Virgin Credit Card

willdanceforfood

Hi All,

Im trying my hardest to pay off my £4000 credit card but find the interest soul destroying as i feel im not getting anywhere. I have tried applying for 0% balance transfers but keep getting declined.

Is there any way i can have the interest held?

If i cancel the account, will i have to pay it all off?

Thanks guys

WDFF

pmwpmw

willdanceforfood wrote: »

Hi All,

Im trying my hardest to pay off my £4000 credit card but find the interest soul destroying as i feel im not getting anywhere. I have tried applying for 0% balance transfers but keep getting declined.

Is there any way i can have the interest held?

If i cancel the account, will i have to pay it all off?

Thanks guys

WDFF

Each time you apply for credit a search is recorded on your credit file... if lenders see too many searches in a short period of time then that can go against a credit application.

If you cancel the card you may be able to freeze the interest at the current apr level which would mean any increases will not affect you but obviously you will still incur interest at the rate you are presently. (This is at the discretion of the card supplier though, some do... but many dont)

So in short I'm afraid it maybe worth just stopping applying for more credit and throw anything you can at reducing the balance... sorry not much help!

Simon_Preston

I'd say your first port of call would be to check out your credit files for free with Experian and Equifax. Check everything looks how it should in there, or if there are any accounts or searches you're not certain of. Also make sure you are on the electoral register. If everything looks fine then it could be down to having to many searches on your file that is making you be declined. Or perhaps you are too much of a risk to lend to.