Rejected by Tesco & Sainsburys... But Why?

Murgy91

the santander card does charge intrest from the date the cash withdrawl was made,

i know this sounds silly but i realise a balanace transfer is pretty much when you shift one debt from a credit card to another, the only thing is shouldnt you be able to transfer money from your credit card to your bank account? i mean surely it works both ways? or was that just a stupid comment?

minidannii

I wanted to get a credit card to get a car when i was 19

i only saved £3000 at the time, and the car i wanted was £10,000

My parents said its better a loan than credit card, as they charge more.

I got my loan through the car place, i paid my monthly loan, but aswell as that i done alot of overtime at work, and started a savings, then when i saved enough i phoned up and paid my car of

I bought it in april 2008, the loan started in June 2008 and was ment to finish in June 2010, but paid it of January 2009


Honestly don't regret and buy a banger, if you want a loan get it ! I'd rather a car thats decent than something that will break down.

My brother got an older car, his friends call it herbie as it has a mind of its own always breaking down LOL

MrTomato

Murgy91 wrote: »

the santander card does charge intrest from the date the cash withdrawl was made,

i know this sounds silly but i realise a balanace transfer is pretty much when you shift one debt from a credit card to another, the only thing is shouldnt you be able to transfer money from your credit card to your bank account? i mean surely it works both ways? or was that just a stupid comment?

well no. That's more like how a loan works, and banks aren't stupid enough to have credit cards which can be withdrawn as cash for free for a few months when they could be making money on a loan.

And to the question in the earlier post. Banks/card providers charge for credit cards and debit cards. I think with debit cards its a fixed fee and credit cards have a percentage of the transaction taken.

Murgy91

i think a loan might be a better option for me then. Its hard to find a £2000 loan for a 6 month or 12 month period though. Only place is Zopa i can find one. Bank of ireland do do one however i dont live in ireland or have a bank account over there for 6 months nor my brother. So screwed there, ill keep searching i think

minidannii

Murgy91 wrote: »

i think a loan might be a better option for me then. Its hard to find a £2000 loan for a 6 month or 12 month period though. Only place is Zopa i can find one. Bank of ireland do do one however i dont live in ireland or have a bank account over there for 6 months nor my brother. So screwed there, ill keep searching i think

then why don't you take a loan out for a year, then phone up at the 6 months to pay it of quicker, also the loan will be cheap as you paid it of quicker

MrTomato

Murgy91 wrote: »

i think a loan might be a better option for me then. Its hard to find a £2000 loan for a 6 month or 12 month period though. Only place is Zopa i can find one. Bank of ireland do do one however i dont live in ireland or have a bank account over there for 6 months nor my brother. So screwed there, ill keep searching i think

Alliance and Leicester. £2000 over 12 months paying back a total of £2351.52 at £195.96. 15.7%.

The post office can do £2000 over 12 months as well at 13.9%.

It really isn't hard to find.

EDIT: I was wrong, it seems you can do 'balance transfers' to bank accounts. You can do a money transfer with certain cards to your bank. I don't know who offers it though or how much it'll cost.

neil9313

paulmcerlean wrote: »

you NEED to be on the electoral role before any lender will touch you.

To be honest thats not true, however if you have no credit history at all esp if you are young then it does make a big difference!

Murgy91

ive been on 2 comparision sites for loans moneysupermarket and money expert both just give me royal bank of scott land.....

hmmm the post office one sounds good, will keep hunting round, i always thought the intrest on loans was so high but to be honest there not really to bad... im learning quite a lot from this site. I've got sage as well so might start using that to keep track and plot ahead?

Any

Murgy, we need to start at the very beginning with your financial education.

Your problem is, that you have NO HISTORY OF DEBT. That is why you were declined on those two occasions. Lenders have a look into your credit report (every person has one) which is place with all your past information about debt - who lend you, how much, how were you repaying, how much, did you miss payments, did you pay late.... From this they get an idea whether to lend you or not. You don't have any history - you are very high risk for the lender and that is why main market cards will not touch you. Add your age and the fact that you only earn 13k pa (good wage for your age, but not enough to get good credit card straight away and when you do your limit will not be high) and add it up - now, look at it from their side - would you lend money at 0% to someone like yourself???

Zopa - you have to earn 25k pa to get normal loan (last time I looked, might have changed - but at 13k pa you certainly won't qualify).
So you have to do listing - listing means, that you put up your profile and you are asking direct folks like me and you to lend you money - again, at wages £13k pa, your first car - would you lend yourself the money??? And this is real people now - not even just bank - if they lend you money, because you are such a high rist they will ask for very high interest. That is the world of business - the higher the risk=the higher the interest.

What most young people do is to take subprime card (at ridiculous interest rates) and just buy every day things on it and pay it off straight away. By doing this they are creating themselves a marks on their credit reports - so once they do go to the bank for loan or main stream credit card the lenders have some information to judge them on. This process take anything from 6mth+ to 2 years.

I know you don't have that time, but that is the reality of life.

Any

Murgy91 wrote: »

Any my loan would be for 2k not 13k??

I know - I was saying that you are going to earn £13k pa. That means that your disposable income isn't going to be THAT huge. Definitely not what you think it will be. And it's real people who are lending on Zopa, so their thoughts will be exactly the same as mine.