Finance struggle Started by: Steph

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  • Steph 12
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    Hi girls, really starting to struggle with getting finance, starting to get disheartened. Anyone got any ideas on what to do? Xx

    Yvette 85
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    Can your parents help at all? Or get a loan maybe? X

    Kerrie Bilson 36
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    Hi Steph, same here! I stupidly ended up with a CCJ which has affected everything 🙁 So I cannot get finance or a loan. Have you considered a guarantor loan? I looked at these but the amount you pay back is insane! I decided to get a second job, if I save all of those wages I will have it saved in a years time without getting into debt for 🙂 Although it is horrible waiting when you just want it doing NOW haha it is worth it in the end

    Summer 5
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    Im relying on getting the finance package where you pay half now and then the rest interest free for 10 months, if i dont get accepted for that i am going to look at those credit cards you can get with upto 32 months interest free xxx

    Steph 12
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    I think my Mam and Dad are the next step but I hate asking them for anything. I have seen about those credit cards but not sure if I will get accepted as never had one before. It’s just so frustrating knowing I have it booked aswell and I don’t want to cancel xxx

    Katie 112
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    @steph you firstly need to look at why you’re not getting accepted for the finance. Are you on the electoral register? This is one of the big things when getting accepted for any sort of credit. Have you previously had credit before? No credit history can mean lenders aren’t sure how you can manage your money because they have no history to look at. If you’ve had credit have you defaulted on payments previously? Applying lots of times without looking into the reasons why will affect your credit rating even more. It might be an idea to take a look at your credit report on Experian, which will highlight reasons why you’re struggling to get the finance in the first place. It’s awful having to ask your parents for anything, I’m exactly the same but if you know they’ll lend you it then I’d suggest approaching them. It’s basically free finance! I hope you manage to get the money whichever way you decide to go. I know it’s disappointing when you have your heart really set on it xxxx

    Mae 80
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    I’d look for credit cards with 0% interest over a certain period. I got Halifax credit card with like 30months interest free xx

    Mae 80
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    @steph just read you have never had one before. Me either. I had never had any loans or anyThing and was accepted straight away for 2500. Check out martin Lewis site, there’s loads of info on credit cards on there and you can find one to suit your needs xx

    Steph 12
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    @katie I just can’t get my head round it. I pay for my car and stuff and never had a problem, never been late paying them or anything. I keep doing searches that dosnt effect my credit to see how likely I will be. Just hope I get sorted before I go for pre-op xx

    Steph 12
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    @mae I have used that but I think it’s coz I need the full amount as I have only paid 500 deposit.l and don’t dancer paying out a couple of payments xx

    Steph 12
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    @katie dose it charge you to use that site to check xx

    Katie 112
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    @steph its a mine field when it comes to your credit there’s so many different factors that can affect you getting credit. You can sign up to the free part of experian which just shows your credit score but if I’m ever looking to apply for credit for a substantial amount I’ll pay for the option on experian so I can see my full credit report. This shows everything you have on credit/finance. Any late payments there have been, precludes addessses you’ve been known at. It even tells you what’s currently affecting your score positively and negatively. It’s definitely worth paying the 14.99 to see it in full and you can cancel it whenever you want and there’s no contract or minimum notice to cancel it xxx

    Steph 12
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    @katie thank you for your help I will look into it. I will try all sorts xx

    Sarah Jones 16
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    Have you tried getting a loan with Tesco? That’s what I did, I’m only 19 and wasn’t even on the electoral register when I applied for it, the only direct debits I have are car insurance and my phone bill, I got accepted in principle, had to send a few things off and I got accepted xx

    Steph 12
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    @sarah I haven’t tried that I will look into it thank you. I just need to win the lottery haha. Xx

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    I’m having the same issue. I’m on the electoral roll, I’ve had finance before when buying a bed and never missed a payment, I’ve never had a credit card. I’ve never missed a payment for anything. I’d saved £3k and thought getting a credit card or loan for the rest would be a piece of cake. I got refused for the 0% credit card, I got refused for a loan. I’ve got by Experian credit report but it doesn’t flag up anything to me. Sainsbury’s who refused the loan are sending me a letter explaining why so maybe that will shed some light. I had to think outside the box a little and asked an old (minted) friend if I could borrow it at an interest rate better than I could get on a loan, so we’ve agreed on a 10% interest rate. It’s a good deal for him because it’s better interest than he’d get with it sat in the bank, and it’s a life saver to me!

    Harriet 3
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    I’m a bit late to join in, but I’ve just been rejected for a halifax credit card 🙁 I’ve just requested my credit report from equifax to see what’s on it and I’ve never missed a payment or have any bad credit. The only thing I can see is that on the electoral register one of my addresses has my middle name and the other doesn’t and doesn’t have my date of birth. Didn’t know about this or think this would make a difference but it’s the only thing I can see! Maybe I’m the only one daft enough to do that but something to bare in mind if anyone else is applying for credit! xx

    Anonymous
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    Have you tried a bank loan?

    Steph 12
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    I have got sorted now. Luckily my parents have helped me and got the loan for me at a very low apr. If it wasn’t for them I still wouldn’t no what to do xxx

    Meg 30
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    Katie has covered nearly everything but check as many Credit reference agencies that you can. Noddle and clear score are both free and their information is taken from either Experian or Equifax, which are the main two that are used by any company checking your report. I had my identity stolen, so worth checking everything is yours. They also offer a comparison service and they’ll tell you how likely out of 100 you are to be accepted by each credit card company. They also let you break it down into what each card offers (balance transfer, money transfer or purchase free). But similar to what katie said, don’t go nuts and apply for loads of cards, destroys your chance of getting further lending. Good luck x

    Meg 30
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    So I wrote all of that then seen the final comment. Sorry! Ha. X

    Steph 12
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    @meg haha thank you tho. Am just glad it’s finally sorted and roll on October ???? Xx

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