justwise:


Start looking for scholarships in the UK, US, Canada etc

Thank you,

sir, with my o'level certificate here, am i to apply for foundation or undergraduate course please

nomad26:
It shouldn't affect your ILR application. Bank loan has nothing to do with Immigration.

One thing to note sha is that just because they told you 3.3% doesn't mean that they will offer you that rate. It is only after you apply, that they will tell you the true rate. Last year, I applied for HSBC loan of 10k after seeing the same 3.3% on their website, however they offered me a rate of 10.5% even though I have a good credit score and had been in the UK just over a year at the time. I told them no thanks and instead got a Barclays 0% credit card (balance transfer and purchases) for 28months with 11k credit limit.

I really must say before i forget. this is very good information!...when i first came to the UK,i had this big brother who was also giving me some finance advice. However, i seem to have caught on quite swiftly than he might have thought. For example i got my mortgage 2yrs after being in the UK. This bros, even though he might have had resources to assist financially( and when i say this, i'm not implying i needed it, but even for little things you would expect from someone playing your big brother!), not that i asked him, didn't lift a finger to help. It made me wonder if he wasn't just showing off with his advice. So bad it was, when i had my baby, i had to beg him to come say hello to me even though we live in the same town, and he only gave me £20 gift for my baby, with some miserable £5 notes....i was quite disappointed. Because always held him in high regards. Anyway, for those of us here giving tips, its very generous to spare your time and kudos.

Food for thought, all the Nigerian secrecy about salaries, living expenses, license plate number hiding, and other funny secrecies we tend to hide....are we being too overcautious??

jedisco:


That's interesting... Never thought of that. And I was already making plans.. The thing is that I need the bulk sum. Do you know any bank that offers good true rates for new entrants? Also switching to another bank just after two months may not avail me such opportunity as yours. Also, I heard it goes into your record once you apply (even if its rejected) and thus may affect your credit rating in the future.

Except if you are planning on getting a mortgage, your credit score will bounce right up....The only thing that significantly imparts it is if you miss a payment....I think i have like 4 now and about 19k credit limit....Credit is really life-saving.....now i am learning how to manage the debt with this thing they call 0% balance transfer

nomad26:
No I don't know any bank that offers such. However not every search affects your credit score. Try your current bank first, they may be able to give you the exact rate, based on how you manage your account, without running a hard credit check (affects credit score) first.

LLoyds and Barclays do a soft search (doesn't affect credit score) when you fill out their eligibility checker and they will tell you the true rate but it is not likely to be a low rate.

Wait for others to chip in, you will get more info as I have only attempted to get a loan once.

Thanks. Much appreciated
I may think of switching banks to yours if they offer better services. Mine offered me just 3 months interest free on my credit card. But then, I always clear out the debt before months end.

DaveChapelle:



Except if you are planning on getting a mortgage, your credit score will bounce right up....The only thing that significantly imparts it is if you miss a payment....I think i have like 4 now and about 19k credit limit....Credit is really life-saving.....now i am learning how to manage the debt with this thing they call 0% balance transfer

Same thing I'm trying to do... Channel all my spending thru my CC and review them at months end so I can keep track of my finances.
What's the 0% balance transfer about.

DaveChapelle:



I really must say before i forget. this is very good information!...when i first came to the UK,i had this big brother who was also giving me some finance advice. However, i seem to have caught on quite swiftly than he might have thought. For example i got my mortgage 2yrs after being in the UK. This bros, even though he might have had resources to assist financially( and when i say this, i'm not implying i needed it, but even for little things you would expect from someone playing your big brother!), not that i asked him, didn't lift a finger to help. It made me wonder if he wasn't just showing off with his advice. So bad it was, when i had my baby, i had to beg him to come say hello to me even though we live in the same town, and he only gave me £20 gift for my baby, with some miserable £5 notes....i was quite disappointed. Because always held him in high regards. Anyway, for those of us here giving tips, its very generous to spare your time and kudos.

Food for thought, all the Nigerian secrecy about salaries, living expenses, license plate number hiding, and other funny secrecies we tend to hide....are we being too overcautious??

