Looking for credit card advice please

donicappelgren

Ok, here is the situation. Two credit cards with debt:

Card one: Balance £4,607.87, APR 21% (£135 pm)

Card two: Balance £4,236.30, APR 14.9% (£75) - both minimum repayments.

TOTAL: £8844.17

Card was a 0% balance transfer that has now run out and gone to a higher rate.

Also running an overdraft in the second account of just under £500 making the total debt just over £9300.

Late setting up a DD for the 2nd card so payments were sometimes late, effecting credit score (but never more than a month, haven't done an Experian yet). Also just moved so that might affect things.

Want to attack the 21% first, but applied for a Virgin 0% BT and got rejected. Now not sure what the quickest way of whittling this down is. There's no spare cash floating around, although the summer bonus will all go on it.

Any advice/strategy for this difficult situation very gratefully appreciated. Happy to provide more info.

Thanks a lot
Donic Appelgren

Moggles_2

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

The move will temporarily disrupt your credit rating, as I think you realise. Lenders like stability, so best practice is to apply for credit facilities, where possible, before you move/change jobs/change banks. Being with the same employer, bank and current address for a while, all help when applying for new credit.

Have you enrolled on the electoral register at your new address? Lenders score us differently, but everyone's rating improves no end once registered.

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 help you further, we would need to know which two credit cards you have at the mo, also their credit limits.