Can't get a loan!!! help!!

Jax86

OK, i'm in a bit of a pickle.

I currently have 11k on 4 credit cards and a loan. I have a top credit score, never missed a payment and always pay more than the minimum amount for all cards.

But i can't get a loan to pay them all off!!

My parents are getting a divorce and the house has gone up for sale...so basically it's only a matter of time before i need to find somewhere to live!!

I want to get a loan to pay off all my debts so i can afford a mortgage with my boyfriend as we really don't want to rent. But no bank will give me a loan!!

As i now need a loan urgently i've stupidly applied for 3 different ones in the last couple of weeks (which is bound to have a negative effect on my rating) but i'm desperate!!

I have a good salary and have proof i can afford the monthly payments...why won't anyone give me a loan?!?!?!

Please help!!! :(:(

vaporate

If you can't get a loan, how will you get a mortgage?

You are being declined because you have too much credit.

You have no choice but to pay your debts off the old fashioned way that time forgot, with your own money.

CLAPTON

and what is you salary?
how much was the loan you applied for?
are you on the electoral roll
what does your credit record say

vaporate

CLAPTON wrote: »

and what is you salary?
how much was the loan you applied for?
are you on the electoral roll
what does your credit record say

In addition, put up a SOA, statement of affairs. incomings and outgoings.

LoopyPrune

Sounds like your on your limit for top credit score. If the loan company/bank lent you the money whose to say you pay off your CC and don't just go blow the money on a holiday or whatever? Think of the bigger picture like the bank does. What happens if you loose your job?

Ive only been active on these forums a short while, but everyday there is a new poster asking the same as you. I have £X amount across X number of cards and now I want a loan ontop of that. If you were a bank would you give somebody with 11k on CC a loan? I wouldnt unless it was secured.

montysandra

ive tried for a loan myself ive tried Yes loans and there a rip off they give your details to sharks all they want is your money on arrange ment fees and premium phone rates so don`t try them and PLEASE PASS THIS ON

Rob_UK

Jax86 wrote: »

I currently have 11k on 4 credit cards and a loan.

As i now need a loan urgently i've stupidly applied for 3 different ones in the last couple of weeks (which is bound to have a negative effect on my rating) but i'm desperate!!

Because you have maxed out your current ones and they see you asking for more money, so, they their bells start ringing.

Rob_UK

montysandra wrote: »

ive tried for a loan myself ive tried Yes loans and there a rip off they give your details to sharks all they want is your money on arrange ment fees and premium phone rates so don`t try them and PLEASE PASS THIS ON

Not just them, most of the brokers just want fee :mad:

skintboater

Go to experian.co.uk
They are one of the credit vetting agencies, do a credit report on yourself (there is a free trial at the moment).
Once you have got your report you can ask it to do a search on the companies that are prepared to give you loans based on your credit score and rating.

If there is nothing for you then forget it! But, at least you will know.

CHR15

Suck it up and Rent for a while.

Sounds like you simply cannot afford a loan at all. With 4 CC to feed along with a pre-existing loan, how are you going to afford even MORE repayments (along with a nice Mortgage to feed and house to furnish)???

immoral_angeluk

I don't understand why you are so desperate for a loan. You are currently paying over the minimum for your debts so are currently in a much better financial position that most. You don't need a loan, you need to look at your budgetting and your options for housing. A loan will only compound the problem and cost you more over the term in interest. Fact is it's highly unlikely you will get a loan as by making numerous applications in the past few weeks no lender will want to take you on as you look desperate and therefore high risk.
Have you looked at what your household budget would be together? How would you work out the bills? Personally I wouldn't recommend getting a joint mortgage with someone unless you have been married a while. Sounds old fashioned, but in my line of work I see soooooo many people in trouble with joint mortgages and they're an absoluten nightmare to sort out if you and your boyfriend split. Sounds negative but you have to think of the worst case scenario as it's far too common. Renting would also open doors such as possibility of claiming housing benefit/council tax benefit depending on your circumstances, also on the whole renting is cheaper, plus you are not liable for routine repairs etc. I personally wouldn't be recommending a mortgage in your situation as I can't see it ending well. Sorry if that sounds harsh I'm just being realistic!