Is anyone else struggling to raise finance/Get Credit?

[number1kitty]

Is anyone else struggling to get credit at the minute? I am looking for some extra finance by means of a credit card or loan. I have been knocked back by everyone. I cant even get an overdraft!

I have perfect credit. I only have one credit card but thats only got a £250 limit.

I am in rented accomadation and just moved. I was in my last place for 3 years, and my new place for 3 months.

I have now applied to these companies that 'Guarantee' a credit card after you pay a £45 upfront fee!

How can I take my buisness forward without the money I need, at the minute I am only making enough to cover my regular bills, as my partners took a dramatic pay cut from £50K to £20K in a new job. So I am mega skint. I only have about £500 a month left over which would take me 2 years to get the capital I need to buy the stuff I need. As I moved to a new area I have to put money into advertising and just simply cant afford too at the minute!

Is it just me, or is everyone else struggling??? Its even more annoying that WE own the banks and they are still getting their bonus' this year. All on top of a huge government pay out worth Billions. What about us small business'.

Kate

 

[Marley's Ghost]

sadly it is hard to get at the moment...they are reluctant to lend, or give credit, something we have heard a lot. One example I know - a lady in full time employment, no debts, cannot even get a bank account?....it's truly mad

unless you work for them of course - then you get a bonus...from...oh yes....our money???

Great isn't it?

 

[number1kitty]

Its complete madness! My turnover all proven with accounts has been over 60K year on year. My profit being around 60% of that. My partners in guranteed employed work and he cant get credit. The thing I am worried about is if they dont start lending to business' then I am not going to be able to get any work or pay my bills then not be able to pay my rent and end up on state benefits!!!!

ARRRGGGGHHHH! I am struggling to sleep at night, plus I dont have a great deal of work at the minute so staring at four walls is driving me mad!!

To top it off I have sold everything I can possibly sell on Ebay to try raise the cash! But even things on there are not going for what they used to or what they are worth! All my gold, including my engagement ring have been pawned, I have sold all my designer clothes and I am still way off what I need!

:cry::cry::cry::cry:

 

[Marley's Ghost]

I really feel for you at the moment, it's frustrating too - when you know you are able to cope with it...unfortunately these folk don't operate on an individual basis - which is bloody stupid when you think about it.

I wish you all the very best of luck and i hope someone is willing to sort something out for you

 

[loubylou]

Business link can offer help to find finance when it is for a business, hth :hug:

 

[number1kitty]

Tried that route, but a lot of its on a meet there offer basis. For the 5K I want I need 2.5K of my own cash!

When I get this money I will up and running in no time, I earn money doing training for companies too so its silly really! May just have to increase the training and then put the make up and skin care on hold for the time being!!!

Kate x

 

[jodipodi]

If you keep applying for credit hun it really affects the way lenders view you. Multiple applications in a short period of time will have a bad effect on your file so try not to do this....I learnt the hard way as they usually keep a record of each application on your file for the naxt 6-12 months! Best way to ensure they see you as a ''small risk'' is to ensure you pay everything on time and if you can pay more than the minimum payment and dont apply for stuff one after the other, also if possible keep all your finances seperate from your parteners ie;bank accounts. If youve moved recently this will also lower your score. Ive had problems getting credit and have just now after 3 years managed to get credit after improving my score in this way....... hth xxx

 

[number1kitty]

If you keep applying for credit hun it really affects the way lenders view you. Multiple applications in a short period of time will have a bad effect on your file so try not to do this....I learnt the hard way as they usually keep a record of each application on your file for the naxt 6-12 months! Best way to ensure they see you as a ''small risk'' is to ensure you pay everything on time and if you can pay more than the minimum payment and dont apply for stuff one after the other, also if possible keep all your finances seperate from your parteners ie;bank accounts. If youve moved recently this will also lower your score. Ive had problems getting credit and have just now after 3 years managed to get credit after improving my score in this way....... hth xxx

This is the thing Any catalougues I have I pay off immediately. I hate debt and pay it off within months of getting it. I used to work for a finance company so can only think that they have really tightened up their credit lending belts and because I have just moved house and only renting that I am high risk! Oh suppose being self employeds another kick in the teeth lol!

