Advice Needed

southernscouser

Beleive it or not but nerd number 1 is after some advice! :rotfl:

OK, I'm waiting for my Amex card to arrive but when it does my debts will be as follows.

29th March 2006

Egg (Limit - £500) = £0
Capital One (Limit - £8,000) = £6,739.68
Morgan Stanley (Limit - £2,700) 5.9% = £2,263.52
Tesco (Limit - £600) 7.9% for life = £0
Amazon (Limit £5,300) 12.9% = £0
HSBC (Limit £2,250) 0% - 14th December ‘06 = £2,250.00
BA Amex (£2700) 4.9% = £2,648.92
Tesco Loan 6.7% = £16,071.48

Total: = £30,075.00


Now, I'll then be phoning Tesco and Amazon to see if they can offer me anything. I'm assuming they won't so they will be cancelled.

My dilema is, I applied for the HSBC in January, and the Amex this month (March). Now I want to apply for another low life of balance card but I've also seen that Tesco's basic loan rate is now 5.9% which could save me £35 a month. However it will be another credit search.

How long should I leave it before I apply for one/both? I'm really impatient and want tp apply for both now but I know that could ruin my chances of being accepted.

I would like to add that 6 months ago I couldn't get any new credit but since sorting my credit file the last 2 applications have been accepted! :j

m2712s

first a question how do you sleep at night next declear yourself insolvent and never touch a credit card again. honest mate i have been there

kathfisch

Nerd no 3 reporting for duty

Well your credit file is obviously improving but I guess its impossible to judge how strong it is, ie can it stand a few more searches being recorded. I don't have experience of cards etc so I'm not much help! Can you wait a while maybe and just apply for them one at a time. Also the cards that you expect to close, that will help with your "available credit" amount won't it. Not sure how long that takes to show on your file (that they're closed I mean).

Sorry... not much help! :rolleyes:

Lydia.42

Please don't take offence m2712s, but declaring yourself insolvent is not to be taken lightly, and should only be done if all else fails.
Many of us on here are trying to pay back our mistakes, having learnt the hard way, and fully accept it's not gonna happen over night.
Hence the wonderful advice from people here.
L

kathfisch

m2712s wrote:

first a question how do you sleep at night next declear yourself insolvent and never touch a credit card again. honest mate i have been there

Surely unnecessary and unhelpful. I have nothing but admiration for people who put in the graft to pay off huge debts rather than take the 'easy' route of bankruptcy etc.

Sorry SS for hijacking. Didn't want to sit back and say nothing.

Lydia.42

Think i would wait and speak to Amazon first. You have a nice high limit on that one, and they may offer you something good.
Then you can apply for another card in a month or two.
L

southernscouser

m2712s wrote:

first a question how do you sleep at night next declear yourself insolvent and never touch a credit card again. honest mate i have been there

When you say insolvency do you mean bankruptcy?

The thing is I wanna get a mortgage and will be able to in 2009! If I go bankrupt I won't be able to until 2012! :eek:

And I'm never using a credit card again! Except for tarting!

Edited to add: I sleep like a baby! :rotfl:

Lydia.42

Also, taking the 'easy' way out, does not teach you why you got in the mess in the first place.
I've lost count of the stupid mistakes i have made to get myself in the mess i am in today, but i have learnt the harsh way, and fully intend never to be in this situation again!!!!!
L

Ali-OK

Hi SS...nerd 017 logged on!!

I agree with Kathfisch on finding out how often those accounts you might close take to update your credit file - someone more senior than the phone operator will know. Generally its a month, but 2 of mine still aren't showing after 2 months!

Once they're shown as 'settled' on your 'current info' page of your credit report then I'd say you were fairly safe, plus that would give a bit of time lapse between searches.

My understanding is that generally companies take into account how much 'available credit' you already have when applying in working out risk.

Sorry, can't help with the impatience GP perhaps? :rotfl:

Lydia.42

PS. Just think, when we all get ourselves sorted and debt free, we are gonna be absolute whizz's at stoozing and financial advice!!!!! :rotfl:

Peppa_Pig_5

I agree with Lydia.42, see what Amazon have to say. If I remember correctly is your capital one on 0% and due to go up soon, what will the interest rate be? Keep strong you are doing well southernscouser, bankruptcy really should be a last resort.

Peppa
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