Help me get credit

sbreez1

So my credit rating is really really bad.

In the last 6 months I have been rejected for 3 overdrafts and 2 credit cards.

I owe about £3000 and on top of that I keep getting charged different sorts of interest which is just eating the money I am trying to pay off.

I want something like where I can put all debt on 1 credit card and pay 1 monthly amount without getting charged much but how can I do this is I cant get a credit card???

Please help.

[Deleted User]

What do you owe?
What rates?
Why is your credit history bad?

PeacefulWaters

1) Stop applying for credit.
2) Check your credit file.
3) Ensure you're on the voters roll immediately.
4) Ensure you pay all bills and credit in time.
5) Pay £1 or more over and above any minimum payment.
6) Do not spend any new money on cards or overdrafts.
7) Reapply for a suitable product in 3-6 months.
8) Repeat until successful.

Ebe_Scrooge

Ideally you'd want a 0% balance transfer card. But if your credit file is in a poor state, and you've already got a fair few rejected applications on there, the chances of being accepted for a 0% card are slim to zero.


I think you'd be better off approaching this from the other side - cut your outgoings ( and/or increase your income ), throw as much as you possibly can to the debts every month, and you'll soon have them sorted. Head over to the debt-free-wannabe board, post up an SOA and the good folk there will be pleased to offer advice.

Anthorn

sbreez1 wrote: »

So my credit rating is really really bad.

In the last 6 months I have been rejected for 3 overdrafts and 2 credit cards.

I owe about £3000 and on top of that I keep getting charged different sorts of interest which is just eating the money I am trying to pay off.

I want something like where I can put all debt on 1 credit card and pay 1 monthly amount without getting charged much but how can I do this is I cant get a credit card???

Please help.

Overdrafts these days are a strange breed. Back in the not so distant mists of time I could get an overdraft and not a credit card. These days the situation is reversed and I can get several credit cards and an Amex green card but not an overdraft, even one from my own bank which is a fraction of my monthly credit to that same account. The reason for that is not clear but I put it down to the banks profiteering on the off-chance of me going into an unauthorised overdraft and paying them arm and a leg fees.

So the moral of the above is that credit cards are easier to get than overdrafts.

What you need is a balance transfer credit card but I think you have not a cat-in-hell's of getting one, certainly not one with a £3000 limit. In fact to transfer £3000 you would likely need a credit limit of at least £3500 depending on the card's maximum percentage of limit allowed for balance transfers.

In your circumstances, no alternative to offer, sorry.

Nasqueron

Cut spending and speak to your bank about financial hardship, they should agree to some form of help, whether a refund of recent charges, a freeze on future charges etc.

Dobbibill

You've had really good advice here OP.

If you are unable to get credit then your options are to pay off as much as possible in the least amount of time.

You don't say where your current debt is - and if it's across multiple lending facilities.

A little bit more information would tailor the advice you're given.

The DFW board can be really helpful to see where you can costs when you post a SOA.