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Is my credit rating worse than i thought?
Hi all, thanks for reading, i was hoping someone might have some loan advice for me.
I have just applied for a £7000 loan with Northern Rock (to consolidate credit card, overdraft and pay money i owe to family). I was told my interest rate would be 10.9%, which i have taken to mean i have a bad credit rating as i was hoping for much lower.
I am 29 and apart from having had a few adresses over the last few years (went back to university and had a different address every year, moved to London last year and brought a flat recently) but i didn't think my credit rating was that bad. My cc is at £3500, which i pay the interest on every month and by the end of each month my overdraft is about £1500 (I have gone over my overdraft limit often recently, but my bank said this would only affect their internal credit rating). I don't have any other blemishes on my record as far as i know, but i am not yet on electoral register as i've just moved. Are these the reasons my rate is so high?
Do you think i'm likey to find a better rate elsewhere? If so do you have any suggestions where, as i'm worried about building up too many credit checks on my record (how many is too many? - i want to shop around but don't want to make my credit worse).
Lots of questions! Thanks for any advice.
I have just applied for a £7000 loan with Northern Rock (to consolidate credit card, overdraft and pay money i owe to family). I was told my interest rate would be 10.9%, which i have taken to mean i have a bad credit rating as i was hoping for much lower.
I am 29 and apart from having had a few adresses over the last few years (went back to university and had a different address every year, moved to London last year and brought a flat recently) but i didn't think my credit rating was that bad. My cc is at £3500, which i pay the interest on every month and by the end of each month my overdraft is about £1500 (I have gone over my overdraft limit often recently, but my bank said this would only affect their internal credit rating). I don't have any other blemishes on my record as far as i know, but i am not yet on electoral register as i've just moved. Are these the reasons my rate is so high?
Do you think i'm likey to find a better rate elsewhere? If so do you have any suggestions where, as i'm worried about building up too many credit checks on my record (how many is too many? - i want to shop around but don't want to make my credit worse).
Lots of questions! Thanks for any advice.
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