Need some advice

JennyBabe

Gotta say first I lOVE this site! and now i need your help/advice.

I currently have a halifax 1 card and my 0% runs out in about 5weeks, I owe £800 on the card. I asked them and they wont extend my 0% so I have started looking around to balance transfer. Using martins great table of who offers what I looked at the ones that dont charge a fee, two of the cards have a minimum earning requirement that I don't meet as I only earn £6000 a year so I applied for the TSB one and was declined on credit score grounds, I am assuming it is because of how much I earn as my address is fine my card and current account have never had any charges or late payments.

So i'm wondering what I do now, do you guys know of any cards that will accept me even though I earn so little or am I destined to pay interest on this card.

Thanks everyone

Rafter

Jenny,

With such small earnings you are unlikely to get accepted for anything except the Capital 1 credit rebuilder card or Barclaycard initial - both of which have much higher interest rates than Halifax 1.

You need to really come up with a plan on how to pay off the £800 as soon as possible using some of the money saving tricks on here.

If you are on the 12.9% APR halifax 1 card then your monthy interest bill will be around £8.

Good luck.

R.

YorkshireBoy

JennyBabe wrote:

...I applied for the TSB one and was declined on credit score grounds, I am assuming it is because of how much I earn as my address is fine my card and current account have never had any charges or late payments.

So i'm wondering what I do now, do you guys know of any cards that will accept me even though I earn so little or am I destined to pay interest on this card.

LloydsTSB regularly decline non-LloydsTSB current account holders. Did the TSB letter invite you to appeal. If so, do it because you've already suffered the credit search and, with your "low" salary, you don't want to appear "desperate" by making other "unnecessary" applications to other lenders.

Why not ring them and talk to a "person", as it was the "computer" that declined you.

Robert_Sterling_3

If you have a 0% credit card it is a good policy to put into a high interest savings account, e.g. tax free mini cash ISA in your case, the amount you have used up from your 0% credit card. In this way you would have ended the interest free period owing £800 but having £800 in your savings with which to clear the debt in the event of not being able to do a balance transfer to another 0% card.
If as a result of getting a 0% card you then spend more than your actual income you are on a down hill path to financial difficulties.