Advice Re: Possible application to Captial One

linniloo

Dear all,

Just after a spot of advice really - following a very tight month moneywise I am about £100 short for a payment I need to make by the weekend.

I am considering applying for a credit card to cover this cost and paying it off when I get paid at the end of the month.

I have a loan for £15,000 but have made payments of £300 regularly for the last 12 months on this so the balance has reduced, I have £400 owing on a bank loan (2 payments left), I have an authorised overdraft of £1100 with Natwest left over from student days which I live in. I know it's worthless but a recent credit report said I have a "good" score of about 980 but a lot of debt in relation to what I earn but consistently made payments on time having not missed a payment on any account since 2009 (which was a one off and only late by 4 days) and never having incurred any bank charges.

I would apply for an overdraft extension but last year Natwest refused my telephone application for this, despite me being told that I had been preapproved for £2400 overdraft and a £10,000 loan at a bank account "review" in 2008. I suspect the reason for my refusal is my husbands poor credit history from a few years ago (which will be resolved on his credit file in February) and the fact that I have a lot of debt.

I have considered asking family for a short term loan but my parents (in their 70s) are the sort that would freak out and think my home is going to be repossessed and that the bailiffs are on their way if I ask to borrow anything. I want to sort this out swiftly on my own - I think my husband would be cross but I fully intend to pay it off.

I have considered selling CD's to somewhere like Cash Converters and any old gold jewellery to some local jewellers but my pride is getting in the way - I am too ashamed to take my baby into those sorts of shops.

I have looked at Capital One's site and am curiously cautious - should I apply for the Classic/Classic Extra/Progress card? Will it be damaging to apply for the Classic card, as I am essentially saying I have a "bad" credit rating. Should I have another account review with the bank and see if they can help? My restraint is time - I need to have this sorted by Saturday at the latest.

Many thanks in anticipation,

Linniloo

fleetwoodguy

you won't get a credit card in four days, not a chance. you'll need to speak to your bank.

exel1966

Why you're expecting too much.

1. Card in 4 days highly unlikely.
2. May not even get a card, you already have high debt to credit ratio. That's not good.
3. Score of 980 absolutely meaningless.

Reality check, you're up to the hilt in debt, you don't need more and probably wouldn't get it.
Swallow your pride, borrow £100, make cutbacks, sell something, do whatever, you're already in a debt spiral, obtain more credit and it will get worse.

DevilPigeon

What about a pawnbrokers...?

linniloo

Thank you FleetwoodGuy - I did think I was being optimistic with the time left, hence the post.
DevilPigeon - I did think about that but I don't even know where there is one around here. It would also mean taking my daughter there which makes me feel uneasy
Excell1966 - Thanks for the reality check. You don't know my full circumstances so i'll nod and smile politely.

exel1966

So you won't go to Cash Converters but you'll consider a pawn broker?

Aren't they the same thing?

I don't want to know your circumstances, but what I do know is you have a problem and seem reluctant to do the simple thing to solve the problem.

Looking at your other post about banks and your replies I can see that you're ignoring the problem in hand. In fact I'm beginning to doubt this is true.

linniloo

Exel1966 - Thank you for your continued interest and for reading my old posts, despite saying you didn't want to know my circumstances

exel1966

It's not your circumstances I'm interested in, it's confirming what I thought and it has Bye.

[Deleted User]

exel1966 wrote: »

It's not your circumstances I'm interested in, it's confirming what I thought and it has Bye.

What does it matter to confirm what you thought? We're not playing cluedo.

To the OP, it's not an ideal solution but have you thought about using one of those short term loan companies like wonga etc? I don't like recommending them as the APR is very high but if you are able to pay back quickly I wouldn't have thought you'd be hit with too much invest on a small amount... I'm not sure but using these services may have a negative effect in your credit record... Only you know the situation and if it's worth taking the hit in order to meet your payment deadline.

Cash converters, pawnbrokers etc will probably cost you just as much but won't leave a mark on your credit record.

If I were you (and I have been in similar situations when I was at uni - something a lot of people on here forget is that life isn't perfect and s!!! happens) id probably go the short term loan route... That will allow you to make your payment and then maybe list stuff you don't want anymore on eBay etc to make a bit to put towards clearing your OD. Borrowing from family is something that I never did when I was in trouble and I honestly wouldn't want to ask but that's just me.

BugsyBrowne

Lazyloki wrote: »

What does it matter to confirm what you thought? We're not playing cluedo.

To the OP, it's not an ideal solution but have you thought about using one of those short term loan companies like wonga etc? I don't like recommending them as the APR is very high but if you are able to pay back quickly I wouldn't have thought you'd be hit with too much invest on a small amount... I'm not sure but using these services may have a negative effect in your credit record... Only you know the situation and if it's worth taking the hit in order to meet your payment deadline.

Cash converters, pawnbrokers etc will probably cost you just as much but won't leave a mark on your credit record.

If I were you (and I have been in similar situations when I was at uni - something a lot of people on here forget is that life isn't perfect and s!!! happens) id probably go the short term loan route... That will allow you to make your payment and then maybe list stuff you don't want anymore on eBay etc to make a bit to put towards clearing your OD. Borrowing from family is something that I never did when I was in trouble and I honestly wouldn't want to ask but that's just me.

Spam reported:spam::spam: never recommend the likes of wonga on this forum as advice.

[Deleted User]

BugsyBrowne wrote: »

Spam reported:spam::spam: never recommend the likes of wonga on this forum as advice.

Oh spam reported, spam reported! What a belter...

If you read the post I made it pretty clear about the negatives of using these kinds of services but in the real world things are sometimes less than perfect. I'm sure the OP is big enough to make the decision herself and I just wanted to make sure she was aware of all of her options.