Loan or Credit Card

Nirvana9

Tixy wrote: »

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.

Thank you tixy - much more helpful than some replies

I wasn't aware that my overdraft counted as credit. Do you know of any resources that explain exactly what does and doesn't count towards (or against) your credit?

Tixy

Any account that you open that mentions by phone or in the agreement that they will report to the credit reference agencies will count as credit and effect your credit file.

Certainly overdrafts count - and if you use it every month this will be visible on your credit file to other potential lenders. If you breach your limit, or have DDs refused because you've reached your limit this is recorded as a negative on your credit file.
Obviously credit cards, loans, mortgages, store cards, catalogues etc.

Monthly mobile phone contracts, gym memberships, sometimes car insurance if you pay monthly - all are likely to be on your credit files in the credit accounts sections.
Some utility companies now report - e.g british gas do, BT do.

Not being on the electoral roll affects your ability to get credit.
Having different addresses on accounts can affect your ability to get credit.
Not being consistent on your applications can have a serious affect on your credit file.

Might be worth a read of this - Credit Rating: How it works and how to improve it

Nirvana9

Thanks Tixy, you've been a great help.

izools

Nirvana9 wrote: »

Thanks a lot. Definitely a good point about buying other things. I couldn't say 100% I wouldn't be tempted!

Oh and when I'm talking about a great 'bed' I'm referring mainly to the mattress. We need a new bed frame too but it's the mattress that most the money will be going on.

Thinking more loan now. If it doesn't improve my credit rating I guess I could just get any credit card in the future and make a few small purchases to build my rating up...

I have to say I completely understand where you're going from.

I bought a very nice memory foam matress for the OH and I about five years ago and it has been brilliant. We moved in July and the flat we moved in to is furnished with a King Size bed not Double, so our Memory foam matress was redundant...

Problem is the OH suffers with Sciatica and Scoliosis and the poor quality matress that came with the flatt has left him in a very bad state with his back - to the point I had to call an ambulance out on Friday.

So, now I also have to spend a shedload of money on a king size memory foam matress. I'd prefer to ditch the bed that came with the flat but I value not being eveicted and there's nowhere practical to stow it... Happy times...

Empathise with your position OP, although I won't be spending £1,200...

Nirvana9

izools wrote: »

I have to say I completely understand where you're going from.

I bought a very nice memory foam matress for the OH and I about five years ago and it has been brilliant. We moved in July and the flat we moved in to is furnished with a King Size bed not Double, so our Memory foam matress was redundant...

Problem is the OH suffers with Sciatica and Scoliosis and the poor quality matress that came with the flatt has left him in a very bad state with his back - to the point I had to call an ambulance out on Friday.

So, now I also have to spend a shedload of money on a king size memory foam matress. I'd prefer to ditch the bed that came with the flat but I value not being eveicted and there's nowhere practical to stow it... Happy times...

Empathise with your position OP, although I won't be spending £1,200...

Thanks izools, nice to hear that someone else does realise what a pain (literally) a poor mattress can be, although certainly our situation isn't as bad as your OH's.

Have you not tried talking to your landlord/letting agent about them disposing of the current bed for you?

We rent too and I was worried that they wouldn't let us get rid of it, but the agent came round and agreed that both the mattress and frame need the bin. It probably helps that we weren't asking for a replacement but to buy our own instead.

(and before anyone starts ranting on about how it would be much more financially frugal to get the landlord to buy a new bed... I don't want another crap mattress!)

bouncydog1

Seriously, make do with a new mattress for now. If you are getting back pain then you and your partner need to have a real think about why and don't just focus on "it's the mattress".

That way you can make an informed decision when you have the cash to buy a really good bed that will last. OH and I went for a water bed nearly 20 years ago because we both had back pain. We moved from a double to a superking foot with two mattresses - much better because if one of you is much heavier than the other the little person will end up rolling down the hill!

You should be able to get an o.k. mattress for around a couple of hundred that will last at least a year. In that time you can do your research and buy what you need. Would definately recommend a water bed though - they move with you and each side is termperature adjustable - back pain disappeared.

pepperpot22_2

I understand that the replies advising to save up for the bed might be interpreted as boring, holier than thou, smug, patronising or whatever but honestly, as someone who ignored advice like this, then managed to pile on debt on debt for years...........my advice is save up and buy a reasonable mattress that will last a year or two in the meantime.
It’s sooo easy to fall into the trap of thinking 'it’s only a small debt and I can easily manage this' – ‘I’m earning decent money and I deserve some decent quality stuff, I’m not stupid enough to get in massive debt’ – but it’s so easy for debts to start building up once you go down that road unless you’re very disciplined with money. Fortunately I never got the point of being unable to pay debts but I did get to the stage where so much of my salary went on debts, I had the minimum to live on and the prospect of this carrying on for years and years. Not much fun and in hindsight it definitely wasn’t worth buying ‘nice’ things on credit for that.
I’ve been fortunate in getting some money which has just *thank goodness* paid off all my debt. But I’ve now totally changed my attitude to money and take pleasure in paying for everything outright with cash. It might sound a bit twee and folksy but it’s true.
And remember the credit card and loan companies are very quick to turn nasty at the first hint you’re struggling to pay.