Need loan for debt consolidation keep getting turned down!

aeu99184

hi folks

discovered this website yesterday and knocked a tenner a month of my mobile phone bill!! amazing.


anyway


Ive got debts on a credit card a car loan and a current account o/d from my student days.

I would like to borrow about 3400 over two years to save myself some money on the interest of all three and to make it one payment coming out of my account.

i was originally going to apply got a 0% balance credit card and move all the debt onto it. I applied for a barclaycard was accepted but on receiving the card had only an 850 limit which is no use to me. So ive cancelled that card.

i have also just bought a house with my partner in the last 3 months.

i suspect that I have had too many credit checks done recently as i have applied for maybe 5 other credit cards and 3 or 4 loans with no success!

stupid i know but i did this before I knew about hurting my credit score etc.

how long will it take for my credit score to return to 'normal' levels?

i suppose the only loan i would be able to get now would be some company that deals with ccj's bad debtors etc and will charge me about 30% apr!

Burlesque_Babe

might be worth popping over to the Debt Free board and listing all your income and outgoings to see if you can clear the debts with budgeting rather than a new loan which will give you the temptation to run the cards up again. It might surprise you how quickly you can clear them with lots of planning and pulling the purse strings nice and tightly for a while.

jay78

First and foremost have you checked your credit reports? Just to make sure everything is ok.

Yes applying for a lot of credit will knock your score so you should give it a while before applying for more credit.

Use the £850 barclaycard allowance; (I'm not sure how much they will allow you to bt) it's better than nothing. Then pay off the debt with the highest interest.

jonesMUFCforever

jay78 wrote: »

Use the £850 barclaycard allowance; (I'm not sure how much they will allow you to bt) it's better than nothing. Then pay off the debt with the highest interest.

Bit late for that . If you bothered to read the post properly you would have seen that OP has cancelled the card!

CLAPTON

What are your balances and what are the APRs?

There is obviously no point 'consolidating' to higher interest rate.

Also remember, that because the month average of the OD balance is typically much less than its total and that you pay interest on a daily basis, an OD is usually much cheaper than the equivalent loan.

Also, for next time allow the maths to dictate what you do rather than emotion.. eg. the difference of 0% of 850 and say 25% of 850 is a nice little £212 per annum.

You probaly need to wait about six months before applying again. I assume of course that you are on the electoral roll and have no adverse entries in your credit records.

Lavendyr

Spammer, reported.

Edit: spam post now deleted

jay78

ejones999 wrote: »

Bit late for that . If you bothered to read the post properly you would have seen that OP has cancelled the card!

I did read the post, I just missed the part, no need to be rude!:mad:

jonesMUFCforever

jay78 wrote: »

I did read the post, I just missed the part, no need to be rude!:mad:

Now that is pot calling the kettle black!