Moving and will need a smallish loan.. help as cant rely on Santander!!

Metoyou1991

Hiya,

Im an Admin Assistant in Kent area currently earning £17,250 a year and have done my first stage of AAT.

Me and my boyfriend are moving to Swindon in a few months time but need some money behind us in order to do so. We will both need new jobs and a new flat etc so we will need some savings to get by at first. I have a credit card with a limit of 2grand which we both pay 200plus off a month but still have 1500 to clear due to some spending of our recent holiday in May 2012. I also have a £800 quid overdraft which gets paid off every month and then I go back into it. Plus the odd phonebill and stuff. I am 21 and not currently on the electoral role (but have been at parents address a year ago)as we were only shortly stopping in kent so thought there was no point. My problem I have is that Santander are so temperamental with handing out credit I dont know whether to ask or not! I asked before (when living with parents) for a credit card they said no and gave me an overdraft, then i went back a year later (last August) and asked for a loan and they said no have a credit card but also admitted that I was lucky because "the computer" decides who gets credit on what day, she said I was very lucky to get accepted for my 2 grand credit card (offered me 3 grandbut only took 2 grand) To me that sounds unfair and surely it should be purely based on my situation and my how well my finances are handled. I have had bed and TV agreements which have been fully paid and have only had one default on my credit card which was caused by interest.

Is it better for me to start building another relationship with a different bank or do all banks operate the same? I was only looking at having a 3 or 4 grand loan, paying off my overdraft with that and just having the loan repayments and CC. My boyfriend is very reliable and even though the repayments will be in my name he hasnt failed me yet in the last years in helping paying the money back.

What are my options?

DCFC79

Can i just aks why you havent saved up a portion of your wages each month ?

I know its not an answer so i apologise for that, just intrigued.

KingElvis

Both NEED new jobs?

Does that mean you'll be unemployed? wow, no lender on this planet will touch you with no job.

Metoyou1991

we both have alot of outgoings but we use our Credit Card as a way of saving by piling money onto it. We both have a decent income at the moment. We arent going to be unemployed I hope. We wont move from kent unless we have both secured jobs but hope to get some credit before moving, but wont be on the electoral role. We can stay with his mum as she has a self contained annex in Swindon so the flat can come later. Was just wondering whether to stick with santander or try somewhere else?

Voyager2002

You are already in a lot of debt, so getting even more is not a good idea at all. Start by paying off some of what you owe, and you will find that you are paying a lot less in interest and charges.

If you can find good jobs in Swindon, then ask the new employer for help with relocation expenses. As things stand at the moment, it is glaringly obvious that if you borrowed a few thousand more you would not be able to repay it, and for that reason no bank will give you that loan.

And a loan of three thousand is not "smallish". That amount of debt can ruin your life.

bargainbetty

Use the facilities on here to do a statement of affairs for your household now, and the household you expect to have (assume the same salary levels for both). You say you have a lot of outgoings - perhaps it is time to think about reigning these in a bit.

You don't save money by 'piling' it onto a credit card. You just have slightly less debt that month. If you are living in your overdraft, that will also count against you for the loan, as it shows you cannot manage your monthly finances. Do you have to move in a few months? Can you wait a bit longer and do it when you have cleared some debt, got some savings behind you etc?

Good luck, whatever you decide.

molerat

Metoyou1991 wrote: »

................. so we will need some savings to get by at first. I have a credit card with a limit of 2grand which we both pay 200plus off a month but still have 1500 to clear due to some spending of our recent holiday in May 2012. I also have a £800 quid overdraft which gets paid off every month and then I go back into it................................

To me that sounds unfair and surely it should be purely based on my situation and my how well my finances are handled. I have had bed and TV agreements which have been fully paid and have only had one default on my credit card which was caused by interest.

Which to be honest is not that well. You are not going to be given more debt at a reasonable rate. Get saving and pay off the OD and card.

Metoyou1991

Thank you very much, I think its always helpful to have advice from someone looking over the fence rather than turning to somebody already in your garden (if you sort of see what I mean) obvisouly me and my boyfriend should clear off our credit card and overdraft and save up some cash rather than attempt more credit. Santander told me I wouldnt be able to have a mortgage until i have a LARGE loan and so I think thats stuck in my head abit and I just wanna work my way up the ladder a little bit. Dont get me wrong, we dont worry about money and always pay off comfortably what we owe but thank you very much for being honest and pointing out what we should of.

molerat

Metoyou1991 wrote: »

Thank you very much, I think its always helpful to have advice from someone looking over the fence rather than turning to somebody already in your garden (if you sort of see what I mean) obvisouly me and my boyfriend should clear off our credit card and overdraft and save up some cash rather than attempt more credit. Santander told me I wouldnt be able to have a mortgage until i have a LARGE loan and so I think thats stuck in my head abit and I just wanna work my way up the ladder a little bit. Dont get me wrong, we dont worry about money and always pay off comfortably what we owe but thank you very much for being honest and pointing out what we should of.

If that is true I would have made a complaint about whoever gave that information, a mortgage is judged on many things but having had a large loan is not one of them.

Look at these facts as a bank would

Using over 75% of your card limit and not making large inroads into it.
Always into overdraft.
A CC default (if caused by interest then must have been over limit ?)

3 big negatives on your credit file I am afraid. You do need to tidy up your existing borrowing before you will be given the chance to take on more.

Metoyou1991

molerat wrote: »

If that is true I would have made a complaint about whoever gave that information, a mortgage is judged on many things but having had a large loan is not one of them.

Look at these facts as a bank would

Using over 75% of your card limit and not making large inroads into it.
Always into overdraft.
A CC default (if caused by interest then must have been over limit ?)

3 big negatives on your credit file I am afraid. You do need to tidy up your existing borrowing before you will be given the chance to take on more.

Thank you, yeah she said you cant have a mortgage until you have had a large loan as that would be working your way up the ladder. Suprised me a bit, especially when she said that one day the computer will give you credit and one day it wont. That made me think ' hold on, i wanna speak to someone face to face and have them judge me that way rather than playing yes and no with a computer. Anyway, before posting my first thread I did have a look at some of the things other people were saying and they sounded a lot more greedy than I do so I didnt think there was any harm in asking you guys. I appreciate all of your comments.

Metoyou1991

Metoyou1991 wrote: »

Thank you, yeah she said you cant have a mortgage until you have had a large loan as that would be working your way up the ladder. Suprised me a bit, especially when she said that one day the computer will give you credit and one day it wont. That made me think ' hold on, i wanna speak to someone face to face and have them judge me that way rather than playing yes and no with a computer. Anyway, before posting my first thread I did have a look at some of the things other people were saying and they sounded a lot more greedy than I do so I didnt think there was any harm in asking you guys. I appreciate all of your comments.

Is it true that some lenders will decline you on a basis that you WILL pay back the money and they dont want that. They would rather you fail at making payments so that gain more profit? So even if someone had an exellent credit rating they could still get declined as the lender wouldnt make profit out of them?