Hi everyone, here goes...!

Silky_Racing

Thanks guys, i'll keep away from the loan!

Can you point me in the direction of some good LOB cards? Whats the best one (i.e the one that will give me the highest limit and lowest apr) out there?

Cheers!

GeorgeUK

Unfortunately there's no way of telling what APR you will get until they have done a credit check and calculated your score.

I've never used a LOB card, but you will need to check carefull how long the promotional period lasts. There are some that like the 0% only last months rather than indefinately. This site may be useful, but please check or ask to confirm the LOB period.
http://www.stoozing.com/lob.php

Silky_Racing

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GeorgeUK

Post 16 - experian. If you go to their website, you can see your credit report but make sure you cancel within 30 days. For the others i would go for the £2 each option.
http://www.moneysavingexpert.com/banking/credit-rating-credit-score#your

Silky_Racing

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Dithering_Dad

Silky_Racing wrote: »

I’ve got a good job and some good people around me.

I think this is the most important thing, money worries come and go but we get through them because of the people around us.

I noticed that you have a watch loan for £1500. Is there any way you could sell the watch on ebay and repay part of the loan. I notice this loan costs £41.66 per month, which is an expensive way of telling the time (about 5p an hour!).

You could also look at selling some of your other posessions, especially if you're serious about getting rid of the debt. The 'things' you've bought are the reason you're in such dire financial straights, and it can be quite cathartic to get rid of them. I'm almost certain that you could get rid of the watch debt completely with a bit of ebaying.

Good luck with getting rid of this debt, and rememebr to keep posting your progress as it will be an inspiration to others.

Cheers,
DD

GeorgeUK

Hi Silky.
Unfortunately, we don't put much stock in the scores created by the credit reference agencies. They miss out little things like what your salary is etc but it at least shows that you don't have too many late payments. Some comanies use the CRS's credit score as part of their own calculation so it's not too bad.

With regards to the 2 credit searches you just had - what was the outcome?
If they didn't give you the credit limit you had hoped, you should still have taken the card - did you get anything?

For credit scores, banks etc only really look at the last 6 months and anything older than this will have very little impact on your credit score. 3 in the last 6 months is usually ok, but you also shouldn't have too many close together. I wouldn't advise any more searches for a while.

For the linked addresses, i'd call experian to talk through them. It shouldn't really be a problem but you might as well get it cleared up now rather than possibly have problems later. Also check what it says your address is for the electoral roll and see if this is correct. You will probably just need to write a letter in to get the addresses sorted.

£5000 on a creditcard at 13.9% will be £5695 after 12 months. Minimum payment approx £150
£5000 on a loan at 13.9% will be £5384.40 after 12 months. Minimum payment approx £448.70

It is not advised to consolidate by getting a loan unless the loan is at a very good rate. That would not be a very good rate.

Silky_Racing

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Silky_Racing

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