(urgent) Low Credit Score Loan

aarondlr

Deleted_User wrote: »

What did we learn about credit scores earlier? You don't have one. They don't exist.

Have another look at your report and see what data is appearing there. Accounts, limits, payments, etc. Apart from the ER, what, if any, negatives are there?

Yes, surprising how lenders look at your finances. I'm learning that.



Not sure if the image is showing but it says:

Credit card utilisation 92% (Highlighted Red)
Repayment Conduct assessment Good (Highlighted Green)
All your credit agreements are up-to-date
The total amount you have borrowed on credit cards is a high proportion of your available limits

So I browsed everything and despite the lack of information the above is all I got really. It's showing that I'm up-to-date on all payments on cards as well.

[Deleted User]

So you're over stretched on your existing credit and not on the ER. Both are fairly large issues.

Sort out the ER on all files where you're not showing as on it.

What's your income? You seem to owe around £11k in 'official' debt. Will your income support any further debt or are you at the edge?

aarondlr

Deleted_User wrote: »

So you're over stretched on your existing credit and not on the ER. Both are fairly large issues.

Sort out the ER on all files where you're not showing as on it.

What's your income? You seem to owe around £11k in 'official' debt. Will your income support any further debt or are you at the edge?

£30k per year. It's odd that they consider it additional debt rather then consolidation.

One way, or another I need to sort the outstanding friends/family debt in the next couple of days. So I want to know the best way forward.

[Deleted User]

It's additional debt because you could take the money and spend it all on Haribo.

Have you tried an eligibility checker?

[Deleted User]

Deleted_User wrote: »

It's additional debt because you could take the money and spend it all on Haribo.

Have you tried an eligibility checker?

I think spending money on Haribo is a great idea!

aarondlr

Deleted_User wrote: »

It's additional debt because you could take the money and spend it all on Haribo.

Have you tried an eligibility checker?

Erm, I've just done one on here and it's saying Zopa is giving me 50% chance on 3.0% APR over 5 years. The rest are 20% and below. How possible would this really be?

[Deleted User]

Sounds very possible. You're maxed out on your available credit so you're higher risk.

Look at BT and MT cards. You won't shift it all by any means, but anything would help.

foxy-stoat

aarondlr wrote: »

Yeah, I'm taking that responsibility on now. Reasons I got there, is mainly because a messy break-up with an ex that I lived with on existing debt that I had taken out with them. Some of it due to frivolous spending on social life, but kicking that to the curb now.

The problem that it will resolve is that I can consolidate my debt with friends/family.

Is it possible to pay off the HSBC loan in chunks if I get sums of money? Or, effectively will I be subject to that interest?

I'm thinking now that I take out a smaller loan to consolidate the HSBC debit card and the debt with family/friends.

So how much are you left with after all living expenses are paid and if you only pay the minimums? Start there and decide which debt to clear first.

There is no quick fix, unless you can down value the car for a few years, sell stuff, earn more money.

GothicStirling

Take it from someone who has been in that situation, and just coming out the other end. Borrowing from Peter to pay Paul does not work. You're hypothetical credit rating has been wiped out. Instead of trying to borrow your way out of the problem, I suggest hopping over to The Debt-Free board and give a Statement of Affairs, as well as giving Stepchange a ring to see what your options are (https://www.stepchange.org/).

aarondlr

Deleted_User wrote: »

Sounds very possible. You're maxed out on your available credit so you're higher risk.

Look at BT and MT cards. You won't shift it all by any means, but anything would help.

Can you clarify what MT card would be?