Need a small loan..wrong time to apply?

ferry

Hi all need some advice again please.
I need a £2000 loan but am a bit condcerned over whether to apply at this stage?
Heres my situation.
I have just remortgaged to another lender only last month.
I have a CC with Virgin it has a limit of £9000 of which I have just paid off £8500 but it is not yet showing on my credit file and believe its down to this that may hinder me getting a loan?
Today I signed up for CallCredit to check my repoert and they have a service that matches me to lenders I most match for a loan
Alliance & Leicester came out top - but based on this info is it worth applying for the loan?Or should I wait until the new CC balance is showing on my account?

Thanks as usual for any advice
F

stephane_2

You must wait until your credit balance is updated with the CRA. Sorry to ask but why do you need to borrow £2000 when you've just paid off £8500 to virgin...it does not make sense to me, a loan for £2000 will incur very high interest rate

ferry

Thanks
My Virgin CC 0% deal is about to expire and I shall be closing it once I pay the rest off.Plus I've heard that Virgin tend to raise the APR quite considerably with low useage clients.

I have had the unforseeable to carry out repairs to my house so the need for a loan,but also I feel more comfortable knowing theres an 'end date' to the borrowing with a loan.

Cheers
F

stephane_2

Once you've paid off the card, Virgin might be willing to give you a special rate or you could try applying to an Egg Credit Card which will give you as well the possibility to transfer fund to your account. I would not completely trust Call Credit to have a accurate view of your report, you should try experian or equifax on their free 1 month trial and cancel before the month end

ferry

Does the fact I have remortgaged in the last month make any real difference when applying fro credit?

jonesMUFCforever

It will depend to a large extent to how many searches have been done on your credit files say in the last 3 months together with your general payment history.
If you are squeaky clean expect no problem in getting a loan although you will not get a great rate for that amount.