anyone know a loan company that will lend to people with little credit history?

[moneymakestheworldgoround]

if changed my name as i dont like discussing my finances in public!!

but my husband and i have gone our whole relationship without borrowing (we dont even own a credit card between us)

but we've come to the point where we need to lend some money.

according to experian i have a credit rating of 2 out of 5, simply because i havent lent before( everythings good, but apparantly no history is bad!)

i applied for an egg card to test the waters but was declined,

so anyone know a loan company that may lend to someone with little or no credit history

obviously we dont want massivly high repayment rates though

(we are waiting for my husbands cresdit results but i think its probably the same as mine, if not 'worse' - his mother had massive debts)

thanks

[blondehelen]

sorry, don't know. We have a loan through liverpool victoria, never had problems. Have you tried your own bank. Will be keeping an eye on this thread. Just had sil ring who we see about 4 times a year ring me to ask me to get £4000 of car credit for her in our name . Hope someone can come along with more suggestions.

[moneymakestheworldgoround]

thanks Helen

my husband applied though our bank but got declined also,

i was considering asking my parents if they would get a loan in their name for us, as we will have no problem at all with the repayments, its just getting the damn thing iykwim!

but i dont know if i could do that, i dont want to put them on the spot, plus they have already done alot for us lately

[issyissyissy]

Ihad same problem once. Managed to get a visa card throught my own bank, the Halifax, but did have to see manager to get it approved. Once i had used that it was easier to get a loan.
Silly system really as it is harder to get anything if you dont have debt.
Now i am at home with the kids and not earning. but I do have a credit rating, so my limit on card has been raised to £11000!Could never pay that back!!

Have you tried Virgin, have heard they are good. hope this helps

Blondehelen, personally, i would never get a loan for someone else, too risky.

[morocco]

you could also see if you have a local credit union. you have to save up with them for about 6 months and then are able to apply for a loan - usually small amounts though, I'm not sure how much it is you want to borrow.

[bubblerock]

I applied to northern rock and they declined then I applied to my bank - lloydstsb and it was approved straight away and put into my account within half an hour!

[CurlyN]

We had this problem, and I read somewhere to apply for catalogues, as this shows on history. It worked, Both DP and I both have credit cards.

[moneymakestheworldgoround]

i just applied to virgin, and they said (online) to ring them to confirm some details for the best chance of acceptance,

i dont like phonecalls - what will they ask?? [panicks]

also i included our CTCreditss and WFTCredits in the 'overall house anual income' box - was that right to do?? it didnt say, (and i put i was a homemaker and it asked my income, so i put the credits i get)

have i messed it up??

[moneymakestheworldgoround]

should i have put £0 as my income or do the WFT credits count as that?

[blondehelen]

I would ring them. they are not out to trip you up. It is in their interest to give you the loan. They probably speak to people like you all the time and i find people normally helpful

[kittylette]

im interested to know if working family tax credits is included in the household income, is it?

[moneymakestheworldgoround]

well i tried virgin, and rang them, but was declined again

he said it was purely down to me not having lent before,

he asked if i had tried anywhere else and i named the 2 other cards i had applied for, apparantly ALL of them were under MBNA management and thats why all had refused, its the same rules - no new lenders

so i am to try and find a card that specialises in first time lenders ... any idea of who one of these companys are??

thanks

[CocoLoco]

Are you on the electoral register? that's important when applying for credit. Other than that, the best thing is to get something from your bank, even if it's only a credit card with a tiny limit initially, as you do have some sort of history with them. As they've already turned your husband down for a loan, it would be worth going in for a face to face meeting to see what they can do for you.

Barclaycard have a card for people new to credit, called the Initial card, it's got a high interest rate but if you spend on it and pay back in full each month you won't be paying any interest. Capital One are another lender to try.

If you need a larger amount of money than you'd get on a card, can you wait a few months until you've established some credit history? Then you'd probably be able to get a loan with a mainstream lender.

[morocco]

if you're really desperate you can also go to a specialised broker - you pay about £50 and they refer you on to lenders who deal with people with poor credit ratings etc. but you will have to pay more for the loan. if you do decide to do this, then make sure you have all the paperwork you need already (eg 3 months pay slips/something with your signature on etc) as if the paperwork is not up to scratch you will have to reappyly and pay the £50 application fee all over again. also don't get out the ppi unless you're sure about it and don't let them add it on without your agreement.

[Tortington]

try a catalogue. build up a credit history - of course that doesn.t help yo u sort out any immediate problem.

[blondehelen]

we got our first cc with capital one. hth