Loan for £1000 with Halifax - Chances of acceptance?

kimminess

Hi All,

Just looking for a little guidance before I mark my credit report with an application! I'm looking for a loan of £1000 for some expensive car repairs. I've banked with Halifax since January this year which is my main area of concern as I don't know if that's long enough!

My current status is full time employed, 19 years old, salary of £17500pa after tax, lived at my current address for 13 years (with parents).

I currently have:

Lloyds TSB credit card, balance of £1500/£2000
Very account, balance of £56/£1400
Next Account, balance of £38/£1000
Topshop Card, balance of £10/£150

I have an overdraft of £100 which I have never used. No defaults, CCJs, bankruptcies, or late payment markers!

What do you think my chances are?

EDIT: I realise this will put my debt free date forward, I'll be making overpayments as soon as my CC is sorted.

McKneff

Why not apply for a 0% credit card to pay for the repairs.

No interest at all if you can pay it off

kimminess

Aha that is actually a very good idea.. Stupid me didn't think of that!!

Thanks for your help, I'll look into it!

kimminess

*sigh* Just applied for a Natwest 0% deal and was declined Back to the drawing board!!

McKneff

Have a word with Halifax in branch, dont apply on line, ask them what your chances are before they do yet another credit search wich will be listed on your file.

Good luck

kimminess

Thanks for your help

Macca83_2

The Halifax have a system which if you apply in branch they can pretty tell you there and then what your chances are of getting a credit card. This can be done without having to credit score.

plane_boy2000

£1000 is a very small amount for a loan - as you already have an overdraft with Halifax they may be willing to extend it to cover this bill. I assume you have your pay go in each month, and based on your figures thats almost 1500 a month going in so I would think your chances would be good

YorkshireBoy

plane_boy2000 wrote: »

£1000 is a very small amount for a loan - as you already have an overdraft with Halifax they may be willing to extend it to cover this bill.

Halifax charge £1 per day for overdraft usage. That's very expensive borrowing indeed!

I assume you have your pay go in each month, and based on your figures thats almost 1500 a month going in

So, enough to pay for the car repairs and £500 left over for existing debt servicing and 'spends' then?

kimminess

Oh dear can anyone tell I was tired writing that post?! I've amended it now, I get £1119 a month or just less than £280 a week, the salary I gave above was before tax and NI!! Sorry! I'm paid weekly as well if that makes a difference.

I currently pay £50 a week for the car itself (Yes, naivity set in and I decided I wanted a fancy car...) and pay £50 a week towards my CC. I generally use £30 a week on petrol and the rest on food, spends etc.

I'll pop into Halifax tomorrow and see if they can help me, thanks for your advice everyone x

DCFC79

You earn a good whack each month why haven't you got a savings account with a portion of your salary going in each month ?

Maybe something to think about for the future.