Get debt free

lostonej

I've started transferring my credit cards on to 0% deals however I've been thinking of applying for the A&L account with 0% OD for a year (upto £2500).

Would this make sense? What factors would influence me getting the full £2500 OD? I know I've had at least one credit search on my file in the last 6 months as I applied for a new card but got declined (due to moving house I believe).

Cheers

lostonej

anyone any idea?

whatatwit

Have you checked your credit record to see what's showing?

Have you got much left to move?

poorandindenial

How long have you been in your current house, if it is less than a year that can make you less desirable

Martin has a thing that you can play with where you can put in info about your credit history and it will predict how favourably creditors will look at you - link to follow

poorandindenial

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

Here it is, mess around with your answers to see what makes a positive or negative impact but don't get too caught up on the results as all lenders have their own scoring systems

lostonej

Cheers for that, only been in the house 2 months.

I have a look at the link. I think about 1500 0% OD should cover it, if i could get the OD that is.

Thanks again.

lostonej

Average...avoid applying for any more credit.

Don't suppose closing 2 of my empty cards would be of any use?

whatatwit

Closing empty cards wouldn't hurt, as it would reduce your available credit (I think that's how it works)
Any chance you could get 0% or a lower rate than the OD on one of those?

poorandindenial

Closing credit you don't use IS generally a good idea as it looks odd as you already have alot of disposable credit so they may consider you not to need it (also if there is no card sitting empty it can't be fraudulently used - that reminds me, I must cancel my Egg Card)

Am not sure how long it takes your credit 'score' to settle down after this activity though.

lostonej

Cheers for the advice. I was thinking of th 0% OD for 12 months as this is a better deal than I can get off any of my current cards as their 0% deals for existing customers only last for 6 months.

poorandindenial

I would say try the 0% OD and then if that doesn't work you can try to get a nice deal of one or both the cards you don't use. Or you could try it the other way round.

Have you played with the snowball calculator too to see how the 0% will affect your repayments.

www.whatsthecost.com

If you haven't done a statement of yuor income and expenditure then this will give you the amount available for repayments (template at www.makesenseofcards.com - called statement of affairs calculator)