1.4k purchase -utilisation calculation please.

paul_c123

I predict every single lender* will turn you down for any additional credit if you applied. And they will record your new, lower, salary. 

In an effort not to personalise this, it actually illustrates a good point. You can balance extracting the absolute maximum last penny from credit agreements, low interest rates etc with resilience eg having some available cash or savings for life events such as a reduction or loss of job. This is why some people pay interest on a credit card and have savings too. 

If you honestly foresee the wage drop from £18k to £9k as a temporary issue, don't worry about increasing utilisation of credit and cashflow being upside down for that period, so long as its TEMPORARY and the long term plan is to reduce/eliminate debt (or be able to, you might decide to strategically use it with low interest rates and hold savings too etc).

The banks will rightly ask why you need extra credit if they did a manual review, and £1.8k on a door while earning £9000/year is going to raise a red flag and result in an application declined.



*except for subprime - they're weird!!!

redux

Deleted_User said:

mcpitman said:

Dandytf said:

eskbanker said:

Dandytf said:

eskbanker said:

Dandytf said:

i prefer to refer to refer to my mser Sig.

Why is that?  I can't say I follow all of the numerous threads about your finances but was under the impression that your signature covers a tiny and unrepresentative fragment of your overall situation, and it doesn't seem to have any relevance to this thread?

hi you were asked to look back at my history,
i was referring to 1st line og Sig Replenished CRA Reports.

Were you under the impression that 'replenished CRA reports' actually means anything to anyone reading threads on here, or that it sheds any light on your history?

In any case, surely you must recognise that the data held by CRAs (and appearing on reports) is constantly being updated by all the institutions you engage with, you don't 'replenish' it/them as such....

eskbanker said:

Dandytf said:

eskbanker said:

Dandytf said:

i prefer to refer to refer to my mser Sig.

Why is that?  I can't say I follow all of the numerous threads about your finances but was under the impression that your signature covers a tiny and unrepresentative fragment of your overall situation, and it doesn't seem to have any relevance to this thread?

hi you were asked to look back at my history,
i was referring to 1st line og Sig Replenished CRA Reports.

Were you under the impression that 'replenished CRA reports' actually means anything to anyone reading threads on here, or that it sheds any light on your history?

In any case, surely you must recognise that the data held by CRAs (and appearing on reports) is constantly being updated by all the institutions you engage with, you don't 'replenish' it/them as such....

believe me in my own words after a number of years,my cra reports are greatly replenished.🎂👍✨

"replenished" with what exactly?

Replenished with loads of new cards, 22k of credit on a 9k salary because of reduced (part-time) hours (wonder if the credit card firms have been told this?) and UC. Plus windows finance over 3-4 years at 9.9%. A new laptop on paypal credit. Mobile phone on Apple credit. Wanting a new OLED TV on credit. A 1.5k balance on a BT card. Wonder if the DMP loan is paid back or indeed, where the money for crypto is coming/going. Add in the mortgage for another 9 years

Chase bank must be the new one to go with BIP (?), RBS, Tymit (?), Virgin Money, Amex, Amazon Newday (carrying an interest bearing debt), Barclaycard, Nationwide, Tesco. 22k taken out since February 2021

It's like a soap opera.

No wonder so many people are hooked.

Dandytf

@paul_c123

I only view period of changing from 7 months Full Time to hopefully a few years Part Time.
As short term initially, on the basis of 3 years Part Time work until Feb 21.
I then had a great way of working, and over 12k more personal debt to repay.

'it's not Full Time spending'
Though reduced hours are essential.

I look forward to continuing with some home improvements.
Credit facilities not quite as essential, though new door is going to be essential as is some Bathroom walls work.

I'll only post via mse if and when required, lot's of decent threads to enjoy.
Next week is the reduction day since Feb 🤣

Dandytf

Noticed Natwest offers for personal loans have dipped from 25k to 22k 60 months.
This is 1st example of lower credit offers, since entering reduced salary.

I don't see any reductions in Existing Facilities, and don't expect any whilst accounts are in good standing.