is it worth trying to get a better rate?

Jox

Do try not to run up any more credit cards, it can get out of control very quickly!

Cut up the cards, freeze them, hide them, just don't use them!

ice_babe

Jox wrote: »

Do try not to run up any more credit cards, it can get out of control very quickly!

Cut up the cards, freeze them, hide them, just don't use them!

We dont use credit cards at all now, (apart from tesco one with a small limit I pay of in full every month for clubcard points). And havnt added to the debt in over a year. We are both determined to be debt free within 5 years :j

YorkshireBoy

R_P_W wrote: »

If I was you I would get a copy of your credit file to see what damage applying for 3 seperate loans in one day has done.

How, exactly, will the credit report (which is what I assume you mean) allow the OP to see the damage the 3 loan searches have done?

Unless you mean paying for a credit score? But that's a meaningless number to start with, let alone the OP (and partner) have nothing to compare the new number with unless they've wasted money on such 'scores' very recently, ie the day before the loan applications were made.

Jox

That's great, it's good to have a joint goal.

I've been very silly with credit cards and loans in the past but have learnt my lesson and now pay things off in full every month. I was very stressed for a few years because the debts were looming over me.

I have an Amex card to get BA points and a Capital One cashback card. I have set up direct debits so they are paid off in full each month.

My hubby is from abroad and has no idea about credit cards and credit ratings so I'm trying to teach him and he has just got a Vanquis card but I am drilling it into him to make sure it is paid off in full at the end of the month!

ice_babe

YorkshireBoy wrote: »

How, exactly, will the credit report (which is what I assume you mean) allow the OP to see the damage the 3 loan searches have done?

Unless you mean paying for a credit score? But that's a meaningless number to start with, let alone the OP (and partner) have nothing to compare the new number with unless they've wasted money on such 'scores' very recently, ie the day before the loan applications were made.

Im sure the 3 searches wont have done any long term damage. I believe we both have good credit. Not been declined anything between us and got a mortgage 6 months ago.

MentalMinnie

3 searches in quick succession would possibly cause you a few problems over the next few months. If you were to apply for anything in the near future, potential lenders might think that the need to apply for 3 different loans in a very short period of time, suspicious.

My advice, don't apply for anything at all for the next 6 months. Longer, if poss.

YorkshireBoy

ice_babe wrote: »

Im sure the 3 searches wont have done any long term damage.

So am I, if your definition of "long term" is the same as mine...ie more than 12 months (because that's how long the searches remain on your file).

However, if you were to apply for a loan in, say, 6 months then any prospective lender will see 3 loan application searches yet no loan accounts have been established on your credit report. They could then reasonably(?), although in your case inaccurately, assume you were declined? They could also assume you chose to decline the loan offers because the rates were poor (reflecting their competitors view of you?), ie the actual reason you didn't go ahead.

ice_babe

Now not sure what to do, The loan from sainburys came through at 6.7%.
Really tempted to go for it and then cut up the cards at at least this way we will be debt free in 5 years.

As with the credit cards would have to be very strict with ourselves

MentalMinnie

ice_babe wrote: »

Now not sure what to do, The loan from sainburys came through at 6.7%.
Really tempted to go for it and then cut up the cards at at least this way we will be debt free in 5 years.

As with the credit cards would have to be very strict with ourselves

Thing is, once they proceed with a full application, you might find you won't get that rate, as they will see those loan searches.

ice_babe

MentalMinnie wrote: »

Thing is, once they proceed with a full application, you might find you won't get that rate, as they will see those loan searches.

If that is the case then we wont take it