getting a loan

HollyTW

hello, i applied for a loan at hsbc my bank and couldnt get a loan, i have a credit card to the max (£5000) and a live in my overdraft (-£1500)..... i ran a credit check and got a score of 888 , the problem appears to be using all my disposable income!! i am on £22,000..... and have a few glitches on paying bills but am generally good!

who and what you recommend for getting a consolidating loan so i can organise my money???
thanks
holly

[Deleted User]

I wouldn't. Get down to the DFW baords and start cutting costs and paying off the existing debts. Particularly aim to get out of your overdraft.

And make sure all bills are paid on time in future.

MFWannabe

HollyTW wrote: »

hello, i applied for a loan at hsbc my bank and couldnt get a loan, i have a credit card to the max (£5000) and a live in my overdraft (-£1500)..... i ran a credit check and got a score of 888 , the problem appears to be using all my disposable income!! i am on £22,000..... and have a few glitches on paying bills but am generally good!

who and what you recommend for getting a consolidating loan so i can organise my money???
thanks
holly

Quite simply you won't get a consolidation loan; you live in your overdraft every month which is seen by potential lenders as very bad money management and your credit card is to the max, another bad sign.

The scores from credit checks are meaningless. Banks use their own scores and the above will not be giving you a good score.

Your best bet is to sort out your current debts as they are.
Get yourself another bank account; different to the banking group you currently bank and have your overdraft with. Remember that at the moment your bank could call in the overdraft at any time and take your money.

Get your wages paid into new bank account and set up a standing order each money to overdraft and credit card. That way you make regular payments each month.

Set up direct debits with bills too so they are paid on time each month; as you have said you have had a few glitches on paying bills.

You earn a good salary and it's not a huge amount of debt for your salary BUT you have to learn better money management. Get over to the DFW board and post an soa using www.makeseneseofcards.com and they will help you to see where you could make cutbacks.

CLAPTON

HollyTW wrote: »

hello, i applied for a loan at hsbc my bank and couldnt get a loan, i have a credit card to the max (£5000) and a live in my overdraft (-£1500)..... i ran a credit check and got a score of 888 , the problem appears to be using all my disposable income!! i am on £22,000..... and have a few glitches on paying bills but am generally good!

who and what you recommend for getting a consolidating loan so i can organise my money???
thanks
holly

what do 'occasional glitches' mean?

banks will look for a perfect record of payments being made on time

what do your credit records actually say?

were does your income actually go
do a proper budget e.g.
http://www.makesenseofcards.com/soacalc.html
start to keep a spending diary and write down absolutely everything you spend
stop spending anything that is not absolutely essential

unless you are about to default on your OD or CC do not transfer your income to another bank account; if you do many banks will close your overdraft and demand immediate repayment