Half Price Plastic Personal Loan Discussion

System

Martin,

I thought this looked a good idea so investigated. I have 14 months left on a 3 year loan with Northern Rock @ 7.9%. I calculate my remaining payments to be £ 3, 272.50 and Northern Rock tell me my settlement amount is £ 3, 165.34. The difference is £ 107.16 and although I am unsure of the arithmetic I doubt if it is worthwhile, especially if a 1.5% handling charge is levied.

Am I missing something?

Thanks,
Jim ???

MSE_Martin

Jim,

Not only are you not missing something. I applaud you - its some good number crunching. I (i think ) i note in the piece there are lots of issues about moving existing loans that you need to be careful of. The interest calculations are confused with rule of 78 - what you need to do - is do the calculation then see if it adds up In your case it doesn't so the best thing is stick where you are!

(of course you could shift it all to 0% cards - but for safety you're prob better doing what you're doing!)

System

there are many 0 % cards for purchases available so i want the 1 which is goin 2 have the highest credit limit. Is there anyway of finding this out ?

Would applying 4 several cards and choosin the 1 with the highest credit limit harm my credit rating ?

System

I took your advise and took out the Capital one card and transferred my balance which i have since cleared i now need to change my car and expect to spend between four and five thousand am i better getting a bank loan or is there another credit card who offer better deals as i cant go back to Capital one again can i

System

Hi - I applied for the Capital One platinum at 3.9% as my Egg card has come to the end of its 0% period - but when they wrote back they were only offering 6.9%. I'm not sure why this is so - I think I have a reasonable credit history, although not a high earner (yet!)
A further comment - I actually got turned down for one credit card application because Experian had not updated their electoral register info - v.annoying! so I had to pay my £2 to get the report and then phone them up... beware if you have moved recently! :P

System

I saw somebody ask if they could apply to Capital One to spend on a car. well, I used to work there in the customer service dept and if somebody said they wanted a credit limit extension or similar FOR A CAR, we were supposed to automatically reject it. It was never really explained to us why, butb that was the policy. That was in 1999, but even so, I 'd think of some other reason when requesting a credit limit extension.

M_Thomson

I took your advise and took out the Capital one card and transferred my balance which i have since cleared i now need to change my car and expect to spend between four and five thousand am i better getting a bank loan or is there another credit card who offer better deals as i cant go back to Capital one again can i

You can cancel your exisiting capital One card and re apply, however, there is no guarantee of getting it as you have to go through a new credit check and credit score.

Galstonian

If you immediately cancel then reapply you may not be eligible for offers which are for "new customers" as you will not be a "new customer". This is one of the reasons I suggest that if you have a card you do not use then you should cancel it and request that your details be removed from the customer database. It doesn't always work but depending how you word your requests you stand a better chance of being able to return at a later date.

Abbi_2

:-/

Help someone please. I am an Isle of Man resident and therefore not part of the UK per se. I cannot have an Cahoot online loan or a Capital One card. I need to buy a kitchen (don't currently have one and central heating, don't have any of that either). I would like to take out a personal loan, to pay for the above.

I also don't have any credit cards and never have. My motto is if its not yours don't spend it. Boring probably.

I need to borrow @£15,000. I have had personal loan form Alliance & Leicester online before which was a reasonable rate, but all the interest is added up front.

Any ideas anyone. My husband and I earn about £28,572 after IOM tax and NI deducted. How much could we get on a credit card? Currently pay £891 pm on mortgage and that is the only loan we have. Pay about £300 in DD's as well.

???

garrence

I used to work there in the customer service dept and if somebody said they wanted a credit limit extension or similar FOR A CAR, we were supposed to automatically reject it. It was never really explained to us why, but that was the policy.

A lot of cars are bought on finance at higher rates than cards. Perhaps Capital One are/were protecting any car financing business they provide, and don't want to encourage people to buy cars on plastic?

What are good reasons for asking for a limit extension?