Hi everyone, here goes...!

Dithering_Dad

Silky_Racing wrote: »

The watch was a graduation present, I paid half (well, credit did!) so i don’t really want to sell it since my dad paid for most of it.

Thanks for the encouragement though, I’m looking forward to getting rid of this debt asap! :beer:

lol, holy cow you have a watch worth £3000! Is it a rolex?

I love watches, I have a Rado at the mo, bought mainly because I'm a bit hard on watches and they end up scratched to hell and back. The Rado is scratchproof and looks as good as the day I bought it.

p.s. Do you have expensive tastes in other areas, such as Hifi, computer equipment, TVs, clothes, etc. etc. I know it'll be a wrench but you could sell this off on ebay and either replace it with much cheaper stuff from Aldi or even for free from Freecycle.

Silky_Racing

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Silky_Racing

Just thinking, is it worth reducing my credit limit on my cards (as i'm not going to be using them any more!) to help with my credit score (i.e the total amount credit avilible to me)?

Cheers :cool:

Dithering_Dad

Silky_Racing wrote: »

Yer, i love watches too! Its a XL Omega Seamaster Planet Ocean Crono, its really nice, and i've always wanted an Omega. The rest of the money was of the three year insurance plan for it. :j

It reminds me how hard I worked at uni!

I bought my Rado (and a matching female version for my missus) to celebrate leaving Saudi Arabia, where we had suffered/worked for 18 months.

Are you sure you need the insurance for it though?

GeorgeUK

Oh great - more math

13.9% APR
=0.139 as a numerical figure
add 1
=1.139
as you only want 1 month of the year you multiply to the power of one twelth
=1.139 ^ (1/12)
=1.010905 (monthly rate)
subtract 1 and change back to percentage (multiplying by 100)
=1.0905
do 12 calculation starting with 5000 * 1.0905% then multiply for the 2nd month the result of the 1st and repeat.

for the loan, to work out the payment and the intermediate payment
x = (1+13.9/1200)^12
Payment = (5000*13.9*x)/(1200*(x-1))

x = 1.148206456
Payment = 448.7003626

Payment*12 = 5384.40

but i prefer to use online calculators to do it for me.
:rotfl:

Silky_Racing

Brill, thanks! :beer: Have you got a link to the online ones?

Any input on lowering my card limits?

GeorgeUK wrote: »

Oh great - more math

13.9% APR
=0.139 as a numerical figure
add 1
=1.139
as you only want 1 month of the year you multiply to the power of one twelth
=1.139 ^ (1/12)
=1.010905 (monthly rate)
subtract 1 and change back to percentage (multiplying by 100)
=1.0905
do 12 calculation starting with 5000 * 1.0905% then multiply for the 2nd month the result of the 1st and repeat.

for the loan, to work out the payment and the intermediate payment
x = (1+13.9/1200)^12
Payment = (5000*13.9*x)/(1200*(x-1))

x = 1.148206456
Payment = 448.7003626

Payment*12 = 5384.40

but i prefer to use online calculators to do it for me.
:rotfl:

GeorgeUK

I wouldn't lower the limits. There are a few threads on this with varying opinion, but i'll give you my view.

You have a total debt of 7k and have 12k available on cards
Nicely ticking along, then decide to decrease your limits.
You now have 7k debt and 9k available on cards

If a bank were to look at this new figure they would see that you have used almost 80% of your available credit. You are asking for more credit so are you starting to get desperate? Will you be a risk?

Whereas originally, you had used about 60% of your available credit. Obviously not looking for credit out of desperation so possibly not as much of a risk.

If we knew how the banks worked out your credit score then it would be a much easier question to asnwer. I wouldsay not to for the above reason and also if you were to try tarting your cards, having a larger limit to use would be more beneficial.