Credit Check

Weeyin

Hello

I have £5k of credit card debt, which i hope to clear in the next 2 years or so.

I have managed to switch half to Barclaycard (6.8% for life of balance) a month ago. I want to transfer the rest to another card (low life rate or 0%), but i'm worried i've had to much activity recently.

I'm currently renewing my mortgage (offer received), and i'm also in the process of transfering my bank account.

Should i wait a few months before applying for a deal? If i apply now and get declined, will it take my credit rating lobger to recover?

Thanks!

Moggles_2

Congratulations on getting accepted for a 6.8% APR LOB Barclaycard.
:beer:

Is it possible to move the remaining half to a new 0% BT card in your partner's name?

Meanwhile, I'd concentrate on paying off as much as possible each month. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process.

Moggles_2

If I apply now and get declined, will it take my credit rating longer to recover?

Credit checks are viewed as negative only if you attract too many in a short space of time.

Even then, the footprints drop off your file after 12 months, so the effect is comparatively short-lived, but it's your choice really.

PNPSUKNET

I would give it x3 months to be honest, you may flag a sign of distress to lenders.