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Credit
Credit

Here, we talk about credit. Ask questions about credit, debt, loans, credit cards, payday lenders, P2P lending, ethical lenders and anything else. Feel free to talk about anything related to credit.

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Yes it's possible - I save anywhere between 40-60% of my monthly income (including pension) depending on what I have going on that month.

Obviously, this depends to some extent on:

a) the amount you earn, the higher you earn, the easier it is to save a big % (as long as you manage to keep expenses constant as your income rises)

b) your semi-fixed expenses. For example, if you live in London or a big city, your rent or mortgage payments may make up a big % of your income which may mean it's difficult to save up to... (More)

Hi Tom, requesting a credit limit increase could trigger a hard credit check which is usually visible on your credit report. That being said, most lenders don't do a hard check on limit increases, but it's worth phoning them and asking just to be completely sure. Besides, the lender would most likely inform you before carrying out a hard check.

Hi - I assume your student loan is here in the UK?

If so - no, it does not make sense to pay this down first.

Generally speaking, I agree it makes sense to pay down debt before investing / saving an emergency fund, particularly if the level of interest is greater than that which your investments will likely earn.

However, due to the way UK student loans are structured with debt forgiveness and only paying back once you've exceeded a certain income - it doesn't make sense to pay it back aggressively as you may be repaying a loan... (More)