Hi, I'm woodiepicker12! I have a bad credit score, where can I get a loan? - Page 2 — Scope | Disability forum
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Hi, I'm woodiepicker12! I have a bad credit score, where can I get a loan?

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Comments

  • woodbine
    woodbine Community Co-Production Group Posts: 6,128 Disability Gamechanger
    I should clarify what I said about the CAB, they seem to muddy the waters by refering to "credit scores" was what in fairness I should have said.
    Anyway I have had my say on the subject and will duck out of this one now.
    Be kind to newer members
  • lisathomas50
    lisathomas50 Member Posts: 4,976 Disability Gamechanger
    Very confusing when equifax  and such like give different information thats all 
  • lisathomas50
    lisathomas50 Member Posts: 4,976 Disability Gamechanger
    This year I have had credit rises and my credit score has gone higher on whst I can see and what the lenders see as I have two views so I could see but it is very confusing  and @woodbine I apologise  as you say there is different information  hard to see which is correct 
  • fluffycat
    fluffycat Member Posts: 215 Pioneering
    edited May 2021
    If the loan is for an essential item could you apply for a charitable grant. Maybe a utility company or through a former occupation.

    How about a budgeting loan from the DWP (if eligible) which means you won't pay interest.

    Banks have more of a duty of care so they will do an affordability check even if you meet their credit criteria. There are credit cards with a low credit limit but high interest rate. (for building up credit score and lower entry criteria)
    If you are struggling with debt then a free debt agency might be able to lower your repayments each month so you have more cash for the things you need.

    I think saving a little at a credit union to build-up goodwill for a small loan in the future is a good idea from above.


  • MarkM88
    MarkM88 Member Posts: 2,318 Pioneering
    This year I have had credit rises and my credit score has gone higher on whst I can see and what the lenders see as I have two views so I could see but it is very confusing  and @woodbine I apologise  as you say there is different information  hard to see which is correct 
    What do you mean? Credit rises? With who? 
  • lisathomas50
    lisathomas50 Member Posts: 4,976 Disability Gamechanger
    I have three credit cards and two cataloges  first time in 5 years I have had a credit rise I have extra credit on my credit cards and my cataloges now was only allowed small amounts now I have larger amounts 
  • MarkM88
    MarkM88 Member Posts: 2,318 Pioneering
    I have three credit cards and two cataloges  first time in 5 years I have had a credit rise I have extra credit on my credit cards and my cataloges now was only allowed small amounts now I have larger amounts 
    Yup, that’s called an internal credit review. Nothing to do with the made up numbers the CRAs use. 
  • mikehughescq
    mikehughescq Member Posts: 8,335 Disability Gamechanger
    An awful lot of expert debt advisers here all of a sudden. The starting point here is to obtain your credit history and check its accuracy. This costs, and you will need to contact at least two different organisations, but doing so is the key to understanding what the issue is in the first place. Your credit records can run to 100+ pages and there’s a strong possibility you will find numerous inaccuracies. Take the opportunity to fix those first of all. 

    Whilst you’re doing that take the opportunity to get yourself a comprehensive benefits check from a local organisation. Do not use online checkers. They relate to means-tested benefits only and cover limited largely simplistic sets of circumstances. 

    I have no idea why anyone, let alone Scope, is recommending companies who charge you to manage your debts. Your options are limited anyway in terms of how any existing debt can be managed and there’s plenty of free high quality debt advice about to work through that with you. Companies which amalgamate your debts and do so for a charge are neither needed nor morally justifiable in my view. You are paying for something you can do yourself or get someone to do for free.

    Scope also need to do some basic research and take a long look in the mirror when recommending organisations like Christians Against Poverty. They have rightly been forced to defend themselves in recent years but the morals of an organisation which sees prayers and religion as part of a legitimate debt solution and which treats donations to itself as part of that process as priority debt. Well…
  • Sandy_123
    Sandy_123 Member Posts: 2,465 Pioneering
    @mikehughescq, well put, @woodiepicker12 also check your bills at home and try to reduce those if you can.
  • janer1967
    janer1967 Member Posts: 13,389 Disability Gamechanger
    I'm no debt expert but I agree you can sort it yourself without paying for a debt management company 

    Of you are struggling to pay debts ring your creditors and explain  they will work with you to arrange an affordable repayment plan 

    This can include reduced payments,  interest not being charged   nonpayment for set period 

    They would rather you arrange something with them than ignore the situation 

    I have paid off all my debt this way and moe debt free 

    Yes it does affect your credit history but I don't intend to take on debt again 

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