Denied Loan

D

deviant

Registered User
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33
Hi there

I recently applied for an AIB Personal Loan but was denied because I my credit card is currently over it's limit(1,100) by about 450 euros. I had also made several transfers from the card to my current account over the past few months. The girl on the phone told me to lower the balance below my limit and just keep my account "in order" for three or four months.

You might have noticed another thread I have going where I applied for a new credit card and got told to close my existing one before opening the new one (which is what I intended to do anyway). The reason I applied was because my existing one has a limit of 1,100 and now that I'm working, it's a bit restrictive.


I'm quite worried about what this might've done to my credit record, but I'm guessing if I follow her advice it should resolve itself. I get paid at the end of this month, and I'll clear the card. I'm just wondering if there's anything else I need to be doing?

Thanks

D
 
deviant said:
I had also made several transfers from the card to my current account over the past few months.
D
Click to expand...

Good God! I didnt even know you could do this. Im not surprised the bank refused you a loan. I agree with the previous poster. You have to cut back on your spending. Stop spending money you dont have.
 
Yeah of course you can, it's basically like using your cc like an atm card, which isn't recommended
 
Why is a limit of €1100 on your CC restrictive now that you are working? Surely if you cant even afford to pay off this balance then a higher limit is only going to get you into debt. Its not free money, you have to pay it back - I'd start by clearing your CC balance completely and then remember the €1100 is a limit of credit not a target of spending
 
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