What to do?

drew.clarke

I have been renovating my current house which i have a 80k mortgage on. The house will be worth 100k when finished.

I have two credit cards, a Barclay Card at 17.9% and a Virgin Card at 0%. I have been buying products for my house on the barclaycard and transfering the amount to my virgin card after 2 months. I now owe 4300 on my virgin card and 1700 on my barclaycard. When the virgin offer runs out is it wise to get another card at 0% and transfer the balance onto that? I have a limit on both cards of £7500

I have run a credit check/score on myself and it is 999 out of 1000 on experian. I have three choices.
A) Add the balance to my mortgage (i can justifiy as its all money i have spent on the house) I would then over pay on my mortgage each month.
Get a low cost loan online and pay it off over 2 years.
C) Get another 0% card and transfer the balance.

I dont want to affect my credt rating as i aim to buy another house next year.

Any help would be great.

magentadreamer

If it was me I'd either go down the 0% route or take out a loan. You could also try LOB cards some can be just as cheap as a loan and give you the flexiblity to do over payments.

fatboyonadiet

0% card would be the cheapest and best route, then a loan then putting on the mortgage. I don't think a credit card or two would damage your rating too much and shouldn't give any problems with applying for another mortgage.

drew.clarke

Thanks for the replies. I have just had a capital one form through for 0% til May 07. Will look at that. I aim to pay the debt off by then so thats all good.