Newbie - any suggestions please?

frase64

This is my first post and I'm hoping to become a MSE!

My debt

Marbles cc - £5,500 (limit £8,800)
APR 15.9% - 0% ran out months ago and just haven't got round to doing anything about it.

In joint names but my debt and I pay
Sainsbury's bank - £4,000
APR 5.94% for life of balance
(limit £6,100)

I've had an HSBC bank account for about 12 years now and have their credit card with a £19.94 credit on it (I paid too much about 8 months ago).

My question:

Do I contact HSBC and ask if I can take advantage of their 0% and transfer my Marbles balance over or is it best to close my HSBC credit card account first and then reapply?

Also, I applied for a 0% BT about 5 months ago from Tesco and was only offered a £500 limit which was no good to me so I didn't take it. I earn just under £900 pcm after tax. Is it advisable to put my husband's income on the application too and what do I put when it asks for my outgoings? Do I include the mortgage costs (I don't pay anything towards it but pay towards other household expenses).

Lots of questions I know but I would just like to clarify things before I do anything.

Any suggestions gratefully received.

Thanks
Karen

Just found out that I can't transfer Marbles balance to HSBC!

Systemaddict_2

If your husband have a credit card why not consider moving your balance from Marbles to his card (if the rate of BT is lower).

Applying jointly helps only if your husband credit rating is good and he has little outstanding debts compared to his income.

Only provide true/accurate information that directly relate to you and which are asked for on an application form.

Please note: Credit card co do check certain info with Credit ref agencies but they do not check (or verify ) all the info on an application form particulary relating to household expenses (exceptions - loans, credit cards, mortagages). On rare occassions, credit card co may ask for proof- i.e payslips, bank statements etc.

Zebra

The first thing I would do is transfer £2,100 from Marbles to Sainsburys (if only for the short term).

You can then start to think about applying for another card with a 0% deal.

If you dont use the HSBC card consider cancelling it or reducing the credit limit, as this will improve your credit rating.

With regard to small credit limits (eg Tescos), although it is not what you would like it may be worth accepting as it is still better than nothing, and the credit search has already been done.

frase64

Thanks to both of you for your suggestions. I will get it sorted straight away.

Happy Xmas

angelica

Just to remind you that Sainsburys allows only 90% of the total balance to be used as balance transferred (you will be able to transfer only £1,490), they also changed their BT rules recently and every BT will cost you a fee of 2%.