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  • FIRST POST
    • Codymcmc
    • By Codymcmc 10th Jul 18, 5:01 PM
    • 32Posts
    • 2Thanks
    Codymcmc
    Happy happy happy
    • #1
    • 10th Jul 18, 5:01 PM
    Happy happy happy 10th Jul 18 at 5:01 PM
    For once, I am going to give credit where it is due to 2 different finance companies

    I have awful credit history including a ccj which is still on my file and 2 defaults

    I was still able to get a 4k Loan from On Stride financial, I am paying back 6.5k over 3 years, which is a high APR but im still well happy with it.

    My wife also had limited/no credit history until quite recently and she managed to get a 5k Aqua loan, paying back a total of 6.8k over 3 years, which is a very reasonable APR for someone with her credit history, considering we are non home owners.

    I have 5 credit cards and mrs has 10, across the 15 CC the total available balances are about 13k - we very rarely use any of the cards, sometimes will stick 100 on one for food shopping or clothes shopping and pay it off again in full within 2-3 weeks.

    We have made a conscious choice to have access to as much credit as possible with the long term aim for a mortgage. Don't anyone be disheartened, my credit 5 years ago was non existent, its not amazing now, but I can still get credit.

    Just be sensible with it and become a trustworthy customer.
Page 1
    • DCFC79
    • By DCFC79 10th Jul 18, 5:11 PM
    • 32,130 Posts
    • 20,213 Thanks
    DCFC79
    • #2
    • 10th Jul 18, 5:11 PM
    • #2
    • 10th Jul 18, 5:11 PM
    See I don't see the need for 15 credit cards nor do I see the need for the 5 catalogue accounts you have open.


    As long as your happy doing it then that's what matters.
    • foxy-stoat
    • By foxy-stoat 10th Jul 18, 5:14 PM
    • 2,205 Posts
    • 1,195 Thanks
    foxy-stoat
    • #3
    • 10th Jul 18, 5:14 PM
    • #3
    • 10th Jul 18, 5:14 PM
    I was still able to get a 4k Loan from On Stride financial, I am paying back 6.5k over 3 years, which is a high APR but im still well happy with it.
    Originally posted by Codymcmc
    @ 40% I would be mortified. I just turned down a loan with a rate of 8% because it was too much - have you not got any money transfer options on the 15 credit cards you and your partner have?
    • Codymcmc
    • By Codymcmc 10th Jul 18, 5:15 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    • #4
    • 10th Jul 18, 5:15 PM
    • #4
    • 10th Jul 18, 5:15 PM
    Well, each to there own I guess, as long as all are in good standing then there is no issues, having access to between 15-20k but using very little of it isn't a bad thing - Long term a lot of the CC with low limits will be gone, of the 15 CC me and the mrs have only 8 are worth keeping long term id say, but for now the additional 7 on top are doing no harm.

    As for the catalogue accounts - come in handy when they have 70% sales - pay it off in under 4 weeks and its interest free.

    I think its about how you use these things, and understanding that if you use them, they need paying back, so not just use willy nilly.
    • Codymcmc
    • By Codymcmc 10th Jul 18, 5:19 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    • #5
    • 10th Jul 18, 5:19 PM
    • #5
    • 10th Jul 18, 5:19 PM
    yes 40% is high, but its cheaper that companies like amigo which are 49.9% as standard and require a guarantor and after all, they didn't have to give me a loan of anything, and when its paid back in full its a good confidence marker for the future, that I can be trusted with a loan and paying it back.

