Bank not taking my savings into account when asking for a loan

xyellowx

op- 20 years of clearing debt and you now want a credit facility to get more ?
if fiqures you quote are correct pay cash for everything if you havnt got the cash dont buy it,
only use a credit card for insurance purposes to protect you holidays/ high value goods etc dont worry about the high apr as you will be paying it off as soon as statement comes through your letter box (wont you).

chesky369

I find it difficult to understand how, having spent twenty years successfully paying off his debts, the OP hasn't managed to educate himself better in simple basic finances in the same amount of time.

DOZYMARE

I think he would just like to rebuild his credit rating. He's not saying he wants to get into debt, he would just like a better credit rating. It might well be for a mortgage or something in the future. Or just to have a clean slate.

Rupert_Bear

opinions4u wrote: »

Why are you so keen to get back in to debt?

For crying out loud you've had 20 years of debt. Save up for stuff.

Don't spend the next 20 years paying interest on a load of new debts.

Very sensible advice. However a credit card and in particular a cash back one can be a great aid. I use my card and clear the balance each month and at the end of year have a cash back amount credited back to me.

Rupert_Bear

shain101 wrote: »

Thanks for the replies. Noted and seems right and fair.

Have just applied for and received a Credit Card with apalling APR to help me rebuild the rating. Intend to do this properly and repay in full every month.

Have also just been put on the voters register so am well on the way to rebuilding the credit as per all the tips on this site.

Is 1 year a reasonable expectation before credit becomes Good (providing i don't default in any way)?

Will getting 2 or 3 credit agreements (and keeping them clean and paid regularly) better than just having 1 source of credit?

\
Surley this card with the high apr will meet your needs. You have already indicated you intend to clear the debt each month and based on that the apr should not be an issue.

shain101

Thanks for your replies even to those that think i am somehow trying to get back into debt.

Dozymare is right, I am looking to rebuild my rating.

I do not want to get further into debt but i do want a mortgage and for that i need a good credit rating. All of the above is to improve my rating.

My question was, it is faster to have 2 or 3 sources of credit to rebuild the rating or will one suffice?

BackOnTrack

You're credit rating won't really get any better until the defaults, ccj's or what ever markers you have on your credit report fall off after 6 years from when they were placed there. Until then you are going to have a poor credit rating no matter how many well run sources of credit you have. I would forget about loans and if you have a mobile phone contract and maybe 1 or 2 credit cards with no problems then your credit rating will be in good shape once the existing markers are removed.

shain101

BackOnTrack wrote: »

You're credit rating won't really get any better until the defaults, ccj's or what ever markers you have on your credit report fall off after 6 years from when they were placed there. Until then you are going to have a poor credit rating no matter how many well run sources of credit you have. I would forget about loans and if you have a mobile phone contract and maybe 1 or 2 credit cards with no problems then your credit rating will be in good shape once the existing markers are removed.

Thanks for that. It was the answer i was looking for.

StormyNight_2

I've had a similar problem, best thing is to sit down with the bank's manager, they always have the authority to override the system rules

opinions4u

StormyNight wrote: »

I've had a similar problem, best thing is to sit down with the bank's manager, they always have the authority to override the system rules

No they don't.