Secured loan but no home?

hur575

Hi

I hope someone can help me; I have recently finished my PhD which means a lot of debt as well. Iam trying to get a loan to pay off credit cards and just to sort my finance. I have started full time job and I know I can afford payments but because of few missing payments iam finding it hard to get a loan. I am wondering is it possible to put for example £500 in saving account and ask the bank to use this as security to give me £500 and build my credit again. I will appreciate any advice.

darkcloudi

Have you tried to transfer the credit card balance to O% interest cards? This may work better for you depending on your current balance on your cards and the limits you get on the new cards.

Most importantly you got to avoid spending on the new cards once you get them and just use them as a balance transfer.

Have you checked you credit report on Experian? If as you say you missed a few payments and the credit report does not look healthy then it will be a little difficult to get either a loan or credit card.

hur575

Thank you darkcloudi

yes i have looked at my report online i made huge error with one account with hsbc that was permium account and i had to pay 5 a month but moved address and i forget to change address, because they are not my main bank. they were charging me every month and recharging me for not paying and my report was marked gone away. i have settled the account now but they have closed my account and it is shown in both experian and equfax as settled but with 3 payment missing in red. since then i could not get anything so i know i will not credit card, i have been rejected for 2 loans, so iam desprate to show i can pay.