Finding a loan with fair/poor credit rating

k-eastwood

Hi, I am after some help and advice if anyone can help! I've got 2 credit cards, both took out on a 0% interest offer (one was for a car purchase, and the other was from a previous credit card debt, as I switched). The offer has ran out on one of them now and shot up to 24.9% (which I knew was the deal). However i've tried to find another credit card to switch to, but i'm getting refused (and the more I try, the worse my rating is getting!) The problem is the balance on this credit card is high - £7000.
My credit rating must have been the same when I took the credit cards out, but as I was accepted I presumed I would not find it a problem to switch when these offers ran out. Now, as I am getting refused my rating must be fair/poor (I will check this with the credit rating company).
My plan is to consolidate both credit cards to a loan, but i'm worried that the apr will be really high if my rating is poor. Plus I will have to spread the loan over a long period of time to keep the payments manageable (if the apr is really high).
If anyone can help to advise me on what the best thing to do is, i'd be very grateful!
Many thanks,

Saints2011

Firstly, with the credit cards who are they with for example Lloyds?

Stop carrying out credit search's as I learnt in the past the more you do the worse it gets.

I wouldnt take a blind bit of notice what score or rating the credit reference agencys give you, they do not lend money! However your bank do, have you spoken with them and asked if your eligible for a loan as they can see how your account is run?

And of course what salary are you earning?

jonesMUFCforever

Sell the car and put the funds towards the debt?

k-eastwood

Thanks for your reply, the credit cards are with Virgin and the Bank of Scotland.

I will set up an appointment with my bank this week, to discuss this - however I rang them earlier and they couldn't really help me which has panicked me!

Do you know if the banks will still contact the credit reference agencies to obtain their decision?

k-eastwood

Hi jonesMUFCforever, that's my 2nd plan, but it depends on how much the car has de-valued - I need to switch the 2nd credit card as that 0% will run out in a couple of months too and will be in the same situation...

Saints2011

k-eastwood wrote: »

Thanks for your reply, the credit cards are with Virgin and the Bank of Scotland.

I will set up an appointment with my bank this week, to discuss this - however I rang them earlier and they couldn't really help me which has panicked me!

Do you know if the banks will still contact the credit reference agencies to obtain their decision?

Have you asked Virgin and Bank of Scotland if they have any deals for exisiting customers, + what are your credit limits on the cards against the balance held on each card? Could look at BT between them to get back onto a lower rate... depends though.

Which bank are you with out of interest?

Banks have monthly feeds from CRA's as well as internal data about you, if c/account is run well could have something to offer you.

k-eastwood

I've asked Virgin but they are saying that they cannot offer me any other offers, to help lower the apr. Plus i've reached the credit limit on both cards (£7k on one, £4.5K on the other) so I doubt i'd find a credit card company who would consolidate the full amount anyway (my plan was to replace both cards with individual new cards therefore still having 2 credit cards).

I'm with Barclays.

Saints2011

k-eastwood wrote: »

I've asked Virgin but they are saying that they cannot offer me any other offers, to help lower the apr. Plus i've reached the credit limit on both cards (£7k on one, £4.5K on the other) so I doubt i'd find a credit card company who would consolidate the full amount anyway (my plan was to replace both cards with individual new cards therefore still having 2 credit cards).

I'm with Barclays.

Right ok bit of a sticky situation, you have a lot of debt. I suggest you pop over to the Debt-Free Wannabe and see where cuts can be made.

Concentrate on the highest APR first throw every penny at it.

I was going to suggest that if the cards werent maxed out you could maybe BT between Bank of scotland and Virgin for 0% but paying BT fee to do so, but thats out of the window as you have maxed both cards out.

If you bank with Barclays check with Interent Banking as they show pre approved offers, you have debt of £12K unless you have a big salary you may struggle to get a loan. But do pop over to Debt-Free Wannabe !

Good luck ! :beer:

P.S

Maybe worth a shout pop over to Zopa I dout you will get a loan through Zopa itself but if you register you can create a listing where you post your situation and people lend money at a set apr to you. Click here to see

k-eastwood

OK thanks for your help and advice I appreciate it.

Saints2011

k-eastwood wrote: »

OK thanks for your help and advice I appreciate it.

Good luck, dont let it drag you down at least your trying to do something about it and not just forgetting it exists