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    • TRAGO1987
    • By TRAGO1987 9th Jan 18, 9:23 PM
    • 5Posts
    • 0Thanks
    Credit card debt
    • #1
    • 9th Jan 18, 9:23 PM
    Credit card debt 9th Jan 18 at 9:23 PM
    Good evening,
    I have just over 9k on a credit card and currently paying £230 a month.
    My credit rating is not the best due to an ex seeing me off a bit it's currently a fair credit score according to the credit score on this website, be it at the lower end of fair
    I am stuck and what my options are.
    I am able to get a credit card but it's not the best deal obviously to balance transfer £1300 but will i be paying more as I will have two cards?
    Thanks in advance
Page 1
    • zx81
    • By zx81 9th Jan 18, 9:35 PM
    • 16,032 Posts
    • 17,013 Thanks
    • #2
    • 9th Jan 18, 9:35 PM
    • #2
    • 9th Jan 18, 9:35 PM
    Ignore your credit score. It's fictitious and has no relevance.

    Use the eligibility checker to see what cards you may be able to get.

    Apply for one.

    If successful, take the credit limit you're given and transfer what you can.

    You'll need to make minimum payment on the card(s), which is generally 1% of balance plus fees and interest. Barclaycard has a higher minimum payment, so beware of that.
    • TRAGO1987
    • By TRAGO1987 9th Jan 18, 9:46 PM
    • 5 Posts
    • 0 Thanks
    • #3
    • 9th Jan 18, 9:46 PM
    • #3
    • 9th Jan 18, 9:46 PM
    Thank you, my current credit card is Barclays
    • ricky_v
    • By ricky_v 9th Jan 18, 9:47 PM
    • 292 Posts
    • 162 Thanks
    • #4
    • 9th Jan 18, 9:47 PM
    • #4
    • 9th Jan 18, 9:47 PM
    Assuming you're paying the 18% APR or whatever the interest rate on the £9k is, balance transfer as much of that balance as possible onto 0% cards and pay the minimum on the 0% cards.

    If there's an outstanding balance on the original card, then pay that down as much as possible until cleared.

    Then out of the 0% cards, pay as much as possible to the card where the 0% ends the soonest, once that's cleared then move on to the card where the 0% ends the soonest from that point, also looking at further 0% BT offers throughout to keep the debt at 0%, until the balance has been cleared completely.

    If 0% cards isn't accessible then look at the Debt Wannabe Forum to look at ways to cut back to pay this off ASAP, £9k at 18.9% APR is about £1700/yr in interest which should be used to pay the debt off.

    Good Luck!
    • Kim_13
    • By Kim_13 9th Jan 18, 10:29 PM
    • 1,902 Posts
    • 2,033 Thanks
    • #5
    • 9th Jan 18, 10:29 PM
    • #5
    • 9th Jan 18, 10:29 PM
    You may find this MSE guide on balance transfers useful:

    It may be that you don't get a high enough limit to transfer the full balance (the card will have a maximum percentage of the limit that they will allow you to transfer up to also) but any amount that you can transfer to 0% will save you money.

    Check out each card carefully, as the minimum payment (you need to pay this each month even while you are putting most of your repayments to any balance still attracting interest) is higher on some cards than others.

    Also check that you are applying for the type of 0% transfer that best suits you. If the card is an 'up to' x months you may get a shorter period.
    Sealed Pot 11 #520 ~ /£100
    VSP 2018 #9 ~ £19.55/£180.00
    CCCC 2018 #1 ~ £20.75/£180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to (it's not part of my role to deal with this.) Any views are mine and not the official line of
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