hi everyone

just got turned down for an 8k loan over 3 years from a leading lender (6.9% apr).

i've only been working for 4 months, just out of uni. i have 4 credit cards i think, ranging from 3500 limit to 8200 limit and they have all been cleared. it seems lenders think i'm ok for credit cards, but not loans.

so, i could get away with borrowing 6k but obviously CC interest rates are too high, my £8200 card is 14.9% apr. i just got a halifax one with 9 months interest free, with 2100 limit. so, is it simple enough to get a few more cards then every 6 months do balance transfers to new cards? even if i have to pay interest in the interim etc it would be as bad as the £800 odd that the 3 year loan would accumulate?

anyone know of any good interest free cards at the moment. i was surprised that halifax give me such a low limit in comparison with my others though!

 

Buy a car with your the highest limit CC for 8K. (or buy less and make a profit)

Sell car and get cash. Get more interest free CC's and transfer the balence every 6+ months. Better than a loan with interest free credit

 

Wouldn't it be simpler to try different lenders for the whole lot at a good rate, rather than risk being embroiled in a credit card loan at a silly rate, if you can't change lenders etc?

Been there, done that, in an earlier life, and it's NOT good:

Alcazar

 

Or dont buy things you can't afford

 

Dont apply too many times though as each and every time you apply for ANY credit it goes on your credit file.

 

Don't be a fanny - ditch all the cards which you have "paid off" and don't really need Get a 4k car

 

Just a thought, did you really just create a new Scoobynet account to ask this question while disassociating your money problems from your normal ID or is this another flame attempt. Just out of Uni, 4 credit cards, in over your head in debt etc....?

 

I the bank wont give it you, dont keep trying as in my experience they will lend to those who really shouldnt borrow so if they wont lend you cant be a good risk.

Just wait, I know its difficult but I have done for years, my major victory is spending seven grand on a Fiat coupe, give it time, it will be yours.

 

thanks for your comments. i can afford to buy what i want now, but rather than tie up all my cash and as interest rates are so low i thought i'd get a loan. very surprised that i didn't considering a few years ago i had over 30k spending power on credit cards (and this is while at uni!) i've never missed a payment etc.

i'm not sure how balance transfers work. i presume you don't have to transfer the full amount from one CC to another? do you have to do this when opening the new CC account?

 

try first national for a personal loan. If that fails try preferred. If you get turned down by preferred you must have a different number of chromosomes or summink

 

if you're just out of Uni and not working, how did you manage to accumulate such large credit limits on your cards?

Also, if you had a "student" account, it will now be a "graduate" account and your bank will be gagging to lend you money - unless you're living way way beyond your means.

 

goochie - no idea, i'd never worked and those were the limits given to me. never had a student account with anyone.

 

or as chaos would do - get a cc in a different name then rip them off bigtime!

 

If you have to ask, then you don't understand & therefore you shouldn't bother.

D

 

I never had a student account at uni. When I left, lloyds gave me a graduate account and a loan up to £10k no probs.

Why did the first lender reject your application?