advice for dire credit rating balance transfers!

starsinmycrown

My credit rating is dire, i'm sure. i lived in a house a few years ago that was blacklisted- i didn't find out until i went to get a phone and they turned me down, until somebody nudge nudge wink wink, suggested i put my mothers address in. when i investigated this, i discovered the tenants before me had run off- leaving thousands of pounds of debt against that address! then after years of low wages i went back to uni to train for another career. thats when i really started to get into trouble with late payments on cards.

i think i have a few default notices, but its all because of two cards which were given to me when i was on low income or a student, and the apr is obscene- 33% and 29% on another. i only have about 1000 on two cards, and i desperately want to do a balance transfer or lower my apr as these interest rates are killing me! halifax recently offered me a student credit card, but i think i'll be turned down for that, making it even worse! can anybody advise me as to what to do with these damn cards, i'm trying to get back on my feet here!

alfred64

£1000 on two cards is not so bad. There are people on here in a far worse position than that. Although, it may not seem like that to you, there is hope.

It is unlikely, though, given your situation,that you would be accepted for a much lower rate card than you are already on. It might help if you say what cards you have already.
You could try applying for the flybe card. Some on here have had success when they thought they didn't stand much chance of getting one.

A better solution may be to give up your existing cards. Stop the interest from accruing and negotiate a repayment that you are able to afford with the credit card companies concerned. The citizens advice bureau can assist you with this.

starsinmycrown

Thanks a lot, its just annoying because its such a small amount as you say, but its so hard to get on top of esp as i dont earn much money. i've actually thought about applying for a consolidation loan, or another card - just one, at something like 35%, rather than these two- its capital one and egg- egg is repayment only. although i'm not sure if it would be cheaper. i owe £250 on an overdraft too, and £100 to a storecard, so i'm paying around £95 a month anyway, and sometimes late paying if i'm short. i'm not sure what the best options are for me. i'd like it if everything was in one place ideally, so i knew i only had to find one sum each month and just pay this ONE thing off, as with overdrafts and cards and such it feels overwhelming.

benf90

starsinmycrown wrote: »

My credit rating is dire, i'm sure. i lived in a house a few years ago that was blacklisted- i didn't find out until i went to get a phone and they turned me down, until somebody nudge nudge wink wink, suggested i put my mothers address in. when i investigated this, i discovered the tenants before me had run off- leaving thousands of pounds of debt against that address! then after years of low wages i went back to uni to train for another career. thats when i really started to get into trouble with late payments on cards.

i think i have a few default notices, but its all because of two cards which were given to me when i was on low income or a student, and the apr is obscene- 33% and 29% on another. i only have about 1000 on two cards, and i desperately want to do a balance transfer or lower my apr as these interest rates are killing me! halifax recently offered me a student credit card, but i think i'll be turned down for that, making it even worse! can anybody advise me as to what to do with these damn cards, i'm trying to get back on my feet here!

Just a quick couple of points. There's no such thing as being 'blacklisted' and credit scoring is for an individual, not an address.

So whatever the previous tenants did wouldn't affect your credit file if all that links you is the address. It's only reflected on your credit file if you have a financial association, such as a joint current account, overdraft or loan etc.

If you haven't done so already it may be worth reading this guide:

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

It's best to get a copy of your credit report so you know exactly what you're dealing with.

If you're not able to get a new card at the moment there is one way you can maybe save a bit extra each month by using the cards you have already. Move as much as the debt as possible onto the lowest rate card and concentrate your efforts on clearing the highest interest rate card first.

See here for more details:

http://www.moneysavingexpert.com/cards/cut-credit-card-interest

And finally, there's plenty of help and advice over on the Debt Free Wannabe section of this forum if you're not already aware of it.

*edit* just noticed your 2nd post about Egg being repayment only. If the Capital One card has a lower interest rate then move as much of the Egg balance as possible. You won't be able to transfer any of the Capital One balance if Egg is the lower rate though. I'm guessing Egg is the lower rate, although I thought their highest rate was 26.9%.