where should i move credit card debts to ?

xsuex

hello , this is my first time on here although i have read alot of it many times . i have two large credit card debts that i need to move to make it easier to pay back rather than just paying interest , they are

m&s money £8900 19%apr
nationwide £7800 17%apr ithink

others are morgan stanley £750 whole of life balance transfer (they only gave me £1000 limit )
new look card £60 so these are not a problem

i asked my bank nationwide for a loan 8 months ago to clear them but they turned me down on affordablty , i got my creit file last week and it is good all 000
so should i try to get m&s to turn my balance into a loan and try to balance transfer the other one or balance transer both cards ? no one is going to give enough credit limit surley ?
even after reading all the advise i am to scared to apply for anything incase they say no , feel sick with worring about it
i am in full time work and earn about £16000 ayear plus overtime of £100 a week when we have got it

Moggles_2

To maximise the 0% period on BTs, 15 months is currently available to new customers from Virgin. There's a 2.98% handling charge.

http://uk.virginmoney.com/credit-card-v3/

It's not an exact science but, judging from posts here, you're more likely to get a generous credit limit with Virgin than some lenders I could name

That said, none of us knows in advance what credit limit we'll be handed. Much depends on your existing credit - available and used - in relation to your annual income, as I think you realise.

If the worst happens, Martin's advice is to transfer what you can. Don't leave an offer unused out of exasperation. It's already on your credit file, so you may as well use it (Please see Martin's *Credit Card Limit: didn't get what you wanted?* article on the main site). You'll still save money.

xsuex

thank you for answering ,when i apply for a new card do i say that i want to transfer 8k or ask for a smaller amount ie 3k ?? dont want to mess it up as i think i will have to apply for a couple ! any advice would be welcome thanks

Moggles_2

xsuex wrote: »

When I apply for a new card, do I say that I want to transfer 8k or ask for a smaller amount ie 3k? Don't want to mess it up as I think I will have to apply for a couple!

IMO, it's best to keep your options open and leave the balance transfer section of your credit card application blank or, if asked over the phone, state you may be interested.

An horrendous story involving LTSB and Capital One was posted to this forum last year. Incompetence on this scale is fortunately rare but, for peace of mind and to avoid unwanted partial transfers, paying another card twice etc., it's safer to wait until receipt of your new card(s) & you know your credit limit(s). Then request your BT(s) by phone when you call to activate your card(s). (There's usually a Freefone number for this). That way you retain a measure of control over what happens when

Moggles_2

xsuex wrote: »

I think I will have to apply for a couple! Any advice would be welcome

If you decide to apply for two cards, 0% for 15 months is also available from Halifax. There's a 3% handling charge

http://www.halifax.co.uk/creditcards/pluscard153.asp

Moggles_2

While Martin recommends spacing out credit applications, there is an argument in favour of applying for two cards at once (assuming two are needed.)

If, for instance, you make two applications the same day, each lender sees only their competitor's credit checks. If you submit those same applications several weeks apart, providers not only see the credit checks, but also your available credit increasing with each successful application. So, your credit rating could look worse with each subsequent application, than if you had applied for both together.

The big drawback with this strategy, assuming you're successful, is that your 0% promotions are likely to expire together, so I would keep this in mind when making your selection, unless you're prepared for another blitz in 15 months time to pay off any remaining balances

xsuex

thank you , it is all these little bits of advice that are so needed , like i know what i should do but was still unsure of the best way to go about it , i think i will apply to virgin ,i am a virgin media coustomer anyway so may get a bit off my bill if im lucky! and maybe halifax or citibank whole of life transfer ?? then in 6 months time see where im at !?! thank you again any advice is much appricated