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Qualifying for credit card and cash withdrawal from card allowance

Last post Wed, Feb 29 2012, 11:19 PM by elephantshrew. 2 replies.
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  •  Wed, Feb 29 2012, 11:19 PM

    Re: Qualifying for credit card and cash withdrawal from card allowance

    Thank you very much! What I am afraid of is, approaching a number of online lenders and have them all check my credit rating which would ruin all the effort I have put into repairing it!

    My bank advised me to look elsewhere for offers as I do not earn enough to get a card from them, less than £1000 per month. I would be happy to pay back large sums each month, say up to £300, if I could get such a loan. I have a local plumber who is doing me a good deal, I have quite a lot of work to put it in and British Gas are expensive. Npower I stay as far away as possible from.

    My credit is no longer bad but I would be willing to pay a higherr rate of interest. I would certainly pay it back within 6 months, no probs. Is this still possible?

    • Post Points: 5
  •  Wed, Feb 29 2012, 10:28 PM

    Re: Qualifying for credit card and cash withdrawal from card allowance

    All card applications are subject to acceptance by the card issuer. Neither Moneysupermarket or posters to this forum can advise you on this.

    Borrowing cash from a Credit Card at £2000 and not paying it back within say 6 months, may prove to be very costly. They may offer an interest rate for bad credit of say 35%, but if you don't pay back a hefty amount each month, I suspect that you would see the interest rate increase.

    I would suggest seeking an alternative. Are there any specific schemes for boiler replacement where you can pay monthly over a period of time ? Some of the energy companies e.g Npower or British Gas may offer this.

    • Post Points: 20
  •  Wed, Feb 29 2012, 7:40 PM

    Qualifying for credit card and cash withdrawal from card allowance

    Hi there! According to this site's credit card offers, I qualify for a card, having had bad credit in the past and rebuilt my rating. Is there a minimum amount you have to earn in order to qualify for one? Also, I need £2000 cash for a new boiler, can I take out this as a lump sum to pay for work, and pay it back monthly? Are there specific cards for this?

    Thank you so much!

    • Post Points: 20