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Credit card help please!!

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Hi,

My partner and I both applied for LLoyds tsb 0% card (as recommended on MSE) and didn't realise at the time we had 6 weeks to transfer balances to get the 0% deal.

I since moved all my credit card debts onto one card at 0%, and thought I would cancel the LLoyds card as I wasn't going to use it.

I just rang them up, and they said "as you are a loyal customer, we will give you 2 extra weeks to transfer a balance at 0% for 6 months".. !!!!!!! I have never even been with that bank let alone used the card, but obviously they want to keep my business.

Now, my first question is, can i transfer my partners balance on to my card? Will it still count as 0%? He is having trouble getting a credit card deal at present, and I can (weird seeing as he is the one who earns and I am a sahm!)

Or, should I just cancel this card and make my credit limit better?

My BT's are all on Capital One at moment, at approx. £16,000 (ouch!) and I STILL have A First Direct card with zero balance (I bank with them) an Egg, with zero and a Virgin card with zero. Along with this LLoyds card also at zero.

Which cards should I keep or cancel?!?! :confused:

Many thanks in anticipation!

Sorry for all the questions, am not sure what the best thing to do next?
Lightbulb Moment - November 2005
Total Joint Credit Card Debt Nov2005 = £19,423.48
My personal Debt @ Nov05 = £12,049.27

My personal debt in May 06 = £10,866.40

Comments

  • ms_london
    ms_london Posts: 2,852 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Hi,

    My partner and I both applied for LLoyds tsb 0% card (as recommended on MSE) and didn't realise at the time we had 6 weeks to transfer balances to get the 0% deal.

    I since moved all my credit card debts onto one card at 0%, and thought I would cancel the LLoyds card as I wasn't going to use it.

    I just rang them up, and they said "as you are a loyal customer, we will give you 2 extra weeks to transfer a balance at 0% for 6 months".. !!!!!!! I have never even been with that bank let alone used the card, but obviously they want to keep my business.

    Now, my first question is, can i transfer my partners balance on to my card? Will it still count as 0%? He is having trouble getting a credit card deal at present, and I can (weird seeing as he is the one who earns and I am a sahm!)

    Or, should I just cancel this card and make my credit limit better?

    My BT's are all on Capital One at moment, at approx. £16,000 (ouch!) and I STILL have A First Direct card with zero balance (I bank with them) an Egg, with zero and a Virgin card with zero. Along with this LLoyds card also at zero.

    Which cards should I keep or cancel?!?! :confused:

    Many thanks in anticipation!

    Sorry for all the questions, am not sure what the best thing to do next?

    If you are not using the cards, cancel them, close your account - this in turn will improve your credit score!! So when your Capital One 0% ends you will have a good chance of being offered and accepted for a new 0% deal. At the moment they see it as you being "over committed".

    Personally, and perhaps thats because I am young, yet synnical - I would recommend transferring your partners debts onto your card. If it was in a joint name, fair enough, but if he doesnt pay, you will be the one they chase!!

    If you have £16,000 on your card - how much are you repaying a month? Perhaps you could be better getting a consolidation loan? There are some good deals around at the moment. xx
  • Hi,

    Just to clarify I do live with my partner, engaged with 2 kids, so not just a random bloke! lol Did you mean you "would recommend..." or wouldn't?! Tbh, he pays for my credit card payments anyway as I am a mum at home.

    The capital one payment (1st one) was 368.36pm. We can't afford it, but don't know what else to do. Its cheaper than when we paid 3 cards off with approx. 15% interest!

    Is it best to cancel ALL the other zero cards? Not even keep one in an "emergency"?

    xxxx
    Lightbulb Moment - November 2005
    Total Joint Credit Card Debt Nov2005 = £19,423.48
    My personal Debt @ Nov05 = £12,049.27

    My personal debt in May 06 = £10,866.40
  • The 0% card probably cannot be used in an emergency as it is probably 0% for balanace transfer not purchases

    Certainly, you do not need more than one spare card so cancel the others

    This will help when it comes to rolling the debt at the end of the interest free period

    Egg may be worth keeping if it had an anniversary offer on it
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