I have around £5k of debt spread between different credit cards/store cards (ouch! I know!!!)
Some of the cards I am not paying any interest on at the moment, so I've got my priorities right in that I will pay off the higher interest ones first.
Anyhow, my credit rating is quite poor at the moment - due to the figure I owe in debt/no of credit accounts/agreements I have and also because my credit file has been searched 3 times in the last 6 months. (once, was for my new job; and another time was because I had to open a new bank account as part of the terms of my employment).
I am thinking of trying to get a loan to consolidate my debts. I can get a staff loan from my work, but as I work in a bank, I don't want them to know about my debt as it looks bad that I'm not good at managing my money.
Anyhow, I need to weigh up the options here. How long will it take for my score to improve from the credit searches (they were almost 6 months ago now, but not quite). I would prefer to consolidate my debts and cut up all my cards, so that I only have the one payment to make each month. Would this improve my credit rating if I close all my other credit cards/store cards etc? and therefore only have 1 loan outstanding?
If so, where could I get a loan without paying a fortune in interest if my credit rating is relatively poor?
I have only recently started full-time employment after being a student. I still live at home, so secured loans are not an option.
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