My way of dealing with such people is just by minding my own business and getting my act together. Usually, they're the ones that'd come seeking for the bond when they see you can manage ur tuft and no send them. But then, people are different and we just have to live with that.

That aside, you can drop the financial tips you've learnt so others can follow

Betwindaily:

Thank you,

sir, with my o'level certificate here, am i to apply for foundation or undergraduate course please

undergraduate course

jedisco:


Same thing I'm trying to do... Channel all my spending thru my CC and review them at months end so I can keep track of my finances.
What's the 0% balance transfer about.

you don't pay interest for like some months....sometimes upto 2yrs....giving you time to pay off your debts....the banks make money with the hope that after that 2yrs, you are still owing money and then you start paying them interest. but you pay a transfer fee or transaction fee of maybe 1.5- 3 or 4%

You are mixing up 0% balance transfer with 0% purchase

DaveChapelle:


you don't pay interest for like some months....sometimes upto 2yrs....giving you time to pay off your debts....the banks make money with the hope that after that 2yrs, you are still owing money and then you start paying them interest. but you pay a transfer fee or transaction fee of maybe 1.5- 3 or 4%

DaveChapelle:


you don't pay interest for like some months....sometimes upto 2yrs....giving you time to pay off your debts....the banks make money with the hope that after that 2yrs, you are still owing money and then you start paying them interest. but you pay a transfer fee or transaction fee of maybe 1.5- 3 or 4%

Makes sense. I heard Sainsbury's has something similar. Just that I have no idea of the allowed limit.

Also , do you know of any means to tranfer money from a credit card outside the UK. In that case, one might not need a loan and can just use the credit card for that instead of using it for just transport and groceries only.

Bourne007:
You are mixing up 0% balance transfer with 0% purchase

What's the difference between the two?

0% purchase is what he explained while 0% balance transfer is a credit card transaction where you move, or transfer, all or part of the balance of one card onto another credit card

jedisco:


What's the difference between the two?

justwise:


undergraduate course

Thank you so much

Bourne007:
You are mixing up 0% balance transfer with 0% purchase

got a card with both...halifax

there's also 0% cash transfer....barclays

jedisco:


Thanks. Much appreciated
I may think of switching banks to yours if they offer better services. Mine offered me just 3 months interest free on my credit card. But then, I always clear out the debt before months end.

If you are considering switching, it's best you do it now that you are still new in the UK because the longer your oldest account the better your credit score.

HSBC credit facilities still better than other banks offer from my experience but I will advise waiting for some few months to get a good APR rate. Keep using your brw 30 and 50% of your HSBC CC and see the difference

Not advising one jumps into these debts to be honest, but if you do find yourself in debt, this is a way to manage it. I'd rather not be in this boat, just navigating it with these credit card lifelines

fatima04:


If you are considering switching, it's best you do it now that you are still new in the UK because the longer your oldest account the better your credit score.

HSBC credit facilities still better than other banks offer from my experience but I will advise waiting for some few months to get a good APR rate. Keep using your brw 30 and 50% of your HSBC CC and see the difference

Good insight.
I didn't quite get the last sentence. What does brw 30 and 50% mean?

Also, how about opening another bank account and running both concurrently? I think that would sure help get the best deals both have to offer. Any experience with this?

jedisco:


Good insight.
I didn't quite get the last sentence. What does brw 30 and 50% mean?

Also, how about opening another bank account and running both concurrently? I think that would sure help get the best deals both have to offer. Any experience with this?

she means don't spend more than 30 to 50% of your total credit card limit. And yes you can have 1, 2, or 3 credit cards....if you can discipline yourself. After sometime, they will all start chasing you. But everytime you accept one your credit rating drops

Spending more than 30 to 50% doesn't affect ur credit rating positively, it tells creditors you are in financial distress,making them more skeptical about borrowing you money, because they feel you will default. But if it is like 5 to 15% of the credit limit, it tells them, this guy dey alright, he just wants to hold this card for at all at all na hin bad pass

DaveChapelle:
she means don't spend more than 30 to 50% of your total credit card limit. And yes you can have 1, 2, or 3 credit cards....if you can discipline yourself. After sometime, they will all start chasing you. But everytime you accept one your credit rating drops

Spending more than 30 to 50% doesn't affect ur credit rating positively, it tells creditors you are in financial distress,making them more skeptical about borrowing you money, because they feel you will default. But if it is like 5 to 15% of the credit limit, it tells them, this guy dey alright, he just wants to hold this card for at all at all na hin bad pass

Makes sense. Id put everything into perspective but might add one more CC just as a backup. I don't envision using past 20% of my CC for my monthly expenses except for perhaps one-off purchases.

