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Bev2607

Hi I was wondering if anyone had any tips for me the only debt I have apart from my car is £5000 on my credit card which is pretty much maxed out due to unforeseen circumstances, I would prefer to pay this off and take out a loan instead I.e cheaper per month and less interest but I have been declined the only negative thing on my credit file is that I am using too much of my available credit I.e credit card is there any way I can get round this ?! I have no ccj's etc never missed a payment on anything, but it will take me forever to pay this off otherwise.

Bev2607

Forgot to say my credit card is with my bank could I request they give me a loan to pay this off and then cancel my credit card??

Caz3121

how much is your outstanding loan balance and what is your income?

CLAPTON

how much is you car loan
what do you earn

Paully232000

In addition to above:
what do your credit reports say,
are you on electoral register, how long,
how much is the debt on your car?

stator

You could try speaking to someone in the branch and see if they might offer you a loan to pay off the credit card. If you have your current account and CC with the same bank they might be willing to pay off the CC and close the account down with the payment from the loan. Other banks would be suspicious that you won't actually pay off the CC or will keep it open and use it again in the future.

Bev2607

Thanks guys we earn £69,000 after tax, our car loans come to 30,000 we have been paying them for a year and only have a year and a half left on them they are in PCP from Audi. We were advised to take these out as we had been out of the uk for a couple of years and was trying to get a mortgage on return last year so after following advice from a very inexperienced financial advisor we have ended up in a total pickle.
We have been on the electoral roll for a year, no settled credit accounts as until the cars we had never had a loan etc, we have never missed a payment and all accounts are in green. Credit reports state that positives are the amount of credit available to us indicates low risk, and no missed payments etc. negatives the percentage of available credit used is high and no settled credit accounts.

Bev2607

Until we had a family emergency the other month our credit score was in excellent since using more of the available funds on our credit card it has dropped dramatically to fair..

Bartelmy

Bev2607 wrote: »

Forgot to say my credit card is with my bank could I request they give me a loan to pay this off and then cancel my credit card??

Absolutely not. If you say the loan is to pay for your credit card with them, they will not allow you to make that application.

If you don't actually say that to them, you may be able to.

CLAPTON

credit scores are meaningless


however your high level of debt 35,000 is a massive negative


it may be better to try for a 0% BT credit card and shift as much as possible


in any event keep the CC