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TangerineJack

I currently have 2 Credit Cards, which are both up to their limits. I am trying to pay as much off as possible but I can only pay the minimum payment of £80 of which £40 goes back on in interest.

I have found the Post Office do 0% on balance transfers for the first twelve months. I really don't want to get another Credit Card because it will go against my credit rating and I want to try and buy my own house with my partner and I have no savings.

Is there anyway you can contact a credit card company to find out what the maximum would be that they could lend you and it not go against your credit rating as i don't want to get another one to just have a limit of £1000. I want to be able to consolidate it into one (and i don't want to get a loan). I also want to start paying my parents back as they have already cleared my cards once.

Can anyone help me or give me an idea?

cifpower

I'm afraid you can't do that. CCs will only tell you the maximum limit they will apply to your account after you have asked for an increase which may incur a credit search.

TangerineJack

Thanks, with the position i'm in I don't know whether its going to be easier trying to extend my current limit and transfer one card over so i have one payment coming out each month or attempt to get another card with 0% i just don't want 3 on the go - 2 is bad enough

pre123

TangerineJack wrote: »

Thanks, with the position i'm in I don't know whether its going to be easier trying to extend my current limit and transfer one card over so i have one payment coming out each month or attempt to get another card with 0% i just don't want 3 on the go - 2 is bad enough

why not get the PO c/c and transfer both cards onto it so 0% interest so saving you the £40 atm your paying in interest :money:and then cancel both ur current cards, so end result is one c/c and no interest which cant be bad
:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

TangerineJack

Thanks pree123 - i'm looking into that. I set up a new bank account in sept and got asked if i wanted a credit card - i said no but they said it would go against my credit rating if i didn't accept it so i had no choice. I haven't used it because i was too scared to have 3 on the go but i'm worried my credit rating is poor because of this and i'm worried in case i only get a limit of 1000 like i did with the one from the bank which is just not going to be enough.

The_Bhoy_3

TangerineJack wrote: »

I set up a new bank account in sept and got asked if i wanted a credit card - i said no but they said it would go against my credit rating if i didn't accept it so i had no choice.

If that's what they actually said then you should complain! Not taking a credit card doesn't go against your credit rating, but applying for too many or being refused will.

I've had the bank patter before about taking their credit card as it will help build a track record of payments and therefore improve your rating, but never been explicitly told that not taking the card will be detrimental to the rating.

If you have the card now anyway (and the T&Cs are reasonable) then you should use it as it will have been at the application stage that it will have went onto your record. Although, that said, if you are planning on applying for another card you may want to hold off on using it until you have made that application since I think they can see the amount of credit you have in use.

pre123

TangerineJack wrote: »

Thanks pree123 - i'm looking into that. I set up a new bank account in sept and got asked if i wanted a credit card - i said no but they said it would go against my credit rating if i didn't accept it so i had no choice. I haven't used it because i was too scared to have 3 on the go but i'm worried my credit rating is poor because of this and i'm worried in case i only get a limit of 1000 like i did with the one from the bank which is just not going to be enough.

post office credit limits are very generous, mine is double that of any of my other cards, so should be enough, if not just transfer as much as you can to the card to reduce your interest payments and focus all you can on the older card which will have interest occuring so will still be worth doing

best of luck and let us know how you do

Money_Grabber13579

you'd be much better nearly getting a loan and then getting rid of the credit cards as it would work out cheaper. (Unless you can get all of your debt onto the 1 PO card.)

never-in-doubt

Money_Grabber13579 wrote: »

you'd be much better nearly getting a loan and then getting rid of the credit cards as it would work out cheaper. (Unless you can get all of your debt onto the 1 PO card.)

Money_Grabber - what is with the Aviva stuff - guess you work there then? lol

OP - Yes but a loan would show as additional expenditure on mortgage application..... the best way around this is to actually apply for the loan a day or two after you apply for mortgage as then it will not show up to mortgage that you have applied.

Be careful - too many applications for credit before a mortgage = alarm bells!

chattychappy

pre123 wrote: »

post office credit limits are very generous, mine is double that of any of my other cards

I had the reverse. I generally apply for cards when I have 1 search in the previous 6 months and the circumstances are roughly similar each time.

PO gave me the lowest limit - £3800. This compares with initial limts of £5000 on HSBC, £8100 on Abbey Zero and around £10,000 each on Halifax, NatWest and Barclaycard, and MBNA.

TangerineJack

Thanks for all your help everyone. I have been looking at a website and found a card:

9.9% on balance transfers until 1/8/12 (BT Free 0%).

Can anyone tell me what this means? I know the balance transfer won't cost anythin but what is the 9.9% for?

I don't know if this one is going to be better or the post office? I'm just confused