I run some stuff back home and I'm still wondering if there's a way I can transfer funds from my CC back home. Not that its something I hope to do always but I do like having access to backup cash just in case something pops up.

Use the cash/Money transfer feature where you can take money that’s available from your credit card and put it in any of your own UK current accounts.

jedisco:


Makes sense. Id put everything into perspective but might add one more CC just as a backup. I don't envision using past 20% of my CC for my monthly expenses except for perhaps one-off purchases.

I run some stuff back home and I'm still wondering if there's a way I can transfer funds from my CC back home. Not that its something I hope to do always but I do like having access to backup cash just in case something pops up.

Bourne007:
Use the cash/Money transfer feature where you can take money that’s available from your credit card and put it in any of your own UK current accounts.

Sounds confusing... But I'd check it up. Thanks

jedisco:


Sounds confusing... But I'd check it up. Thanks

use a 0% cash transfer card and send to your UK debit account. Then you can send to Nigeria. However is your Nigeria investment making enough profit to offset your credit card bills!

jedisco:


Makes sense. Id put everything into perspective but might add one more CC just as a backup. I don't envision using past 20% of my CC for my monthly expenses except for perhaps one-off purchases.

I run some stuff back home and I'm still wondering if there's a way I can transfer funds from my CC back home. Not that its something I hope to do always but I do like having access to backup cash just in case something pops up.

Wow! You get mind sha.
You want to:
1. Take a £ Loan, with interest paid in £
2. Change the £ to NGN, and invest in NGN
3. Make profit in NGN, then convert the profits to £ to offset your £ debt.

That Nigerian Investment must surely be an extremely High-yield, Risk-free Investment right?

RalphJean:



Wow! You get mind sha.
You want to:
1. Take a £ Loan, with interest paid in £
2. Change the £ to NGN, and invest in NGN
3. Make profit in NGN, then convert the profits to £ to offset your £ debt.

That Nigerian Investment must surely be an extremely High-yield, Risk-free Investment right?

I'm not thinking about bringing back the profit or converting it to £. I have financial commitments back home which I have to keep upto. So it's either I make certain sacrifices so I can offset stuff from investments there without having to depend on what I make here to respond to stuff back home.

Moreover, the sum I'm looking at is one I should be easily able to offset within a few months if need be. If I get it here at the right rate (say 3-5%), then it makes perfect sense to me rather than missing a timed opportunity or looking for something similar at much higher rates back home.

I know it may not make sense to many and no investment is risk free, but then, it's the way I perceive life. I came here on the back of certain investments some of which didn't seem so logical to many they were made but proved life-saving when I needed them.

I'm not so much bothered about the sensibility in it but the possibility.

DaveChapelle:
use a 0% cash transfer card and send to your UK debit account. Then you can send to Nigeria. However is your Nigeria investment making enough profit to offset your credit card bills!

Thanks. That might be my backup option. But I still don't really get it. Do you know if HSBC CC have that option or would I have to get a intermediary card?

I was really attracted to the 3.3% loan which would have made good sense to me. Say I take a 10k loan at that rate and space out the repayment over 4 years, I'd repay in total about 10.6k. Extra 675 which doesn't seem bad considering the time involved.
But then, it seems the rate varies and the main issue is not getting the loan but getting a good rate. I may give it a few more months, try and build my credit score in the little way I can and apply to see the rate I'm offered.
I read somewhere that since that's the advertised rate, they're legally bound to offer that rate to at least 50% of customers. If this is true, then hope to make the cut.

jedisco:


Thanks. That might be my backup option. But I still don't really get it. Do you know if HSBC CC have that option or would I have to get a intermediary card?