    We are on a long term plan, to save up and access a mortgage in the next 4-7 years and we truly believe we can achieve it now we have a new respect for credit and access to it.
    • Pixie5740
    • By Pixie5740 10th Jul 18, 5:24 PM
    • 12,444 Posts
    • 17,688 Thanks
    Pixie5740
    • #6
    • 10th Jul 18, 5:24 PM
    • #6
    • 10th Jul 18, 5:24 PM
    Have you addressed the underline cause(s) of your over spending?
    • Codymcmc
    • By Codymcmc 10th Jul 18, 5:29 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    • #7
    • 10th Jul 18, 5:29 PM
    • #7
    • 10th Jul 18, 5:29 PM
    Yes we well and truly have, its about life experience and respect, earning more, spending wisely, and understanding fully any credit arrangements you do enter.
    • Pixie5740
    • By Pixie5740 10th Jul 18, 5:42 PM
    • 12,444 Posts
    • 17,688 Thanks
    Pixie5740
    • #8
    • 10th Jul 18, 5:42 PM
    • #8
    • 10th Jul 18, 5:42 PM
    If your wife had no credit history until recently what do you call her 10 credit cards? If you rarely use your cards and pay them off in full how do you have credit card balances of 13k?

    What have you done with the money you just have borrowed?
    • Codymcmc
    • By Codymcmc 10th Jul 18, 5:49 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    • #9
    • 10th Jul 18, 5:49 PM
    • #9
    • 10th Jul 18, 5:49 PM
    what I meant was 2 years ago she had nothing, 1 year ago she had 3 CC, now she has 10, so her history is limited.

    the 13k is the total available credit across all the cards, adding up all the credit limits combined.


    It is being used wisely to make more money in the longer term.


    Paying back a total of 4k interest over 3 years for a 9k (combined) loan/s is ok with us, we understand that, I know some would shiver, but we understand and are still grateful.


    I know someone who recently got a 11k loan over 4 years and will only pay back a total of 11,900 which is an amazing apr, what business would offer 11k for a 900 profit over 4 years - still, good for them on getting terms like that - one day, if I need it, id hope that would be me.
    • Pixie5740
    • By Pixie5740 10th Jul 18, 6:05 PM
    • 12,444 Posts
    • 17,688 Thanks
    Pixie5740
    I'm still at a loss as to what you needed to borrow 9,000 for so badly that you are prepared to accept those interest rates. Originally I though you were doing some debt consolidation but if the 13k is the available credit across your credit cards and not the balances there was nothing to consolidate.
    • Codymcmc
    • By Codymcmc 10th Jul 18, 6:12 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    pixie with all due respect there are reasons why the 9k was borrowed - personal reasons - but rest assured it will not be wasted - it will be used to make more money in the longer term - as for the interest - I knew what it was going to be and am happy with it - why the need to question everything and put a downer on.

    5 years ago we had nothing - now we have access to 20k and in 5 years hopefully we will have a mortgage.

    The point of the post was we are turning things around and moving in the right direction.
    • Pixie5740
    • By Pixie5740 10th Jul 18, 6:18 PM
    • 12,444 Posts
    • 17,688 Thanks
    Pixie5740
    pixie with all due respect there are reasons why the 9k was borrowed - personal reasons - but rest assured it will not be wasted - it will be used to make more money in the longer term - as for the interest - I knew what it was going to be and am happy with it - why the need to question everything and put a downer on.

    5 years ago we had nothing - now we have access to 20k and in 5 years hopefully we will have a mortgage.

    The point of the post was we are turning things around and moving in the right direction.
    Originally posted by Codymcmc
    Why the need to crow on the forum about paying out 1,500 interest on a 4,000 loan? Why crow about you and your wife having 15 credit cards between you?

    This is a money saving website and there is nothing money saving about a loan with an APR of 40%. You should head over to the Debt Free Wannabe board rather than boasting on the Loans board about a loan the regulars here wouldn't touch with a 10' barge pole. Then you'll be heading in the right direction.
    • Codymcmc
    • By Codymcmc 10th Jul 18, 6:42 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    Because it gives people with a history of bad credit a hope, a chance for them to see that anything is possible with the right mindset and being responsible.
    why 'crow' lol how very playground of you, says more about you than me that.

    Also, my post on a FORUM i certainly didnt ask you to reply, but i guess as an internet troll you just felt the need.

