Can Get Another Card To Do Balance Transfer As Unemployed!!

tizzyt

i am unemployed as im a single mum at university and so therefore my income is student loan/grant, and child care grant, child tax credit etc.. i have a debt of 4500 on a mint card and im getting charged 75 pounds interest a month as im stuck in the position where i can only pay the minimum each month. i have tried to apply for 3 cards in order to do balance transfers but mbna wouldnt give me one, tesco gave me a lousy 250 pounds and egg gave me 500. This isnt hardly enough to help and i dont know what to do know! Does anyone have any ideas for me??? thanks

Voyager2002

For a start, being a student is not the same as being unemployed. Whenever you apply for credit, describe yourself as a student.

See if anyone on the Student board has any suggestions.

As an alternative, if you can't get by on your present income (after paying the 75 pounds each month) you could tell Mint that you can no longer afford their interest, ask them to freeze it and offer to pay off the debt at a rate like five pounds a month or whatever you can afford. Be aware that if you do this (effectively defaulting on a loan) your credit rating will be ruined and you will not be able to borrow from any commercial lenders for the next few years.

exel1966

Firstly, tone down the text, it's a little loud

I think in your situation you've done OK to get the two cards you have. I'd be very surprised if anyone would give you a card with what you seem to be looking for.

You could try Barclays Initial or Vanquis who specialise in those with poorer ratings but the APR's are very high. How recent were your applications to MBNA, Tesco and Egg. Too many at the same time will adversly affect your credit rating. Do you have any idea of your credit rating ? Have you looked at your report recently ?

Alternatively read this thread, you may get some ideas.

tizzyt

Thank you, i really dont want to ruin my credit rating so if i can help it i dont want to freeze it. thanks for your help

tizzyt

My credit rating has no reason to be low as i have never missed a payment, although these 3 applications may haver lowered it because i have dont them all within 3 days! Im not going to do anymore as i dont want to ruin my credit rating further and its not like im getting anywhere with it anyway

exel1966

Thinking your rating has no reason to be low, doesn't mean it is or isn't.

You can't assume as there are hundreds of anomylies which can affect it, even incorrect information being applied to it. I assume you're on the electoral role ? haven't recently moved ? Do you have other debt ? What's your debt in respect to income (credits/grants etc) ? What total available credit do you have ? Is you're credit history very limited ? ?(that will again adversely affect it).

I certainley wouldn't advise applying for anymore cards for a month or two at least.

sdooley

As you are a student, have you applied for the highest level of interest free overdraft? Martin has a couple of good basic articles:

http://www.moneysavingexpert.com/banking/student-money-saving

http://www.moneysavingexpert.com/banking/Student-bank-account

The proverb about grandmothers and eggs may apply but you may also be able to access non-repayable funds from the Access Fund with your university, also many universities have allied charitable foundations for women in similar positions to you. It may be a scrounge here and there for £200 a time, but if you don't ask you don't get.

Plus take out your full student loan allocation & ensure your assessment is correct for fees remission and grants/bursaries.

If your studies are not at university consider a Career Development Loan - though bewarned they go up to commercial interest on graduation.

If you can't do anything to clear your card, attempt to repay it by paying a fixed amount, over the current minimum. Even just paying an extra £20 per month and keeping that amount steady could reduce your total interest payments by 80%:

http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card

Credit cards are the devil's debt.

exel1966

sdooley wrote: »

Credit cards are the devil's debt.

Maybe I'd better go and hide from the devil then as he's made me an awful lot of money.:D

ldn-100

It is probably your low income, rather than your repayment history that is causing the problem. Make sure you are declaring your full income from all sources when you apply, including any gifts from family.

clio

Who underwrites the tesco credit card??

cifpower

clio wrote: »

Who underwrites the tesco credit card??

Royal Bank of Scotland at the minute but that is soon to change as Tesco bought out RBS' share of Tesco Personal Finance