I was really attracted to the 3.3% loan which would have made good sense to me. Say I take a 10k loan at that rate and space out the repayment over 4 years, I'd repay in total about 10.6k. Extra 675 which doesn't seem bad considering the time involved.
But then, it seems the rate varies and the main issue is not getting the loan but getting a good rate. I may give it a few more months, try and build my credit score in the little way I can and apply to see the rate I'm offered.
I read somewhere that since that's the advertised rate, they're legally bound to offer that rate to at least 50% of customers. If this is true, then hope to make the cut.

Bruv, you won’t get that interest rate. You def need a high credit score, longer UK residency and default-free ongoing credit. Even my own bank that I’ve had for 5 years offered me 29% because I had no credit history.

The credit card option is a better route. But apply for the loan. Experience na the best teacher

jedisco:


Thanks. That might be my backup option. But I still don't really get it. Do you know if HSBC CC have that option or would I have to get a intermediary card?

I was really attracted to the 3.3% loan which would have made good sense to me. Say I take a 10k loan at that rate and space out the repayment over 4 years, I'd repay in total about 10.6k. Extra 675 which doesn't seem bad considering the time involved.
But then, it seems the rate varies and the main issue is not getting the loan but getting a good rate. I may give it a few more months, try and build my credit score in the little way I can and apply to see the rate I'm offered.
I read somewhere that since that's the advertised rate, they're legally bound to offer that rate to at least 50% of customers. If this is true, then hope to make the cut.

If you get that 3%, i would eat my pant.......... Apply and feed us back.......

jedisco:


Thanks. That might be my backup option. But I still don't really get it. Do you know if HSBC CC have that option or would I have to get a intermediary card?

I was really attracted to the 3.3% loan which would have made good sense to me. Say I take a 10k loan at that rate and space out the repayment over 4 years, I'd repay in total about 10.6k. Extra 675 which doesn't seem bad considering the time involved.
But then, it seems the rate varies and the main issue is not getting the loan but getting a good rate. I may give it a few more months, try and build my credit score in the little way I can and apply to see the rate I'm offered.
I read somewhere that since that's the advertised rate, they're legally bound to offer that rate to at least 50% of customers. If this is true, then hope to make the cut.

Bank is in the business to make money not to dash money... 3.3 for 10k loan . Na. They wont be able to pay their staff that way . They do all this gimmick to catch your eye but when the real offer comes its very different

When it comes to debt.. its best to tread carefully especically for naija waka. It easier to get lost in it and then becomes difficult to find your way out .

jedisco:


Thanks. That might be my backup option. But I still don't really get it. Do you know if HSBC CC have that option or would I have to get a intermediary card?

I was really attracted to the 3.3% loan which would have made good sense to me. Say I take a 10k loan at that rate and space out the repayment over 4 years, I'd repay in total about 10.6k. Extra 675 which doesn't seem bad considering the time involved.
But then, it seems the rate varies and the main issue is not getting the loan but getting a good rate. I may give it a few more months, try and build my credit score in the little way I can and apply to see the rate I'm offered.
I read somewhere that since that's the advertised rate, they're legally bound to offer that rate to at least 50% of customers. If this is true, then hope to make the cut.

The rate might be higher than 3.3%....its just a venus flytrap to get you hooked on the nectar! Are you sure you can repay the loan too....from experience, thats how i started living hand to mouth oh!!! from, shebi its only £10.6k!....Beware....do your maths over and over again.....4yrs is not beans

Lexusgs430:


If you get that 3%, i would eat my pant.......... Apply and feed us back.......

lol.....thats how i got my offer....on 10...i am paying 11,5k over 3yrs....which is ok,but i did one better, and added credit card debt......so now i am living tightly and still looking at my car that maybe i can sell it to bail myself

DaveChapelle:
lol.....thats how i got my offer....on 10...i am paying 11,5k over 3yrs....which is ok,but i did one better, and added credit card debt......so now i am living tightly and still looking at my car that maybe i can sell it to bail myself

Difference been, you have already built up a credit history profile..........