Sometimes a refusal is good

rosiedee

Hi Folks,

Just sitting here flicking through the website and getting a bit philosophical ( probably helped by a couple of glasses of wine!).

Just to say that sometimes being turned down for credit is a good thing. Last May I had planned to consolidate other debts to a new loan with a company we already had a loan with over a period of years. Have had at least two loans from them previously and never defaulted so couldn't see a problem, they turned us down. That was probably one of the best things that have ever happened to us in our married life, have been consolidating for years and getting nowhere. Now I am so determined that we will never go down that road again. I'm not saying we won't ever use a credit card again, sometimes needs must, but will never borrow on them again assuming we can transfer it somewhere else, I'm not a stupid person, but can't believe how gullible I was.

Please forgive me, but needed to unload that!!

Ephemera

Hmmm... you are so right!

All the best in your quest to be debt free... sometimes it's hard to sort the 'wants' from the 'needs' and credit can be a hard trap to get out of. Luckily for me my parents rarely used credit and although I have had my share of debts in the past I've kept them to a low level, although they seemed pretty high to me!

Have a great MS year

Eph.

Sagaris

Same sort of thing for me too - I was going to get a loan to pay for our wedding and 2 credit cards - then I found this site! Now both cards are being paid off much quicker, Christmas was all paid for (and not on credit cards) and we are saving for the wedding! To think I'd have got into 15 - 20k debt which would have taken ages to pay back - whereas this way we will be debt free a lot quicker, still have the things we want, and the satisfaction of not paying interest out.

claireabelle_2

Rosiedee, that's exactly what led to my lightbulb moment...! I had never had a problem getting credit, then last year cahoot whacked up the interest on its flex loan from 6% to 15% in 2 months and I couldn't get anything to replace it... I had to get my mother(!) to get a loan in her name, and now I pay her back the day before the loan goes out each month. I also had the embarrassment of my dad phoning me to tell me that the loan was more than they paid for their first house. Ouch! 11k went further in 1975 then it does now!

But since my LBM I have paid off 8k, since August, so I totally agree that being turned down for credit is one of the best things that ever happened to me.

rosiedee

Hi Guys,

So glad to hear I'm not alone!! I know to someone who is struggling, when you get refused it's devastating. I know for me panic set in. Even now I'm still trying to transfer things to lower interest rates, hopefully will get there. The snowball calculator on Southern Scousers thread has really been an inspiration to me, it's amazing how much a few quid each month can bring that debt free date down!!
I had also been keeping this all from DH, I had the added pressure of telling him, which was probably the hardest thing I've ever done, very scary at the time, he disappeared for almost a day and wouldn't answer his mobile, needless to say things were really starined when he finally came home. He still doesn't ask how much, I think he's afraid to, but he doesn't go on about getting this and that we don't need.

I feel soooo much better for unloading that!!