Interest free help

Marko10010 · 19 May 2017 at 9:22PM

Hi all,
I have approx 4k sitting across 2 cards (barclaycard and Halifax) neither of which are currently interest free. I'm making little more than minimum payments on them so it's taking a long time to clear them. These cards have near 20k limit between them. I also have another card with about 1k on interest free but it only has about 1.3k limit. It is being paid off at approx £75 a month.
What is the best way to get the other 2 cards to interest free? I don't want to hurt my credit rating (which is quite good) but I don't think any card is likely to give me a card to cover 4k initially.
Unfortunately the 2 cards I have are 2 of the good cards for interest free periods but I have had them for years and long past the 60day transfer date.

Sorry if this is unclear or long winded. It's just tricky to explain my scenario.

Thanks in advance.

[Deleted User] · 19 May 2017 at 9:34PM

Apply for a BT card. You're not limited to one if the credit limit is insufficient. And any saving is better than none.

Forget about protecting any fictional credit score.

YorkshireBoy · 19 May 2017 at 9:37PM

You're paying too much per month on the interest free card (£75 on £1K represents 7.5% - most cards are 1% min £25, but some are 2.25% as your Barclaycard is). Some of that should be directed towards the interest bearing debt cards.

Suspect you'd be best to cut the limits on Halifax and Barclaycard. How much will depend on your income. What is your income? Is it very low, being as you don't think anyone will give you another £4K of limit?

Marko10010 · 19 May 2017 at 9:57PM

Thanks for the response.
Income is about £25k at the minute.
To be honest this is debt I have had for a good while. It was gathered near 5 years ago and hasn't really been dealt with. I haven't really a difficulty with money and I actually don't really use credit cards at all for the last few years.
I just wouldn't expect to be handed a £4k card without building a rep up with the company direct.

Weybridge78 · 19 May 2017 at 10:15PM

Use eligibility on this website to see best BT cards ASAP.

YorkshireBoy · 19 May 2017 at 10:28PM

Marko10010 wrote: »

I just wouldn't expect to be handed a £4k card without building a rep up with the company direct.

Your glass half empty approach is costing you money! On that salary you definitely need to cut the limits on the two interest bearing cards. Sadly the new limits could take 2-3 months to filter through to your credit files, so suggest you check these before making another application.

Talking of "rep", who do you bank with currently? By that, I mean which bank receives your income and pays your bills?

PeacefulWaters · 20 May 2017 at 5:55AM

I don't want to hurt my credit rating

Please don't overthink this and start dealing with the situation.

Paying 20% in interest and not applying for a 0% card elsewhere for fear of being declined, having a reduction in a random number etc is silly.

1) Apply for the best low fee 0% BT card you can.
2) If accepted, transfer your existing balances over. Start with the most expensive APR card first if you don't get the full limit needed.
3) If declined, or offered a smaller limit than you want, reduce the limits on your existing cards.
4) Prioritise debt reduction to minimum payment plus £1 on the cheapest cards and throw everything you can at the most expensive card.
5) If (3) applies then wait three months before reapplying for the next 0% card.

catwoman73 · 20 May 2017 at 12:41PM

Marko10010 wrote: »

I just wouldn't expect to be handed a £4k card without building a rep up with the company direct.

They seem to be throwing money around at the moment, most of it interest free. Ive applied for 3 cards at zero percent for stoozing/cashflow management purposes over the past few months and have received limits of £6600, £4k and £4800, no real relationship with any of the providers.

My total available credit is over £20k and I have a loan and car finance on top. I earn £40k.

Unless there are a lot of people who can't or won't pay off or transfer on before the interest kicks in, I can't see how the banks make money out of it all.

phillw · 21 May 2017 at 4:11PM

Marko10010 wrote: »

I don't want to hurt my credit rating (which is quite good) but I don't think any card is likely to give me a card to cover 4k initially.

If your credit rating is really quite good then you can open a couple of credit cards and it wouldn't make a meaningful difference and in three months you could do the same thing. Your score would change, but unless you're looking to take out a mortgage soon then I wouldn't worry about it (even then it's anecdotal evidence that it makes a difference).

Interest free help

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