Balance Transfer Solution

LizD_2

I want to do a balance transfer from my Marbles card to a low or 0% deal so that I can actually make a dent in the debt. I've just asked them to send the forms so I can apply for a payment plan (lasts for 6 months), which should help, but I think I need a longer term solution.
I wouldn't say my credit rating is either good or bad, just average, the odd missed or late payment for example. My Experian rating was 900 a month ago. I applied to Virgin, but was turned down as I 'have sufficient credit facilities at this time' to quote their letter.
I'm technically employed as a temp, but not working (or earning) right now as there's no suitable work available at the moment. It could be a week, it could be a month til I'm offered something. The obvious solution would be to get another job, but we all know how difficult that can be. Plus, I'm happy where I am, the wages are some of the best in the area for what I do and there's more chance of permanent work if I keep my hand in.

Debts:
Approx £700 Mint card (limit £750, APR 22.4%)
Aprox £2000 Marbles card (limit £2000, APR 39.9%)
Approx £1700 HSBC card (limit £2000, can't remember APR, BT from Egg)
Approx £400 left on Career Loan (Finishing in Aug)
Approx £640 left on Northern Rock loan (finishes in Oct)

Could anyone help?

TIA

Moggles_2

Bad luck. Virgin is not known to score particularly harshly.

In addition to the number of accounts in use (our national average, btw, is five credit cards), lenders look at the extent their credit limits have been utilised. Maxed out cc accounts like these make you look stretched, so it's wise to leave plenty of headroom. Do you have some savings to pay down one or two of your credit card balances?

For more tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

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

To maximise the 0% period, 13 months at 0% is currently available to new customers from Halifax on balance transfers made in the first 90 days. There's a 3% BT fee.
Minimum monthly payment is just 1% of the balance shifted.

http://www.halifax.co.uk/creditcards/pluscard136.asp

CLAPTON

what do you declare your income is when making applications?

once you have a 'payment plan' entered on your credit file, getting another CC will become virtually impossible.

LizD_2

When I applied for the Virgin card, I was still working, but just part-time, so I suppose that went against me.

I guess the problem is that lenders see it as applying for MORE credit, when in fact I just want to move it around as I would cancel the Marbles card.

LizD_2

Updated - have just been accepted in principle for £1600 on the Halifax Plus card, which will go a long way to clearing the Marbles debt. Probably helped as they ask for household income and my husband earns nearly three times what I got. Many thanks for the suggestion, Moggles.

Moggles_2

LizD wrote: »

Updated - have just been accepted in principle for £1600 on the Halifax Plus card, which will go a long way to clearing the Marbles debt. Probably helped as they ask for household income and my husband earns nearly three times what I got. Many thanks for the suggestion, Moggles.

Congratulations on getting accepted and thanks for your feedback
:beer:

kilasuit

Isnt the marbles card now run by HBOS aka Halifax?

Or have i misread somewhere down the line?

LizD_2

I had a look at that, now you've mentioned it.

There's a whole paper trail there, but looks like they might well be. I'll wait and see what the paperwork says when it comes through.