Whats the point ?

cheeky-virgin

Hello i am banking with Lloyds tsb from last 10 months my salary are coming straight in to my account and earning around 22k a year.

I applied for the credit card and they turned me down after 15day when i rang customer service today.b

I already have a Virgin card with 3.5k and Asda with 2k but i was looking for Lloyds tsb card because i need to raise some money to put down deposit for property.

Well when i was opening up an account with them they rejected me initially but after a month i applied again with them and manage to open a current account, what do you think should i try after a month again ( Joking....)

Well i am on electroll register in case you ask me .

Plus is there any way to raise some deposit i need to get around 5k .
Should i ask my bank to grant me loan for my property which i am thinking to buy.

Suggestion Please.

edsteruk

cheeky-virgin wrote: »

i was looking for Lloyds tsb card because i need to raise some money to put down deposit for property.

This would not be a wise idea at all - for there interest on there standard cards is 15.9% (I believe) and you will have to declare this debt during you mortgage application.

Obviously 15.9% is quite a high interest rate especially if you plan to play it off long term - but this is the rate if you can find someway of getting the money out as a purchase - else you could pay 29.9% APR plus there cash handling fee is 2.5% which would make a loan of 5k stupidly costly - I would definatly look at alternatives if its a must!

cheeky-virgin wrote: »

what do you think should i try after a month again ( Joking....)

Lloyds TSB usually rates your credit rating interally and can fluctuate month to month - I have been turned down for a card before with them - applied for a different card a month later and got the card I originally wanted.

nickmack

cheeky-virgin wrote: »

Plus is there any way to raise some deposit i need to get around 5k .
Should i ask my bank to grant me loan for my property which i am thinking to buy.

As edsteruk said, this isn't a good idea. You are obviously stretching yourself if you are considering taking £5k cash from a credit card to use as a house deposit. A loan would be slightly better, but remember the lender will take this into account when considering affordability, so it may not help.

The best way is probably to borrow from a relative if possible, if not some hardcore saving may be in order. This site is full of great ideas on trimming your outgoings, so you should be able to save faster.

House prices have slowed down over the past few months and even dropped in some places. There are those who think prices will drop more, so by the time you've saved, you could be in a better position to buy.