good credit score gone bad

jet77 · 28 April 2006 at 10:15AM

Hi Pollypig - I'm reading - but I know what you mean, it feels good to get it all out even if no one is reading!!:beer: which is what I'm going to do below:

I've had similar problems with my credit rating. I did the free credit score link on the w/site and it said my credit rating was Fair but that the best loan available to me was Promise at 11.9% :mad: (far too high). I thought that this was too high so applied for lower interest loans with Northern Rock and Post Office but was declined for both and now my credit score is Poor:mad:

I want to raise £35k for house conversion and it's been suggested that I add to my mortgage (Halifax) to do so - are they likely to accept me (I know it's also subject to the report that their surveyor will do on the property) with Poor credit rating? and secured loans scare me - would it be better to go for 2 higher interest personal loans?

Any ideas?:D

CheeseOnToast · 29 April 2006 at 4:23PM

Hi polly, not trying to sound like a tool here but you can buy a very reliable and comfy car for a lot less than 6k!

Trust me, I bought my last car new cost me 10k because I wanted something reliable and comfy and you know, it's no more comfy or reliable than cars I know people have bought for like 1k or less!

Seriously you buy like a 5 year old Seat Leon for about 3K now, to me that says stylish and comfy??

Just an idea anyway..

hazeyj · 30 April 2006 at 11:17AM

We have a pefect credit score and recently got turned down for two loans. It turns out that experian had our address details typed incorrectly and the loans companies had inputted one of our previous addresss incorrectly too. Experian have apologised and have said that they will write to all companies who have recently done credit checks. Double check that you are on the electoral roll Too.

xmaslolly76 · 30 April 2006 at 12:13PM

Hiya pollypig

I have just done the same as you and had a loan to clear my credit card the only thing i would add is cut them up and close them down so you are not tempted to spend them all over again and be in an even worse position. :-)

pollypig · 2 May 2006 at 8:45PM

hi xmaslolly - I know - and don't worry, as soon as the money goes into my account (tomorrow fingers crossed) the cards are being closed (they're already cut up - have been for a while!)... while I may not have had a true "lightbulb moment" - I mustn't have to still want a £6k car I guess - I am still determined to change my spending habits - no more buying things I can't afford (apart from the car...). I desperately want to be able to get on the property ladder in the next couple of years so am aiming to save any excess money I have each month (plus a quarterly bonus) so that I can pay off the loan as soon as possible then I'll be debt-free - woo hoo!
jpett - thanks for reading! As for advice on whether to go for secured loan or higher interest loans I'm afraid I'm not the best person to ask (as I'm still silly enough to get loans for cars...)... think the best thing to do is start your own thread and ask for advice from the many experts around!
cheeseontoast - I know, I know... I didn't need to get such an expensive car to be comfy or reliable... but as I say above - don't think that lightbulb has fully gone off yet! I did want to go for something with very low miles and with a warranty from the garage, etc. and found a good deal on a Polo which I pick up on Saturday... I know this isn't the ideal situation when trying to pay back other debts but fingers crossed it will be paid for in a lot less than 3years and then it's all mine for a good few years to come!
thank you all for your responses and advice though - I don't want to sound ungrateful, I have gained loads of tips from these threads already and believe me, my life is going to change - I don't want these debts no more!

pollypig · 3 May 2006 at 2:41PM

have reported this as a bad post - last thing we need are more bad-rate loans!

hazeyj · 3 May 2006 at 6:48PM

pollypig wrote:

have reported this as a bad post - last thing we need are more bad-rate loans!

I tried to do this too but was told the thread was broken?

Warriorsith · 3 May 2006 at 7:22PM

Just out of interest why are there a couple of posts stating that the person was reclaiming bank charges from over 2-6 years , from the bank that gave the charge. Have I missed a thread about Charges, can someone please bring me up to date as my bank has given me a good few charges in the last few years.