wanting to switch cards but have nevr done it before!

kez1_2

sorry if these questions seem daft but i have never tried to switch credit cards before!

i have approx £3400 on a lloyds card (17.9%) and i want to pay it all of this year so transferring the balance to a 0% interest card would be really benificial to me and would obviously get it paid off even quicker.

i am worried about applying to a new company in case they reject me and it then shows on my credit file!there isnt any reason why i think this would happen as i always pay on time, (although goldfish turned me down over 18 months ago, i cant remember how long a go really) but thats one of the things that seems to be holding me back.

also with interest and payment protection (which is due to go onto my account any day now) do i try and transfer this ammount on top of the current balance or just the amount showing at the time i try and change?

thanks in advance to anyone who replies!

grumbler

kez1 wrote:

...i am worried about applying to a new company in case they reject me and it then shows on my credit file!

Rejection is not shown on your files. Only a credit search is shown. See:
Your Credit Rating: How they decide and how you find out for free
http://www.stoozing.com/credscore.htm
http://www.joincreditexpert.com/homepage/faq.asp?hold=True

also with interest and payment protection (which is due to go onto my account any day now) do i try and transfer this ammount on top of the current balance or just the amount showing at the time i try and change?

You don't need to transfer exactly the balance. You can transfer a little less (and pay the rest later) or a little more (and they will send you a cheque when you close the account).
With regard to PPI think whether you need it and consider cheaper options: Credit card protection plans

Bokken_2

Hello Kez
As your thinking of applying for another card,make sure you apply for a card that is within you reach.ie. don't apply for a platinium/gold card if you don't earn enough.This would only be a waste of time and credit searches etc.
Also consider that you may not pay off the balance on your Lloyds card in the allotted time.(other bills and surprises do come along )
If this happens then you will need to transfer the remaining balance to another card to remain at 0%.
Have a read of Martins articles on Balance Transfers.
The Goldfish application shouldn't be holding you back as long as your paying your Lloyds card on time and not in arrears,being on the ellectoral roll is a big help as well so make sure your on it.