Loan or Credit Card

xyellowx

op- to say you cant afford to buy the bed without a loan or credit card assistance bit of a snobby attitude to say the least

but probably the same snobby attitude that got you a bad credit rating in the first place
live to your means you dont need somthing you cant afford to pay for

Malky

Nirvana9 wrote: »

I want to enjoy a few more things before I focus on getting the overdraft paid off

You're constantly in your overdraft, you spend too much, you're just about breaking even every month and now you're looking at taking out further credit? Tesco have turned you down already. Does that not tell you something? And how do you propose to pay for this "enjoyment" you speak of?
Try going over to the DFW board and see where you can make some savings each month.

Nirvana9

Seriously people, I was not asking for your opinion on my spending.

I was asking for advice on whether to get a credit card or a loan. Pure and simple.

Flippin well done to you all if you can scrimp and save at every point, but for the first time in my life I've got enough to money to play around with and I want to enjoy it. I did not ask for your opinion on this.

Tesco rejecting me doesn't tell me anything since they obviously did not tell me why they rejected me. It could be simply because I've never had credit before for all I know.

Get over yourselves. Everyone's different. I do apologise though if me wanting to enjoy what I'm working very hard for offends you.

Nirvana9

xyellowx wrote: »

op- to say you cant afford to buy the bed without a loan or credit card assistance bit of a snobby attitude to say the least

but probably the same snobby attitude that got you a bad credit rating in the first place
live to your means you dont need somthing you cant afford to pay for

Please can you explain my supposed 'snobby attitude'?! How does me not having a grand up front right now equal snobby...?!?!?

I honestly have no idea what you're on about apart from the fact that you're being quite offensive. Yet I'm not sure how.

[Deleted User]

Nirvana9 wrote: »

I was asking for advice on whether to get a credit card or a loan.

........

I've got enough to money to play around with and I want to enjoy it.

Then the answer's got to be neither. Spend your own money on the bed, and then get a credit card to use regularly and pay in full each month to help build your credit rating. May need to go sub prime, but it doesn't matter if you're paying in full.

No point in getting a loan if you don't need it.

Nirvana9

Deleted_User wrote: »

Then the answer's got to be neither. Spend your own money on the bed, and then get a credit card to use regularly and pay in full each month to help build your credit rating. May need to go sub prime, but it doesn't matter if you're paying in full.

No point in getting a loan if you don't need it.

But as I said I really do need a new bed. Me and my partner are getting back pain most days and the state of the mattress is affecting our sleep.

I know it's not ideal but it's hardly like I'm bogged down with debt (just an overdraft and a student loan) and I know I can afford to pay it off each month.

Despite what people on here seem to be thinking, I'm not a complete idiot with money. I am saving each month, I just can't wait any longer for a new bed.

Thanks for not throwing weird insults at me though

And btw, what's 'sub prime'?

[Deleted User]

Sub prime is when your credit isn't good enough for mainstream lenders to give you a loan/card.

So if you can't get a Barclaycard, an Amex, a Halifax card, etc, then you try Capital One, aqua, Vanquis, etc.

If you really do need a new mattress - as in your current one is going to cripple you - then just focus on that and forget the frame. And see how little you can spend for one that will last you a couple of years. Sod the environment at this stage. You can plant a tree or something later on to make up for it.

xyellowx

"argos and the like will be a last resort"

even argos check customers before giving credit

Nirvana9

xyellowx wrote: »

"argos and the like will be a last resort"

even argos check customers before giving credit

Who's the snob now?

Seriously - do you want to explain your 'snobby' comment?!

Tixy

Nirvana9 wrote: »

Tesco rejecting me doesn't tell me anything since they obviously did not tell me why they rejected me. It could be simply because I've never had credit before for all I know.

You have had credit before - you've had an overdraft. And not managed it well if you use it every month.

You could get copies of your credit files to see what is recorded on them (check there are not any errors, check it shows you are on the electoral roll etc).

So you might well have been refused because you have very little credit history and what you do have isn't great. And for that reason you'll likely be declined by other prime lenders as well.

So you are likely to either be looking at a subprime card - limits often start around £500 so you couldn't buy the bed with that anyway, and the interest rates are so high that its foolish to use them for anything other than credit building and repaying in full each month.

Another possible option might be to try applying for a card or loan with your own bank. If you've been reducing the amount of overdraft you use since you had your payrise and if you've never gone over your overdraft limit and if they can see that you've had a payrise from your monthly credits in the accounts increasing - then they may be prepared to consider you for a card or a loan - at an APR to reflect their risk.

If your own bank won't lend then no other prime lenders will either.