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I'm looking to secure a personal loan of £11,500 for the purpose of debt consolidation, this is the amount outstanding on three credit cards I have. I've held the cards for an extended period, minimum four years on each.
Having checked my credit reference online, Equifax returned a rating of 410, which is towards the bottom of the "good" rating which I suspect is marginal for a loan from a big lender.
Having looked at the details, I have the following demerits on my profile:
One missed credit card payment: October 2008
One missed credit card payment: October 2007 (nice and symmetrical!)
An erroneous default of £60 on a mobile phone contract from December 2005 (this money is actually owed by my brother who shares my first initial and surname and at the time was using the same address).
I have yet to make any applications. So, my questions are -
How heavily will the two missed CC card payments count against me?
Will I need to clear the £60 default?
How will my self employed status effect the loan? Do lenders actually check employment status?
And finally, am I in general likely to have a loan approved?
If it helps, I was told by a big high street mortgage lender during a recent enquiry after an initial credit check that they'd be happy to lend to me, but that the £60 default would slightly compromise the rate they would offer.
Many thanks in advance.
Having checked my credit reference online, Equifax returned a rating of 410, which is towards the bottom of the "good" rating which I suspect is marginal for a loan from a big lender.
Having looked at the details, I have the following demerits on my profile:
One missed credit card payment: October 2008
One missed credit card payment: October 2007 (nice and symmetrical!)
An erroneous default of £60 on a mobile phone contract from December 2005 (this money is actually owed by my brother who shares my first initial and surname and at the time was using the same address).
I have yet to make any applications. So, my questions are -
How heavily will the two missed CC card payments count against me?
Will I need to clear the £60 default?
How will my self employed status effect the loan? Do lenders actually check employment status?
And finally, am I in general likely to have a loan approved?
If it helps, I was told by a big high street mortgage lender during a recent enquiry after an initial credit check that they'd be happy to lend to me, but that the £60 default would slightly compromise the rate they would offer.
Many thanks in advance.
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