Credit Rating for Loans

[GeorgeandAde]

Was just wondering if anyone here would know any information about the above.
I was thinking about taking out a small loan to upgrade the current car and visited one of those "compare" websites.
Having found a suitable loan,I then visited their website and was informed that I would probably have a 6 out of 10 chance of being accepted for it.
I dont understand this at all.
Our mortgage is now paid off never having missed one payment.
Never missed any payments for anything else come to that since I left school.
Just wondering if we had someone else living at our address,who has been in debt in the past(threats of baliffs etc..)would that affect me if its the same address?
Any help appreciated.

 

[weejock]

Yes if you have recently moved house. It may also be down to some "bad" infornation mistakenly placed against your name.
The other thing is the company may just be trying it on. While not wishing to give financial advice I would say to give someone like Tesco or Sainsbury a phone and get some quotes from them. This will at least give you a starting reference point from which to work.

Do however be aware that with some websites asking for quotes can leave a finacial footprint which may go against you.

Disclaimer. I have no financial expertise but only work from common sense and experience.

 

[GeorgeandAde]

Many thanks wee jock.
We have lived at this address for 28 years so I dont think its that.
The quote we had was actually from one of the companies you suggested.
I appreciate your reply though...thanks

 

[Shirker]

It can also be where you live / postcode as they sometimes generalise and lump entire postcodes together. I wanted a loan to start in business when we lived in Snowdonia and they said no then moved to Tewkesbury and they said yes straight away, even though it was a new address and we had more than doubled the mortgage payments. All rather silly.

 

[smiley]

George and ade

It might be good to get your own credit reference first then you will see all the activity on your address and names..

this only cost a few pounds Experian is the most common I believe... we did this several years and our children were listed too!!!

If you do go to others places for quotes, before you give information ask them if they do a credit search upon application.

I was only opening a savings accout and this was done, go figure!!!!

hope this helps you.

Marie

 

[carper2]

I had a similar experience and was refused a re mortgage for just £30000 on a house valued at over £150000. It turned out that my credit rating was low because I had no credit i/e loans, mortgage etc for a few years, and therefore there wasn't anything to check me against.

Les

 

[nickmac73]

thats the way it is now,
you have to show you can borrow and repay...and have a history of just that...paying your mortgage is not enough strange as it may seem...try a couple of interest free loans and pay them off ok to boost your credit rating (good luck finding them) but you get the picture right?