    The 'regulars' here, what the people who have never had to eat beans on toast or the people who have never had to get a bad credit loan to survive, sadly things happen in life, my point is, you can put it right and become a 'regular' hopefully with a bit of empathy for others trying to help other people.
    • BoGoF
    • By BoGoF 10th Jul 18, 6:47 PM
    • 3,267 Posts
    • 2,599 Thanks
    BoGoF
    How can you make money on the 9k borrowed when you are paying back 13.3k. Bonkers.
    • BoGoF
    • By BoGoF 10th Jul 18, 6:50 PM
    • 3,267 Posts
    • 2,599 Thanks
    BoGoF
    If 'hope' is 40% APR and sub prime credit cards then you can keep it.
    • Codymcmc
    • By Codymcmc 10th Jul 18, 6:53 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    If that 9k makes me 20k - take off the interest paid, im still in profit AND id be able to access better rate borrowing in the future.


    Not everyone can just access a 9k loan at 3% interest, in fact, very few people can in this day and age hence why companies like amigo, provident etc..... still thrive.


    What ive come to learn is, once you have money, or access to money, its quite easy to make more and more at better and better rates, if you are struggling and skint making money becomes very difficult as does getting credit etc....
    • BoGoF
    • By BoGoF 10th Jul 18, 7:00 PM
    • 3,267 Posts
    • 2,599 Thanks
    BoGoF
    So what investment will turn 9k into 20k, we would all love to know.

    And what has happened to your Moneybarn loan mentioned in your other thread....borrowed 5.3k to payback 9.7k?
    • Ilona
    • By Ilona 10th Jul 18, 7:01 PM
    • 2,102 Posts
    • 7,191 Thanks
    Ilona
    Words almost fail me. I have read your other thread. You say you feel privileged to have so many credit cards and loans. WHAT! Do you think they are doing you a favour by allowing you access to credit. They see you as a money making machine, they don't lend money out of the goodness of their heart. They need customers like you to keep their businesses afloat, people who will take any loan at whatever interest rate they offer.

    You add up your available credit on your cards and you think it is your money, it isn't, it belongs to someone else. You say you have access to 20K, it isn't your 20K.

    Your thread is no help at all to people with a history of bad credit. The only help they need is how to live within their means, not borrow more and get further into debt.

    You have a very odd way of going about things, in fact your advice is down right dangerous to other people struggling to make ends meet. Your case is an example of what not to do when in debt.

    ilona
    I love skip diving I've had some brilliant finds in skips, people throw out all sorts of useful stuff. I'm not afraid to knock on someone's door and ask if I can take something out of their skip. They always say that's ok, help yourself.
    • Codymcmc
    • By Codymcmc 10th Jul 18, 7:13 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    When have I ever said it is my 20k, I know its not, I said I am grateful for being allowed access to 20k - it does not mean I will use much/any of it.

    And paying back these loans will get me access to better rate credit in the future.

    how to turn 9k in to 20k - seriously, what do you not have a mind of your own.

    So you are assuming someone struggling to live has debt, what an absurd assumption, maybe they have no choice or option and no access to anything, maybe they can't cut back and live anymore within there means than they do now.

    as for the 'if 40% is hope, you can keep it' 40% is hope if your only ever access to credit before that was a 100%+ provident loan or god forbid a loan shark.


    You all very much come across like you were born with silver spoons coming out of your ar**holes
    • jonesMUFCforever
    • By jonesMUFCforever 10th Jul 18, 7:15 PM
    • 24,965 Posts
    • 12,181 Thanks
    jonesMUFCforever
    If that 9k makes me 20k - take off the interest paid, im still in profit AND id be able to access better rate borrowing in the future.


    Not everyone can just access a 9k loan at 3% interest, in fact, very few people can in this day and age hence why companies like amigo, provident etc..... still thrive.


    What ive come to learn is, once you have money, or access to money, its quite easy to make more and more at better and better rates, if you are struggling and skint making money becomes very difficult as does getting credit etc....
    Originally posted by Codymcmc
    Just one word to highlight here ------ IF----!!
    What is it red or black or some crypto currency where it is easy to put money in but impossible to get it out?
    What goes around - comes around
    give lots and you will always receive lots
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