Asking for help…

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Any help grateful received.

I earn 32.5K pa,

I’ve got about 18 months to run with a loan at £295 per month (6K left to pay) and 1 credit card maxed at £4K (Vanquis, high interest),

I’ve got a very good credit score according to Experian and equifax.

As you expect I like to get the £4K off the Vanquis card, so I applied for a £4K loan from AA to clear the amount and start again (predicted 80% chance of acceptance with MSE), however I was refused. This was about 2 months ago.

I did some research and was told by equifax that this was due to me have used 95% of my overall credit card limit. Apparently the flag triggers when you get over 50%. I never knew that this would be an issue, but because I only got the one credit card, this one amount has effected my score.

I’m left with the scenario of having to find £2k to pay off half of my credit card before I can rejig my finances and get away from the high percentages of Vanquis.

Very grateful of any suggestions of other options go forward.

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