Will it ever get better....

charlieangelbits

After nearly 6 years of getting my credit history back in tact I am now celebrating a score of over 950 with credit expert. I have built my credit history up with high rate credit building cards and have been juggling various debts in a reasonably money savvy manor...all in the hope that one day soon I will be debt free. My debts are not massive but I needed to owe to gain a credit history...I am not huge fan of owing money at all...

However, I am in a position where these high rate cards need some consolidation and after a few unexpected vet bills I am in a position where one big 0% transfer would see them off nicely with minimal interest and minimal fuss. So after 14 years with a certain bank I go through the process of applying with them. If anyone knows how money savvy I have been recently it will be them...Anyway..the answer is not instant and they refer me to Aqua....a credit building card that I had way back when I first started being savvy...

Will I ever be able to get a credit card that will actually benefit me? I have approx £3000 of debt (and up to £7000 available to me on existing cards) and I would like to clear it...with a 0% transfer for up to 12-23 months this would be cleared with minimum interest, if any. I can afford to pay well over the minimum repayments and would be looking at an interest free period that would save me at least £100 per month. If my own bank says no....A plea..to those in the know...what next????

I earn in excess of 35,000 a year, have been with the same bank for 14, registered electoral role, have excellent credit history (according to Credit Expert)..the only downfall, I see is that I have moved house 3 times in one year (the joys of renting)!!! HELP

CLAPTON

on 35k a year why are debts of only 3k a problem?
what do your credit files actually say?

and by the way, you don't need to be in debt to gain a credit history; simply using a credit card each month for everyday purchases and then paying in full will build an excellent credit history and you pay no interest and build up no debts.

[Deleted User]

Ignoring the 950 score, what exactly is on your credit report? Any nasties from a couple of years ago?

Cap One have a 6 month BT offer for those with a less than perfect credit history that may be worth a look. May also worth closing one of the existing cards if they are unused to reduce your available credit.

Hooloovoo

charlieangelbits wrote: »

I earn in excess of 35,000 a year

I think you need to look at what the hell all your money is going on if you are taking home £2k per month and £3k of debt is somehow a problem for you.

Even living on my own, paying a mortgage and all the associated bills and costs of living, on a £35k salary I could have a £3k debt knocked on the head in just over two months.

And that's assuming I hadn't bothered to save any of my salary over the previous months, which is unrealistic because frankly I would struggle to spend £2000 a month, every month.

charlieangelbits

Good for you Hooloovoo...perhaps you would like to share how you would do this? All input appreciated....I am all ears.

zx81 - I do have one default notice that is settled and due to be removed end of the year, so perfectly clear of nasties from then onwards. I know some companies will reject if these show regardelss of the outcome...I already have a Capital one card so not sure I would be eligible for the scheme. Thanks for the advice though.

Clapton - I had trouble even getting a credit card about 6 years ago and I have never been in massive debt, just asking if anyone knows why after improving it I am still struggling to get better credit deals.

Instead I get abuse for earning a good wage and having small amounts of debt....Really? My outgoings are relatively normal - car, diesel, rent, bills, some finance, pet care, regular insurances....nothing out of the ordinary....

Based on everyones input I guess its my own fault!!!! Back to the drawing board then...er..thanks?!?!

blitzboy

If you have a default on there then that will almost certainly stop you getting a mainstream card. If it is removed at the end of the year then hopefully you will be ok after that.

As for the issue of not being able to pay off £3k with such high earnings, perhaps you could post a 'statement of affairs' in the 'Debt Free Wannabe' section of the forum. There are some very helpful people there who don't tend to judge as much as some on this section and come up with useful help and advice to cut down outgoings without changing your life much.

charlieangelbits

Many thanks for this....I will go there from now on....thank you very much. xxxxxxx:j:beer:

blitzboy wrote: »

If you have a default on there then that will almost certainly stop you getting a mainstream card. If it is removed at the end of the year then hopefully you will be ok after that.

As for the issue of not being able to pay off £3k with such high earnings, perhaps you could post a 'statement of affairs' in the 'Debt Free Wannabe' section of the forum. There are some very helpful people there who don't tend to judge as much as some on this section and come up with useful help and advice to cut down outgoings without changing your life much.

Hooloovoo

charlieangelbits wrote: »

Good for you Hooloovoo...perhaps you would like to share how you would do this? All input appreciated....I am all ears.

Simple really. Monthly:

Income after deductions - £2100.
Mortgage - £550.
Household bills, food, etc. - £250.
Car petrol/insurance/etc. - £200.

Savings per month - £1k+

£3k debt paid off, approx three months max.

My outgoings are relatively normal - car, diesel, rent, bills, some finance, pet care, regular insurances....nothing out of the ordinary....

Just like mine then.

Sounds like we have similar income and similar expenses.

So where does all the money disappear in order to make £3k such a huge debt?

charlieangelbits

Not sure I have complained about my debt...which is quite small....just an idea as to why even with a good income and good credit history I am still getting declined better deals...

Anyway thanks for tips hoodoovoo

Your and my finances don't match at all but appreciate your efforts. Who has a mortgage of 550 nowadays. Good job on having such small outgoings.

Hooloovoo

charlieangelbits wrote: »

Not sure I have complained about my debt...which is quite small....just an idea as to why even with a good income and good credit history I am still getting declined better deals...

You haven't complained as such, but like CLAPTON in post #2 I did consider your post sounded like you were making a meal out of paying off such a small debt.

Who has a mortgage of 550 nowadays. Good job on having such small outgoings.

Who has a mortgage of £550? Seems a fairly average value from what I read all over these forums. A few pay much more, many pay much less.

And again, my outgoings aren't particularly small. Seems an average amount from what I read on here.

The only people who have vastly over inflated mortgage payments are those who overstretched themselves a few years ago when the banks were throwing money at anyone who would take it.

Anyway, sounds like blitzboy's advice is the best. Post an SOA over on the debt-free-wannabe forum and they will help you out reducing your outgoings to a more reasonable level.

I look forward to reading your new thread

charlieangelbits

Well in that case you read it wrong, but unlike Clapton who was helpful at the same time your response sounded judgemental and somewhat critical. I thought this site was for sharing, advising and helping those who need some guidance.

Not everyone can be as savvy as you and clearly you are. Congratulations. I am genuinely pleased for you.

Me on the other hand am quite 'free' with my money. I had a real tough upbringing and there was never any money around. I shared everything with my 5 siblings and mother worked her butt off to make sure we didnt go without. My father was a waste of space but I still love him.

I have a good work ethic, do not waste money on stupid things but I dont think twice about buying what I want when I want it (providing its affordable) and I dont think twice about helping others out who are less fortunate (my biggest downfall). So if you are quite finished being critical of someone you nothing about it I would prefer not to have to tell you my life story to understand why bigger and better lending credit cards are not coming my way....which was the basis of the question.

If I put my mind to it and save I could pay the debt very quickly but if that means not travelling the 100 miles plus every week to visit my family, or not visiting friends in far flung places, missing out on nights out with people who I love and care about you can think again. If I got run over by a bus tomorrow I think the 3k debt I am in would be the last of my concerns. Having thousands in the bank is great, having a solid and secure roof over my head is also a requirement but being happy is my ultimate goal, the 3k is a tickling hair. Money doesnt make me happy, being alive does and whilst I am alive I will spend my money on making it a great one.

Thanks for your input though x :beer: