Littlewoods Ireland Credit Limits Maximum?

MrLucidLJ

ohnonotgmail wrote: »

You dont seem to understand what APR means. Forget littlewoods credit. Get yourself a credit card with a limit you are comfortable with. The amount you will save on interest will be massive.

I understand what it means and appreciate the advice I am more concerned though will banks just give people credit cards unless they have 1000s in savings and have an impeccable credit score. My credit score would be fine but don't have the latter.

dobsdave

I have found that littlewoods are more expensive on selling prices alone.
If you add on the interest then youre being hit twice.

brightspark

I used the calculator found here

http://www.thisismoney.co.uk/money/cardsloans/article-1633405/Loan-repayment-calculator.html

€350 for 9 months @39.9% resulted in a monthly payment of 45.64, with a total payment of €410.72. So the cost was €60.72.
That's close to what you paid.

If you used a credit union loan at the highest level of 13% that they can legally charge (most charge less either directly or via an end of year rebate) the figures are as follows

€350 for 9 months @13% resulted in a monthly payment of €41.03, with a total payment of €369.23, Cost €19.23. A saving of over €40, if you paid €45 a month, you would probably saved one months payment.


The figures for €1000 again for just 9 months result in a Littlewoods cost of €173.49, with the credit union costing just €54.94, almost €120 difference. Again if you used the savings in cost to increase your monthly payment then the savings would be even bigger.

Credit unions unlike some bank loans allow you to pay more back at any time.

As others have said you may even get a lower APR than 13% and save even more.

MrLucidLJ

brightspark wrote: »

I used the calculator found here

http://www.thisismoney.co.uk/money/cardsloans/article-1633405/Loan-repayment-calculator.html

€350 for 9 months @39.9% resulted in a monthly payment of 45.64, with a total payment of €410.72. So the cost was €60.72.
That's close to what you paid.

If you used a credit union loan at the highest level of 13% that they can legally charge (most charge less either directly or via an end of year rebate) the figures are as follows

€350 for 9 months @13% resulted in a monthly payment of €41.03, with a total payment of €369.23, Cost €19.23. A saving of over €40, if you paid €45 a month, you would probably saved one months payment.


The figures for €1000 again for just 9 months result in a Littlewoods cost of €173.49, with the credit union costing just €54.94, almost €120 difference. Again if you used the savings in cost to increase your monthly payment then the savings would be even bigger.

Credit unions unlike some bank loans allow you to pay more back at any time.

As others have said you may even get a lower APR than 13% and save even more.

I appreciate the calculator and the link you provided but that doesn't take into account what I paid back though. I think the first bill I had to pay back was September then last was May and the amounts varied dependent on the month. I see it works out as around what I paid but paying back 70 euro extra 350 doesn't seem bad to me at all like I look at the overall paying back at 20% which isn't bad obviously this way it looks a lot more then? And as I said as well with my initial question I think a lot of people misread it.
I just wanted to know the limits on what Littlewoods can offer rather then know all this financial information which some is interesting to know but totally went away from the original question that was asked. Also I have asked about this many times I don't know how easy it is to get credit cards credit unions and some cheaper options which offer lower APR.

brightspark

MrLucidLJ wrote: »

paying back 70 euro extra 350 doesn't seem bad to me

I just wanted to know the limits on what Littlewoods can offer rather then know all this financial information which some is interesting to know but totally went away from the original question that was asked. Also I have asked about this many times I don't know how easy it is to get credit cards credit unions and some cheaper options which offer lower APR.

70 euro doesn't seem bad unless you consider that with a cheaper form of credit you would have paid less than 20 euro.

Only you can find out what credit limit Littlewoods will allow you, it will be based on your credit history with them. It is possible that it will be in excess of €1000 but until you ask them there is no way of knowing. (my wife had a credit limit in excess of €1200 with Oxendales, not that we give them a cent of interest, it's paid in full when the bill arrives)

I strongly suggest that you join your local credit union, and start making small regular lodgements. You will then be eligible to get a loan of up to three times your savings. I see one Credit Union in Cork offering personal loans at 9%. With a credit union loan you can pay back as much as you want (over the minimum of course) each month, and the interest is only charged on the outstanding balance.

Tesco will give you a card with 0% interest for the first 8 months on purchases, reverting to 19.1% variable afterwards, still cheaper than Littlewoods! Not sure how much it is but I think there is a government tax on credit cards

http://www.tesco.ie/finance/visacards/

MrLucidLJ

brightspark wrote: »

70 euro doesn't seem bad unless you consider that with a cheaper form of credit you would have paid less than 20 euro.

