you can but from a bank not a loan shark.