Advice on Getting Loan

panch0

just need some advice if any of you guys/girls can help me out

never had loan before was looking to get unsecured loan as i dont own a house of around £11k i apply online with ocean for free quote got email saying my deatils had been passed onto UCC now havent spoke to them yet as keep missing them calling my mobile but been reading about them on here dont really want to go with UCC just wondering if anyone know best place to apply or get a quote.

say my credit rating was good / ok not checked my credit file in 10 months only credit i have is about £5k on credit cards and about £6k credit on catalogs

thriftymomma

I would say your own bank should be your first port of call.

theartfullodger

Pancho.. you say

never had loan before

But you also say

£5k on credit cards and about £6k credit on catalogs

I've news for you... you've got loans... and the chances are the Catalogues are at some high interest rate....

No offence but with no house and £11k of loans (any other little ones lying around at all??) may I enquire at what rate you've been reducing these debts??? Cos if you ain't been reducing the debt then some would say you really need to start spending less money first.. for which there is shed-loads of advice here...


Good luck & Keep trying!!

Cheers!

Lodger

panch0

guess if you look at it like that yeh have got loans with credit cards, but ment i have never apply for personal loan before

i contacted my bank problem they said cause all my money i get wasnt going into that 1 account as i have another account with another bank so they told me to change it so all my income going into that 1 account then call back in 3 months. :undecided

always pay way more than min payment on my cards the catalog not my debt but yeh in my name im just the agent so i dont really pay that people who ordered stuff pay me every month for that, after called my bank checked my credit report which didnt understand said available credit just under £8k and that i was only using around 14% of credit but when i looked showed 1 of my catalog account as being Settled not sure why as i hadnt asked for it too be closed apart from that everything showing Satisfactory just 1 late payment i have from 7 months ago.

do you think be best to close account on credit cards dont use much as only use main mbna card really or will that be bad for my credit report closing them before applying again, also only 1 search on my file 1 i made to get my credit report

damienuk

I'm not sure about any (bad?) impact on credit by cancelling unused credit cards, but afaik the advice is always to cancel/close cards which you're not using. Since they reduce the overall credit (currently) available to you, it means you have more chance of being approved for additional credit - obviously total credit is a factor against income when they assess your application.

As for where to get a loan, you might like to consider looking at Zopa (google it; unfortunately I can't post links yet). You might get a better rate there, but of course you also may not, so as with anything a little bit of comparison is worthwhile (yet also need to be careful regarding multiple searches whilst applying - always clarify whether a search will be done when asking for rates).

panch0

thanks damienuk ill close 2 of my credit cards not being used much doubled checked have no searches on my file as them 2 dont count from experian but dont think id qualify for zopa cause i fall into the Y band for 20-24 year so might be harder for me to apply/list on there also dont meet the £12k income on it even though my credit score is 982 on experian dont think get approved so be search mark on my credit prob can avoid

panch0

ive apply for loan from barclaycard loans see how it goes guess prob send me a letter in the post of something or email was looking at sainsburys but dont have a nectar card and asda need to be 24+

jamesd

panch0, with an income of £12,000 and current debts of £11,000 there is no possibility of you obtaining a loan from the markets part of Zopa. You might obtain one from the Listings side but I doubt that as well.

Debt-free wannabe is really where you should be looking. You already have a worryingly high amount of credit for your income and lack of assets.

In your case I suggest not closing the two card accounts that you don't use much. Total available credit is a factor but so is percentage of total available credit that is used. Your credit percentage used amount will go up a lot if you close the extra two accounts. At the moment they say that you're not so desperate that you've maxed out all your cards. Losing that could cause your existing card interest rates to be increased.

zaneadam

Your networth is too low, so there is no possibility of getting some loan more is very freak only.

mercat

With such networth, it's quite unlikely you will get anywhere indeed. Check thelendingwizard.com to see whether you qualify for any of the loan on their panel. It will give you a good idea of your chances of securing any loan at all beside zopa

panch0

thanks guys for very helpful info probley do that jamesd wont close like you say used credit pretty low if i close couple going to increase
, but not holding my breath on barclaycard loans i checked equifax and they had done a credit search so prob get a letter saying not been accepted

thanks guy for good info