Help need before its to late

bigdam

Hi guys.

Am new here so goes easy. Anyway am in a bit of a
Pickle at the moment my credit rating is at its all time
low. I have no outstanding bills other than my overdraft
On my bank I pay my bills on time. However I've moved
Around in the last few years but for thr last two I've had
A fixed addy.
I pay for my finances on my car each month on time along with all my other bill yet I've been declined a bad credit card builder. On noodle am showing as 1 out 5. All I can think is I've tried alot for credit card over last 3 Months.
I've had payday loans in past these have ALWAYS been paid. Am just stuck now and feel I can't look at any form of credit from card to house morg. My credit rating is showing as fine no errors.
am on the electrol roll.
In the last three month I've tried 6 credit card applications
I do live out of my overdraft
I have a catalog which Is always paid as well as my car and my phone e bill and other bills ie sky and dentist.
My last payday was last month Am really unsure what to do as my partner want to buy a house and I can't ever get a card

It feel like once I pay off this payday loan I have to get another it's just a horrible horrible cycle

Thanks for any help

dan

Sazzie23

Hi Dan

Thanks for posting, not an expert in this area but I would suspect the credit rating is so low because of the dependency on pay-day loans.

Is the amount on payday loans increasing or decreasing? Can you find some way to manage for a few months without the payday loan (borrow from family?) I suspect this will - up your rating and make you less of risk...but its a long road to getting towards being in a position for house buying

Good luck

bigdam

If only I could get all my debt in one place and pay one sum. It's coming down but something always crops up like this month it car inc mot and tax

wiseshark

Glad to see you have come over to this board bigdam. You must learn to budget properly. Keep this thread on the first page or two and don't give up or feel disheartened.

Come on folks, help this fella out.

~Beanie~

bigdam wrote: »

If only I could get all my debt in one place and pay one sum. It's coming down but something always crops up like this month it car inc mot and tax

That is not going to happen with a cre4dit score like yours. Its not a good idea anyway.

Stop applying for credit cards, 6 searches in 3 months will bring your credit rating down.

Fill in an SOA and lets see if there is anything else we can help you do to get you out of the payday loan trap.

http://www.stoozing.com/calculator/soa.php

asparagus1968

hiya,

if you live in your overdraft and need payday loans you DO NOT want a credit card.
could you fill in the above SOA please?
you need to think about earning more or spending less, and by posting your SOA we may be able to help you with that.

its good that you are wanting to sort this now before it gets worse, good on you for that.

Don't apply for any more credit cards, lets see if we can get you on the right track!

and don't forget, on this board we are all/or have been in your position at some time,so you will get lots of support.

GET THAT SOA DONE

iancrt

bigdam wrote: »

If only I could get all my debt in one place and pay one sum. It's coming down but something always crops up like this month it car inc mot and tax

Just with what you have posted above I can suggest if you normally buy a years tax don't - buy 6 months tax this month. then in 6 months time buy 12 months. That separates the bills for tax and MOT so its less of a hit in the future

Do the SOA. With the full information you will get plenty of good advice.

dancingfairy

You are doing some things which will help to tackle your low credit rating: ie not moving, paying your bills on time ,paying your mobile, etc etc yet you are ruining it by doing quite a few credit applications but most of all the payday loans.
I understand why you are doing this but overall it is not helping you.
The best places to start are with the SOA (linked to above) and by keeping a spending diary so you can see just where your money is going.
Best of Luck
df

bigdam

Hi guys,

I'll fill out my soa tonight with my girlfriend how do I post it to you all.

Thanks

Danny

bigdam

Ps I've also been to my bank to look at getting my bank charges reclaimed as it was due to them telling me to keep increase my overdraft to cover charges on my account why my overdraft is so high and just have the amount taken off my overdraft limit

Hopefully This will help a little

Thanks

Danny

wiseshark

bigdam wrote: »

Ps I've also been to my bank to look at getting my bank charges reclaimed as it was due to them telling me to keep increase my overdraft to cover charges on my account why my overdraft is so high and just have the amount taken off my overdraft limit

Hopefully This will help a little

Thanks

Danny


That's great news to hear bigdam. At the very least it will help.

Please post a statement of affairs ASAP so the money saving experts on here can scrutinise your outgoing expenditure and save you money.