Cant get loan anywhere !!!!

[Deleted User]

Never been bankrupt. Never had any financial problems. Have very rarely missed any sort of payments for anything.

Got massive equity on my house (still !!!). Earnm well above average salary.

Only problem is I've quite a few credit cards with quite large limits (probably about £80K if I added it all up). Only about 1/4 of these limits used and I can pay quote comfortably every month.

I just want a loan to simplify things to pay off and consolidate 1 or 2 of the cards (the others are low interest life of balance). All I want is a loan of about £5K.

Been turned down by 2 or 3 lenders already. Any comments?

drbesty

You have a combined limit of about 80K, you're using a quarter of that so 20K, you want 5K to pay your cards off, something doesn't add up. Why not just balance transfer to the card with the lowest APR and then pay that off.

[Deleted User]

drbesty wrote: »

You have a combined limit of about 80K, you're using a quarter of that so 20K, you want 5K to pay your cards off, something doesn't add up. Why not just balance transfer to the card with the lowest APR and then pay that off.

Because £15K is on two lifetime of balance cards, the other £5K is on standard rate (on three cards)

Unfortunately, the two lifetime balance cards are no longer offering this rate on balance transfers. Hence the need for loan.

AMILLIONDOLLARS

[quote=[Deleted User];32673303]Because £15K is on two lifetime of balance cards, the other £5K is on standard rate (on three cards)

Unfortunately, the two lifetime balance cards are no longer offering this rate on balance transfers. Hence the need for loan.[/QUOTE]

You've just answered your query why you can't get a loan, if you are too good at paying off balances and too bad when you don't, no one is going to lend you money!!!! You need to reduce your limits on your cards, if you can add up 80k worth of available credit, so can the CC companies, they probably think you have over your borrowing limit. Cancel some cards then wait six months. Hopefully things will have improved.

AMD

BoGoF

Your available credit may well be the problem. The way the lenders see it as you may well be able to afford the loan repayments now but could you if you maxed out your credit cards? Consider getting rid of any unused cards.

I don't think the equity in your house is much of a factor for an unsecured loan. By continually applying for and getting turned down for loans you are weakening your credit score.

Have you no savings you could use ?

CLAPTON

what's your salary?

[Deleted User]

No savings. Joint income about £55K pa.

Things is I've had all these credit cards for years. Back in the days when they used to chuck the money at you !!!

CLAPTON

it seems strange to say 'never had any financial problems' when you are in 20k worth of debt and sometimes miss payments.
20k of debt is serious financial problem.

what exactly do your credit records say; when did you last miss a payment

is the debt all in your name? how much is your salary? it might be that the debt to salary ratio is considered too high. did the loan application ask for your partners income details? do they have debts in addition to your 20k?