best way forward

batch1

hi all
my self and my wife'a situation is we are homeowners with mortgage. We both have overdrafts mine is £2000 my wifes is £1000 which cost us £30 a month but this is our only debt as such apart from the usual house hold debts, insurance, bills etc etc...our question is how can we clear the two over drafts and have £2000 extra for car purchase...we tried for a loan from barclays and a few others but instead of the low 7.3% apr ish advertised it jumped to 23.6apr which is not acceptable.....ideally we would like a credit card that you can use to clear overdrafts and pay for things...but whats the best way forward...we recently came in to a small amount of money and cleared all our debts so will this hold us back

thanks in advance

jonesMUFCforever

Most lenders offer the best rates for loans of £7.5k or more and to those with a spotless credit history.

bethanyrayne

batch1 wrote: »

hi all
my self and my wife'a situation is we are homeowners with mortgage. We both have overdrafts mine is £2000 my wifes is £1000 which cost us £30 a month but this is our only debt as such apart from the usual house hold debts, insurance, bills etc etc...our question is how can we clear the two over drafts and have £2000 extra for car purchase...we tried for a loan from barclays and a few others but instead of the low 7.3% apr ish advertised it jumped to 23.6apr which is not acceptable.....ideally we would like a credit card that you can use to clear overdrafts and pay for things...but whats the best way forward...we recently came in to a small amount of money and cleared all our debts so will this hold us back

thanks in advance

Sounds like your real problem is NO history rather than BAD history. Unfortunately, both have the same effect.

Try Zopa for a personal loan, listings is good if you can be bothered or markets is the most conventional way of obtaining a loan.

Get a CC even a high rate one and pay off every month so there is no interest and in no time at all you'll be able to get the low rates you want.

methusala_2

with no credit history your best bet would be to look at long term solutions. Take a credit card with Vanquis or Mastercard, both tend to accept high risk customers and charge a high interest to reflect this. However if your prudent and clear the card each month you wont pay any interest no matter how high it is. Each month will earn you a green tick with the credit agencies and build up to a good credit history. Then you should be able to either get a better rate card with a 0% BT offer or a lower loan interest offer.

thriftymomma

Yes I would say do that with a credit card for 6 months or so then reapply. Good luck

nzseries1

methusala wrote: »

Take a credit card with Vanquis or Mastercard, both tend to accept high risk customers ...

Mastercard? Really? Is it really easier to get a Mastercard than a Visa? I thought they'd be about the same.

jonesMUFCforever

nzseries1 wrote: »

Mastercard? Really? Is it really easier to get a Mastercard than a Visa? I thought they'd be about the same.

No its not!

Mastercard and Visa are trading names of the companies that operate the systems throughout the world.
Your credit history is the benchmark for determining if you qualify for any card or not.

nzseries1

jonesMUFCforever wrote: »

No its not!

Mastercard and Visa are trading names of the companies that operate the systems throughout the world.
Your credit history is the benchmark for determining if you qualify for any card or not.

Well that's what I thought... it's just that someone earlier said
Take a credit card with Vanquis or Mastercard, both tend to accept high risk customers ....

And I got confused.