Need some help with loans and such.

lewyb86

hello guys and girls this is my first post so be gentle.

Im a 24 year old male who earns 23k a year and a credit score of 811 no missed paymeants in 6 months i have a loan with halifax 11k figure to pay off now and i pay 400 a month i have no debts in cc i have the usual car insurance and mobile phone monthly.

Now me and my girlfriend are going on hol in march and need to pay it off by dec26th the balance is 5500 so i applied for a loan to clear the 11k and pay the hol so 17k i was refused and the reason for it was credit score was not high enough.

Now would i be more likely to get a loan for 5500 rather than the 17k would doing a joint application help us? i can realisticlay afford to pay an extra 200 a month by myself and still be ok so im getting frustrated with it lol. my girlfriend has a credit score off 871 and only 600 left on her loan and thats it and she was turned down by her bank for a loan off 6000.

Halifax cant let me apply again for 30 days so i want some advice to help me out.

i have a cerdit card with a 4500 limit and nothing on it at the mo.

would geting 0% cc paying the hol of that way be a better option do i stand a better chance with the credit card option

sorry for the long post

cheers guys.

Emmzi

of you look at your total available credit, a good rule of thumb is if it's more than half your salary, you won't get the loan. Not foolproof but a useful guide.

17k is too high a loan on a salary of 23k. with you c card it'd be 21.5k. WAY too high.

MFWannabe

You got turned down because you are asking for too much credit. You already have a loan of 11k and 4.5k available credit on a card and you are asking for an additional 5.5k. A total of 21k!!!

What sort of a holiday costs 5.5k????!!!!! If i were you i would choose a cheaper holiday.

alissa

There is no hard and fast rule. Last time I was refused for 15k loan by HSBC and they asked me to reapply after 6 months.

May be you can try after 3-6 months time frame.

closed

use the CC, save up the rest, and then head over to the debt free wannabee board to reign in your overspending before it's too late.

lewyb86

cheers guys i didnt realise the cc added to my overall credit allowance. well a hol change is not an option sadly.
well could i close my credit card and apply for a new one at 0% and do it that way?

One_Day_Rodney

Is your girlfriend paying anything towards the holiday ?
Can she not help out with cards and/or loan application ?

I hope it's a good holiday, because, by turning to credit it will cost thousands more than the £5.5k (+deposit) you originally paid :eek:

As with most posts, I know we don't know the whole story, but it does seem a bit mad on the info you have given.

KingElvis

Wow, that's some holiday, where're you going? the moon?

You need to scrap that holiday and stop dreaming of huge loans or you'll be on the debt free board pretty soon.

somethingcorporate

I agree with the others, it appears you are on a very slippery slope and don't quite realise it yet.

At present it would appear that you are not living within your means.

lewyb86

My girlfriend can get a loan or cards i reckon about 3.5k worth going on the rough 50% earings we can cut the hol by 2k by changing the flights I think. As a couple we have enough income to pay the loan or cc but but we can't get the big amont each so I think if I can change the flight and then she can get the loan and then we can both pay it off that way overpay and get it gone quick.

KingElvis

Just out of interest, where are you going that would cost 5.5k

You going business class? very nice if you are.....send us a postcard as we plod through the rain LOL