Credit Card Advice Please!?

paulburns1984

Hi, here's a short history.

A few years ago, I started with one of those classic credit rating building cards as I was 21 and had never had a CC. After that, I got another CC and then balance transfered to another, now I am looking to transfer around £2300 to another CC.

I have always payed off my minimum payment on time apart from a couple of months ago, I missed one due to having wallet stolen.

So anyway, i went into halifax as I am a customer there and they have a good offer on at the mo. Anyway, they offered me the card but with only £500 limit, no good!

Anyway so now on the hunt for a new card, which cards should I be aiming at? I used to have a top notch credit rating report and can't believe I have completely lost my good credit rating just to just one late payment.

I'm a student so looking at my bank accounts wont fill the CC companys with confidence tho,

Around 1300 into a 2000 overdraft in one, and around 500 in a 1000 overdraft in the other. I only have two weeks left of uni tho so will be able to get more hours in work after that.

Another option is that Barclaycard have sent me a few checques through that I can pay my balance off with that they say will give me 0% until November, is this a good option, how do they work, when it gets to November can I balance transfer THAT balance?

So confused please help

paulburns1984

bump bump bump

paulburns1984

can anyone help? Especially with this offer from barclaycard to pay off my balance with their checque?

Moggles_2

paulburns1984 wrote: »

I have always paid off my minimum payment on time, apart from a couple of months ago, I missed one due to having wallet stolen .... I used to have a top-notch credit rating and can't believe I have completely lost my good rating to just one late payment.

There's a difference between late payments and missed payments. Fortunately, it sounds as though yours is the former.

Missed payments can wreck your credit rating for years, but late payments are viewed as negative, only if you attract more than two in a short space of time.

Even then, the effect is short-lived. The actual late payment drops off your file after 36 months, but it's your payment history with all your creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months.

Moggles_2

paulburns1984 wrote: »

I went into Halifax as I am a customer there and they have a good offer on at the mo. They offered me the card but with only £500 limit, no good!

If the worst happens, Martin's advice is to transfer what you can. (See Martin's *Credit Card Limit: didn't get what you wanted?* article.) You'll still save money

http://www.moneysavingexpert.com/cards/bad-credit-rating

Moggles_2

Barclaycard have sent me a few cheques through that I can pay my balance off with that they say will give me 0% until November. Is this a good option? How do they work?

.
If I've understood your post correctly, it should be possible to settle your credit card bill with one of these cheques, credit limit permitting.(Barclaycard cheques are restricted to 90% of your credit limit or £5,000, whichever is the lower.)

Don't forget to include the handling charges (normally 2.5% of the transaction) in your calculations.

When it gets to November can I balance transfer THAT balance?

Provided that you apply successfully for a balance transfer with a sufficient credit limit, yes you can.

If Halifax has offered you 0% for a longer period, I would use that card as well. It's on your credit file, so you may as well use the offer