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Career Developemt Loan Bad credit history help

Discussion in 'Training & Development' started by Jonnni, May 22, 2009.

  1. Jonnni

    Jonnni New Member

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    Hi, about 5 years ago i took out a store card and got about 100 pound used on it i never payed it back due to finacial situation i now and again get letters from a debt company sayin i owne them 86 pound, i am applying for a career devolopment loan will this be there reason for declining my application ?
     
  2. wagnerk
    Highly Decorated Member Award

    wagnerk aka kitkatninja Moderator

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    Hi, why not introduce yourself here and be a part of this community :)

    So yes there could be, you can read the article here.

    -Ken
     
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  3. craigie

    craigie Terabyte Poster

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    As Ken said, why not introduce yourself to the community.

    The none payment of this bill could have affected your credit record, depending on how long ago the non payment was.

    I recommend that you use Experian to see what your record states.
     
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  4. dmarsh

    dmarsh Terabyte Poster

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    How about not taking a loan ?

    How about saving, paying upfront, self-study, apprenticeships, paying in installments and the numerous other more prudent ways of obtaining an education ?

    I look at personal development as self investment. Its often the best investment anyone will make, however it is still an investment.

    The best investments are often self financing, you are good at something, you make some money, you take that money and leverage it and make more etc.

    This has important benefits..

    It limits your risk and exposure. It allows you to start small. It means you get quick feedback on your efforts and you can determine if your efforts are being rewarded before you commit large amounts of resources.

    At present there is a real chance you could take the loan and not land a position that will allow you to pay it back.

    Do your current earnings cover such a loan ? If so you should be able to get your credit record cleared up by paying all your debts off and maintaining a good credit record.

    Do you work in IT ? Have you determined the ROI on your investment ? Have you determined the risks ?

    Oh and in future, pay your debts off !

    Welcome to certforums ! :)
     
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  5. jk2447

    jk2447 Petabyte Poster Moderator

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    Dmarsh stop sitting on the fence, tell us what you really think . . . . . he he :biggrin (you know I'm kidding mate).

    Jonni, if its only £100 just pay it off and hope there's no lasting damage to your credit rating. As Dmarsh said, whats the loan for if you don't mind us asking? The reason being that again as my friend has already mentioned, if you self study, developing yourself need not cost a fortune if you get good advice (Certforums :biggrin).

    Welcome to the forums :)
     
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  6. dmarsh

    dmarsh Terabyte Poster

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    I've only ever got one credit report from experian, every agency has their own system. You therefore don't have one 'credit report' or score you have many.

    You will need to clear up the situation with all previous creditors and then ensure this gets reflected on the various reports.

    If you have legal rulings like a CCJ etc you may have to wait a set amount of time until you can get your report cleared.

    Look around on the web :-

    http://www.associatedcontent.com/article/5034/how_to_clear_your_personal_credit_report.html
    http://en.wikipedia.org/wiki/Credit_score

    There are other good ways to improve your rating, maintain a credit card (paid off of course), bank account, telephone, ensure you are on electoral role etc. The more positive provable factors exist that show you are an upstanding citizen the better. Credit agencies use a scorecard system, I once worked for a software house that developed such systems.

    Its best to maintain an AAA credit rating if you can because you never know when in future you might decide you need a big loan for a house or business venture etc...
     
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  7. Mr.Cheeks

    Mr.Cheeks 1st ever Gold Member! Gold Member

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    what i still dont get is, if you are not going to pay a mesely £100, what makes you think that you will pay for the CDL that is more likley be in excess of £1,000
     
  8. greenbrucelee
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    greenbrucelee Zettabyte Poster

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    YOu could register with checkmyfile.com and you will get a credit report from all of the credit refernce agencies.

    I would recommend not taking out a CDL because the payback is extortionate. YOur better to save for it or you could self study as said above and not have to pay at all for a course.
     
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  9. UKDarkstar
    Honorary Member

    UKDarkstar Terabyte Poster

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    aside from the comments already made I can advise you that CDL's are treated slightly differently to normal loan applications. Although your credit rating is taken into account it carries less weighting than for a normal loan application.

    The CDL info can be found here and I would suggest you ring and just have a bried chat with one of the advisors if you're worried.
     
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