Only you can find out what credit limit Littlewoods will allow you, it will be based on your credit history with them. It is possible that it will be in excess of €1000 but until you ask them there is no way of knowing. (my wife had a credit limit in excess of €1200 with Oxendales, not that we give them a cent of interest, it's paid in full when the bill arrives)

I strongly suggest that you join your local credit union, and start making small regular lodgements. You will then be eligible to get a loan of up to three times your savings. I see one Credit Union in Cork offering personal loans at 9%. With a credit union loan you can pay back as much as you want (over the minimum of course) each month, and the interest is only charged on the outstanding balance.

Tesco will give you a card with 0% interest for the first 8 months on purchases, reverting to 19.1% variable afterwards, still cheaper than Littlewoods! Not sure how much it is but I think there is a government tax on credit cards

http://www.tesco.ie/finance/visacards/

I think I might try to look into the credit Union but as you said probably takes a good few months of savings maybe longer to show that you are committed with them before you can take out a decent loan. Do you know after a few months of savings what the first loan you could take out?

sonyvision

Credit cards are easy to get.

If you earn a salary of over 20k a year, and you have been fully employed for the last 6 months. With no bankrupt charges in court or pending you should be fine.

Just to note this is with pernament TSB as i have just been through the process and it is approved.

Contact littlewoods, ask them can you increase your credit and to what? They will give you the correct answer as this will vary depending on then risk.

You seem to have a proven track history of using credit and paying it back over a period. Looks great from there view and should extend it as they will earn more interest @40% per year of outstanding principle no matter how less you think you are actually paying back.

FYI interest on a credit card is 15% with a 30 euro payment in governemt stamp duty on 1st of April every year

MrLucidLJ

sonyvision wrote: »

Credit cards are easy to get.

If you earn a salary of over 20k a year, and you have been fully employed for the last 6 months. With no bankrupt charges in court or pending you should be fine.

Just to note this is with pernament TSB as i have just been through the process and it is approved.

Contact littlewoods, ask them can you increase your credit and to what? They will give you the correct answer as this will vary depending on then risk.

You seem to have a proven track history of using credit and paying it back over a period. Looks great from there view and should extend it as they will earn more interest @40% per year of outstanding principle no matter how less you think you are actually paying back.

FYI interest on a credit card is 15% with a 30 euro payment in governemt stamp duty on 1st of April every year

I think if I was going to look into anything it might be the credit union route seems decent, I am not a big fan of the credit card thing I think they can easily be abused if you don't have a set limit on them. I appreciate your advice and everyone elses but I know I have paid back less money by paying back more in less then the calendar year. I appreciate the nice words about paying back. I think it is important to pay back money that is borrowed its only right like.

MrLucidLJ

I called up today to find out some other query but asked a few interesting questions. Their theoretical maximum on an account is €10000 which is a lot more then I thought which was a few 1000. Also they said if you become a customer over a certain amount of years the APR will go down as well which is a good thing. I know 40% is high but as I said I was happy with that and for that I was using it for. I will defo look into the credit union side of things because that seems a lot more appealing if I need it for certain things. But at the end of the day this thread was to ask a simple question what is the theoretical maximum credit limit Littlewoods Ireland can offer and went of into tangents about finances and all that. I appreciate the feedback on that but ultimately that was not my question.

brightspark

MrLucidLJ wrote: »

Thanks for the link I was just wondering from your own experience or from what you have heard of others have you seen them give lets say €1000 plus range on credit?

I know you asked if it was possible to borrow more than €1,000 from Littlewoods, but the question you should ask yourself is should you borrow it from them.

While paying approx €50 more than other options over 9 months on a loan of €350 isn't that much (about a pint a week :cool:) , when you increase the figure borrowed to €1,000 with probably a longer payback period the cost difference is going to be a figure that will be much more significant.

However it's your hard earned money and if you prefer to just give it to Littlewoods instead of getting a cheaper source of credit that's up to you.

MrLucidLJ

brightspark wrote: »

I know you asked if it was possible to borrow more than €1,000 from Littlewoods, but the question you should ask yourself is should you borrow it from them.

While paying approx €50 more than other options over 9 months on a loan of €350 isn't that much (about a pint a week :cool:) , when you increase the figure borrowed to €1,000 with probably a longer payback period the cost difference is going to be a figure that will be much more significant.

However it's your hard earned money and if you prefer to just give it to Littlewoods instead of getting a cheaper source of credit that's up to you.

Well I have found they say they can go up to €10,000 which is mental, but that is over years and years of use and they said over the phone that APR does go down sometimes lower then 20%. Yes €50-€60 isn't bad but I don't really drink so its not a miss to me but I agree you have opened my eyes to the options out there. Well yes on €1000 maybe could take the full year so yes you could be paying a few €100 on that for sure which is a lot like. I will look into the Credit Union think it looks like a good option, thanks