can't get a loan, what about interest free credit cards?
#1
can't get a loan, what about interest free credit cards?
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!
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!
#2
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
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
#7
Scooby Senior
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....?
Last edited by BMWhere?; 11 March 2004 at 10:18 PM.
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#8
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.
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.
#9
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?
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?
#11
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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.
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.
#15
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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?
Why did the first lender reject your application?
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