Easiest loan to gt with poor credit?

Morglin

I don't think a half your salary rule always applies - our available credit card amounts are well over double our income, although we do settle them, every month, or at the end of an interest free period, we have never been declined.

The last card we took out was a month ago (an interest free,Cashback card), and they were fine, and approved it while I was still online.

Lin

Nebulous2

Thrugelmir wrote: »

A different world is emerging. Next time it may well be different.

I'd be more than happy to see credit being tightened up.

I also expect it to be a long time before it affects me!

There's a difference between having the facility available and making use of it.

Thrugelmir

Nebulous2 wrote: »

There's a difference between having the facility available and making use of it.

Be no surprise to see a general tightening up. With a move back to applying for credit when there's a requirement. Rather than have facilities available that simply drag people under. When there's no hope of them ever repaying the debt. No usefully social benefit at all.

Marko`

I already have 3 good credit cards with thousands credit available on each of them. This is why I do not understand why I cant get a simple low interest loan?

is this true, so even if I get the default removed I still could not get a loan?

It makes you more of a credit risk because you already have a lot of available credit. It doesn't mean you definitely won't get credit, but may make lenders reluctant. You could potentially turn that thousands of pounds of available credit into thousands of pounds of debt overnight. Why do you need 3 cards with thousands available on them? It would stand you in better stead to close down some of the accounts if you are not using them.

JamesSmith2000

Marko` wrote: »

It makes you more of a credit risk because you already have a lot of available credit. It doesn't mean you definitely won't get credit, but may make lenders reluctant. You could potentially turn that thousands of pounds of available credit into thousands of pounds of debt overnight. Why do you need 3 cards with thousands available on them? It would stand you in better stead to close down some of the accounts if you are not using them.

I did not know it worked like that. If you are right then I could cancel one or two of my cards then apply for a loan/

Its a shame we are building up all sorts of points and benefits with our cards.

My default that I claimed was not mine is now being closed. I will see if I can get that loan approved now.

Marko`

Getting the default removed will certainly open up possibilities. You need to weigh up whether or not to close down your card accounts. It's worth reading the guides on the main site to try to understand how the whole thing works.
moneysavingexpert.com/loans/credit-rating-credit-score
moneysavingexpert.com/credit-cards/cancel-unused-cards
(Won't let me post links, you'll need to copy and paste)

Bear in mind that it might take a couple of months to get your default removed, it can take a while for the company to inform the credit reference agencies and then might take a bit of time before it will actually disappear from your report. I'd check the main 3 agencies before you apply for anything. You can get your callcredit reports free from noddle, I've had dealings in the past with experian and equifax on the phone before and they were both pretty helpful, it could be worth giving them a phone to ask if the default is still on your record before you get them to send out a report.