I checked my credit file and its prefect only 4 recent searches and that was for silly things like insurance and DVLA. But whats weird is on the bottom the reason for the searches come up as Money Laundering Search. This even showed up on the footprint for the credit file search. Is this on any one elses???

Kate

 

[jodipodi]

Well youre doing the best thing and thats all you can do chick.
Hmm money laundering search, Ive never heard of that one .....get yourself straight on the phone and check it out definitely. Could just be something routine but I havnt got it on mine and I get mine through equifax. If I were you Id give the credit ref agency a call they are always happy to give advice and will advise you of anything that couldve affected you recently and also what to do to rectify it. Hope you get sorted its so frustrating when you have a plan of action and things stop you in your tracks xxx

 

[number1kitty]

Just checked what it means and a money laundering search is to check you are who you say you are when taking out insurance or bank products etc. DOH!

Surprisingly not got any loan or credit card checks against my name !

I give up lol!!!

 

[jodipodi]

It sounds odd to me that there hasnt been anything recorded for applications?? Does the credit ref agency know youve moved?...this might be why as youre supposed to inform them of change of circs I think xx

 

[number1kitty]

It sounds odd to me that there hasnt been anything recorded for applications?? Does the credit ref agency know youve moved?...this might be why as youre supposed to inform them of change of circs I think xx

Your supposed to inform the credit agencies?? Didnt know you had to do this. I just gone on the electoral roll here and I was on it on my last address so they have history of me. And I just got a catalogue with a £300 limit lol! So it cant be too bad, its just cold hard cash there reluctant to give out! There EVIL!!!

Kate x

 

[Blue Rose]

I think your address can affect your credit rating as well so if the powers that be do know your new address, it could be down to that.

£5k in the scheme of things isn't really a lot but maybe it's also because you haven't got into debt - the banks aren't going to make money out of you lol

 

[JANEY K]

I agree with what cogsi is saying...i had problem with credit when i moved into my new house 4 yrs ago and it was all due to the blacklisting \bad credit rating on the address ,i ended up having to pay to get my my name and the house cleared from the CRA.

 

[Ruth Mills]

I agree with what cogsi is saying...i had problem with credit when i moved into my new house 4 yrs ago and it was all due to the blacklisting \bad credit rating on the address ,i ended up having to pay to get my my name and the house cleared from the CRA.

How much did you have to pay? It's against the data protection act for a company to hold incorrect data on you and not do anything about it when requested to.

 

[Lynne Baker]

I'm given to understand that the address no longer counts towards your credit rating. I know this because a letter arrived the other day addressed to someone other than either me or my husband telling them that they were sending the boys round as she was up to her neck in debt. Experian told me that our credit rating would not be affected as it all goes on the name, not the address.
Kate, have you tried an ad in the back of Private Eye?!

 

[number1kitty]

An ad in the back of private eye? Sounds dodgy calla lol! Tell me more.

Or is it the secret uprising against Gordon Brown to make him give up his seat!

x

 

[kellyk]

its mad whilst i was on benifits i had over 1k overdraft and 4k credit limit on a catalogue then when i went back to work i wanted a new car so went to apply for a loan, i also applyed for a credit card just to up my rating but they said no but we can put 8k in your bank in the morning if you like or up your overdraft but cant we give you £250 credit card WTF

 

[JANEY K]

How much did you have to pay? It's against the data protection act for a company to hold incorrect data on you and not do anything about it when requested to.

i spent a bit of time checking it out ruth before i went ahead it was only something like 50 quid but it sorted it ..it was to verify that i wasn't the named last person in the house..and to keep the wolves from the door on last tenent...because i had quite a few nasty visits....not had any bother since

 

[number1kitty]

Does this count for mobiles? I got a new contract a few months ago and I get about 5 calls a day from capital one and aegis for a J*** B*******. I have told them time and time again I am not her and to remove the number off the database. I even offered to send my recent bill in my name to prove it. SO far been told, they cant take my number of the system because there 'is no system'. They cant put me through to a supervisor 'because there is no supervisor' errr sorry but I have worked in call centres and there is never NOT a supervisor! Oh and They will keep calling because J*** B******* gave them that number GGGGRRRRRRRRRR!!! The only way to get them to hang up is to swear! Talk about driving me mad!

Kate