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10 January 2010

What would you do? I have £3,000 in NS&I premium bonds. I have a very poor credit rating due to a rough few years.

My mortgage advisor has told me to get a credit card to help build up my credit rating. I have now been refused twice on application for credit cards, I would rather not apply for any more as it will leave marks on my credit file. I have noticed that I have been pre approved with my bank a loan upto £20,000 no questions asked. Would you, get a £5k loan over 18 months costing £540 for the term, put the money in premium bonds, where it will stay, obviously giving me the chance of winning a lump sum. In my mind, it would improve my credit rating, add £5k to my bonds and cost me just over a £1 per day. Any advise would be welcome.

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