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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 2
    • Codymcmc
    • By Codymcmc 10th Jul 18, 7:18 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    No im not in to gambling thanks, Its quite easy to make money once you have money, use your imagination, really, it might surprise you but there are thousands of ways, all legal and legitimate.
    • dresdendave
    • By dresdendave 10th Jul 18, 7:41 PM
    • 766 Posts
    • 941 Thanks
    dresdendave

    You all very much come across like you were born with silver spoons coming out of your ar**holes........
    Originally posted by Codymcmc
    ...... or perhaps when struggling to get by on a meagre salary we spent according to what we could afford rather than what we would like to have. Perhaps worked every hour of overtime or got a second job, rather than borrow, to see us through tough times. On the rare occasion spare cash was available it went towards an emergency fund to be prepared for the next crisis.

    Just because people have avoided high APR loans to get through life doesn't mean they were born with a silver spoon.
    • Codymcmc
    • By Codymcmc 10th Jul 18, 7:47 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    Credit can be used in a number of ways, to better yourself as in education, to start a business, to make shrewd investments, to bulk buy at cheaper rates, the list goes on.

    If 40% is a high interest rate then why do companies offering 1000% interest rates exist and thrive, sometimes you have to take what you can get, but if used wisely can become crucial in thriving.
    • dealer wins
    • By dealer wins 10th Jul 18, 8:20 PM
    • 5,851 Posts
    • 11,188 Thanks
    dealer wins
    Car crash springs to mind lol
    Choose life
    • Codymcmc
    • By Codymcmc 10th Jul 18, 8:22 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    maybe for you if you were in the situation, its not my fault you don't have the intelligence to know how to handle finance.
    • dealer wins
    • By dealer wins 10th Jul 18, 8:44 PM
    • 5,851 Posts
    • 11,188 Thanks
    dealer wins
    maybe for you if you were in the situation, its not my fault you don't have the intelligence to know how to handle finance.
    Originally posted by Codymcmc
    Borrowing money at 40% , ok you know best !!
    Choose life
    • BoGoF
    • By BoGoF 10th Jul 18, 9:00 PM
    • 3,262 Posts
    • 2,595 Thanks
    BoGoF
    OP, you're good for a laugh if nothing else.
    • dealer wins
    • By dealer wins 10th Jul 18, 9:34 PM
    • 5,851 Posts
    • 11,188 Thanks
    dealer wins
    Gotta laugh, cause genuine sucessfull businessman who borrow at sensible rates to invest in great projects always post on here, daily like!!! Gets a tad boring really lol
    Choose life
    • Codymcmc
    • By Codymcmc 10th Jul 18, 10:16 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    yeah because I would want to help you lot wouldn't I after you have all been so nice, Ill help the people who need help.

    Have fun with your silver spoons all.
    • benjymaria
    • By benjymaria 11th Jul 18, 4:19 PM
    • 8 Posts
    • 2 Thanks
    benjymaria
    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.
    Originally posted by Codymcmc
    Absolutely.

    Lots of people are savvy and take advantage of offers and 0%.

    It's really heart-breaking to see desperate people paying back 40% of what they've borrowed
    • buythedip
    • By buythedip 11th Jul 18, 5:44 PM
    • 12 Posts
    • 19 Thanks
    buythedip
    I need help mate, what's the score?
    • enthusiasticsaver
    • By enthusiasticsaver 11th Jul 18, 5:48 PM
    • 6,680 Posts
    • 14,163 Thanks
    enthusiasticsaver

    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
    With all due respect you still have nothing, in fact you have less than nothing as you are in debt. Having access to 20k does not mean you have that money, it just means you can borrow up to that if you wish at an extortionate rate of interest so the banks are making loads of money out of you to your disadvantage.

    Any mortgage you are offered will be reduced by any existing borrowing you have at the time of application so running up 15 credit cards sounds unwise to me too particularly at 40% interest rates.


    You can better yourself in education without borrowing from expensive commercial lenders. Why not use a student loan which is a much more reasonable rate of interest?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
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