applying for credit card and loan at same time - need some advice please

Cozy9k

Hi all again, did my SOA here

http://forums.moneysavingexpert.com/showthread.html?t=346217

now looking through the guides on the left i have decided my best route to getting debt free is to go for the following

cahoot credit card Balance £2447.08 (limit £2,500) APR 10.9%

balance transfer to HSBC 0% interest till april 2008 (no spending on it!!!)

Cahoot flexible Loan – Balance £6203.29 (limit £6500.00) APR 14.9% Flexible loan

northern rock fixed rate loan of 5.8% APR for £6500 over 48 months putting in over payments when i can and more once CC is payed off


I think this is the best route for my debt problem at the moment anyway

my question is if i apply for the CC and the loan at the same time will it affect my credit history or get refused as i'm applying for two things at once, have never missed a payment with cahoot on either loan or CC

I think this is the best place to put it on the forum and if anyone could offer any advice that would be great

Cheers

Cozy

lynzpower

it might do Cozy

whats your credit rating like?

Cozy9k

lynzpower wrote:

it might do Cozy

whats your credit rating like?

fine i think, like i said never missed a payment on either, everytime i ring natwest (my current account) they try and offer me increased over draft limit, loan, credit card etc so i think my credit rating is good

how would i find out about my credit rating

sorry very new to all this

lynzpower

TRY EXPERIAN.COM

i think you still get a free trial via quidco as well

Cozy9k

lynzpower wrote:

TRY EXPERIAN.COM

i think you still get a free trial via quidco as well

thanks for that, not signed up for quidco yet, but will be doing as i have seen it mentioned alot on https://www.hotukdeals.com

will try that, going to apply for the HSBC card anyway, then see if i get that then will go for the loan from northern rock as i need to clear the cahoot loan asap with the APR being stumped up

thanks Lynz

Cozy9k

ok applied for the HSBC card (0% till April 2008) and they are sending me the documents in the post to fill out, now after looking through the forums and guides i thought with regards to the loan i might be better off with the egg card and m&s card to get my loan transferred but noticed that the m&s card is part of the HSBC group

so would i be able to apply for this too or due to them being part of the same group is it like getting two different credit cards from the same company

if i can't do it i will have to go through the loan to get rid of the cahoot loan but the M&S card would be ideal for me really so i could make overpayments to it as and when i can

can anyone offer any advice on this

Thanks

Cozy

thesaint

Yes you can apply for them both, what you won't be able to do is transfer your debt from one to the other.

immoral_angeluk

Just wondering why you want a loan for £6500 when you only owe £6200???? Wouldn't it be cheaper and easier to just get a loan for what your owe? That way you're not increasing your debt in an attempt to cut it down...

Cozy9k

immoral_angeluk wrote:

Just wondering why you want a loan for £6500 when you only owe £6200???? Wouldn't it be cheaper and easier to just get a loan for what your owe? That way you're not increasing your debt in an attempt to cut it down...

yeah sorry, don't know why i put that either, i was just rounding it up but yes it would be just for what i owe really, like you said no point getting more credit if i don't need it

thesaint Yes you can apply for them both, what you won't be able to do is transfer your debt from one to the other.

no wouldn't want to transfer between them, i would be paying both off seperately, just wanted the M&S card as its a lower interest rate than any loan at the moment and i can make overpayments to it when i can

immoral_angeluk

Cozy9k wrote:

yeah sorry, don't know why i put that either, i was just rounding it up but yes it would be just for what i owe really, like you said no point getting more credit if i don't need it

Wise move.

Cozy9k

update, after again looking through the forums i noticed it's not a good idea to apply for multiple cards in quick succession so as i was going to go for the egg money card and m&s card, (to do the egg money trick to get my loan rate at 3.9%) this is probably a bad idea as i have just applied for the HSBC card with 0% apr till april 2008

so i think i may be best off going with my original idea of the loan instead as i need to pay the cahoot one asap and i could jepordise my loan request if i have applied for more credit cards and then get refused

i'm not using the loan to consolodate, just get the apr down and start paying it off really as cahoot is a rip off and i need rid of it

anyone offer any advice please if this is a good idea as opposed to applying for 3 credit cards at the same time

Cheers

Cozy