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Credit utilisation Vs total debt

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  • gionnetto
    gionnetto Posts: 234 Forumite
    Sixth Anniversary 100 Posts I've been Money Tipped!
    If you had less money, the correct strategy would have been to bring down your credit utilization below 30% on each (that is, below 30% on Loan 1, below 30% on Card 1), check your reports till it shows up, then apply for Loan 2.
    Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
    :eek:.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    SouperJim wrote: »
    Existing loan is at 3.4%. At the moment I'm being offered around 18% on the new loan. I'd like that to be nearer 5%.

    What you would like and offered are 2 different things.

    Maybe the 18% is the best your going to be offered.
  • Dobbibill
    Dobbibill Posts: 4,191 Ambassador
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Name Dropper
    The rate you will be offered is risk based and not just around your utilisation.

    Is it possible to not take a loan, buy a cheaper car that you need, rather than you want instead?
    Maybe upgrade to the car of your choice that you want when you've saved enough to fund it fully.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
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