do I have a good chance?

JAS2540

Hello,

I have been read this part of the forum to work out my chances of getting a loan. I am going abroad to see my wife and have plans to get a loan of £8000 from my bank which is HSBC. flight booked for 7th April 2014. the details of my income and credit history is as follows last check before i go :


Income: £29,000

overdraft £700 (past few month making sure not in itat the end of the month)

Credit history: 2 credit card (credit builders) with 6 year plus history

Capital One £800 limit balance £0
Barclays £260 limit balance £0

1 credit card with 18 months history

Aqua £1400 limit balance £386

(most of the time cards were at there limit)

utilisation of my credit is at present 11%


on my Aqua card I have no missed payment

on my Capital One and Barclays I have no missed payment 32 months beyond that they both each have 9 missed payment only (1 2) on Capital One.

I did have a loan with UK Credit but settled it and this only shown on Equifax.

the total of settled account that I havewhen looking at Experian, Equifax and Credit call is 51.

The reason why there are so many account is because I was caught in a bit of a payday loan cycle with Wonga, Quickquid and Payday Express for a few years but was able to break out of it last year. last recorded payday loan was November 2013.

I know the scores means nothing so I have tried to give a detailed credit history as that is what really matters.

I believe that I am a shoe in to get the loan that I want with my own bank. would it be best to apply now and leave it no later so I could come up with a plan B. I been working towards this for about 6 month to straighten thing out and give myself the best chance.

thank JAS

Apples2

Looks like you have done some fantastic work to dig yourself out of a miserable payday loan hole.

£8k is an awful lot of money though, if this isn't a holiday, what will come of your job?

If it is a holiday, you seem doomed to fall back into the debt cycle. It's plain crazy to spend so much you don't have on a holiday and spend many many years afterwards trying to repay it.

redcard

Don't think so; you can't afford to pay it back.

JAS2540

I believe that I can afford it. I been living a wasteful life with money. the money is for thing that I need to do when I meet my wife. She is not with me. she is there. If I got the headline rate. cost £240. I do not expect to get that so anything under £300 would be good. considering that was close to how much I was losing in interest with payday loans. I actually get something out of this. I understand the concern. Thanks

JAS2540

that is repaying it over 3 years. I may have used payday loans in the past but it shows that I pay my debts. keep to the terms and conditions of agreements. that is why I think I have a good chance. just would like the chances from people here because for months I have been reading

Apples2

JAS2540 wrote: »

it shows that I pay my debts. keep to the terms and conditions of agreements.

But you didn't, you have 9 missed payments on your credit file.
They will be visible for 6 years and hamper your chances of acceptance.
Payday Loans don't help either, they show you cannot make your wage last until payday let alone taking on even more debt.

There is no harm in applying, you only have a few weeks to go anyway. Your own bank can see all the good stuff, not only the bad so they should be your best bet.

What is Plan B if/when they reject you?

JAS2540

This is my first chance in a long time to go main stream. last loan I had was at 44% apr. I dreamed of getting close to mainstream headline rates. If I fail with my own bank (which I believe I should not) I will have to move away from mainstream.

you highlighted my worries about the missed payment but I was hoping the the good that I have done in recent years would overshadow the bad.

JAS2540

apples2

do you reckon weighting up the good and bad that I have a good chance?

redcard

JAS2540 wrote: »

I believe that I can afford it. I been living a wasteful life with money. the money is for thing that I need to do when I meet my wife. She is not with me. she is there. If I got the headline rate. cost £240. I do not expect to get that so anything under £300 would be good. considering that was close to how much I was losing in interest with payday loans. I actually get something out of this. I understand the concern. Thanks

£8K on a holiday is wasteful so you haven't really changed as much as you think.

November 2013 isn't that far away. Obviously you've made some effort the last few months as you are desperate to get this loan, but you're kidding yourself you're not still in a financial mess.

JAS2540

with the months that I have spend getting myself in a better shape. I have forward planned expeniture for the loan. Compared to how thing were before I started sorting myself out. things were bad. if this goes as I hope. it is the icing on the cake and I will move onto better and brighter finacial future with a blueprint

Apples2

JAS2540 wrote: »

apples2

do you reckon weighting up the good and bad that I have a good chance?

No, not really. If you did get accepted it is unlikely to be a headline rate, they are reserved for those with such a clean file, they almost don't need a loan (they could've saved).

Your dream should be more focused on never taking a loan out ever again.

Think about it a different way, if you did get the headline rate with repayments of £240 per Month, what have you been doing with those spare £240 each month for the last xxx months?

One application costs nothing and won't have any negative consequences so there is no harm in applying.