Need a credit card

domladden

Hi guys, I did have another account on here but for some reason it wont let me post and I need some help pretty sharpish.

A few years ago the exhaust fell off my car, I took it to Kwik Fit (error 1) and it cost me more than I had so I signed up for a Kwik Fit Credit Card (error 2) and paid it off on there, not long after I got into Matched Betting and things and after going through a lot of the sites I wanted to start again with a new card so I changed my address on my Kwik fit card to my uni address. Anyway it turned out you cant use it online and theres loads of restrictions etc. so I never did but I moved out of that house and forgot about it. I lost the card as well quite a while ago and that had all my details on etc. I never used the card again but last time I checked (around a year ago)

Anyway, fast forward almost 3 years and I've only just remembered that I even had it, its given me a few sleepless nights recently and I just want to get it sorted. I got a trace letter from a debt company this morning wanting me to call them, I was hoping this was it so I rang them up but it turned out I owe £139 because the Virgin Media account I had there, I didnt even know about this but they've given me 7 days to pay this off in full. I've just finished Uni and am having some trouble finding a job so I'm unemploed and I really dont have the money to pay this off right now.

So what I was hoping was you could recommend me a credit card that is 0% interest (if they still exist) that I can pay off both this VM debt and the Kwikfit credit card (which I guess is around 6 or 700) and then pay off over a year or 2.

Despite these 2 things, I'm pretty good with money, I say that in comparison to most people I know who have a couple of credit cards maxed out etc. but still, if I got a card I could do this with I can trust myself to pay them both off then cut the card up and never use it again.

Is there somethin I could use to do this? Is this the best way of dealing with this? I just want to get it sorted, these are the only debts I have (other than student debt) and I need them dealt with. Any help anyone can give me would be really appreciated.

Thanks

Any

Go to the top of the page, click on credit cards/loans and read Martińs advise on balance transfers. There are 0% cards out there, so dont´ worry. But you need too do it right.

domladden

Hi thanks, I've read that guide and it looks like the Virgin Credit Card with 16 months interest free Balance transfers would be best for me however, there's a few things I'm not clear on that I wouldn't mind you clearing up for me because I've thought I could do it a few different ways.

The money I owe to Virgin media that the debt company sent me a letter about, to pay that off by my new credit card, seeing as that isnt a credit card, would that not count as a purchase rather than a balance transfer? And that would make it subject to all the horrible interest rates? Could I pay that off with my Kwik Fit Credit card and then balance transfer it straight away? Would that work?

I also have my student overdraft which I'm overdrawn on, it isnt worth paying that off with the credit card as well is it, because that ups the debt by like another grand and I probably wouldn;t get that paid off before the 0% runs out would I?

I've been through the guides but theres so many with so many links to so many others and they all have so much information in them. I've always stayed away from credit cards and loans (other than this kwik fit one, which obviously hasnt turned out well) so I'm not too good on a lot of the jargon, I know there are guides to all that and all but i only want a couple of pieces of really specific info.

never-in-doubt

Right what you need to do to kill all birds with one stone is this:

Virgin (MBNA) let you BT cash to your current account which is good and helps you. So ring and pay virgin media with your new card. Apply for a cash BT to your bank to cover the cost of the o/d etc.... then you do a BT from the new Virgin (amount of cash & virgin media payment) to the quickfit card so your virgin is now £0 again and your bank is £0 o/d but your still have a quikfit card right? this will have a balance of the cash you withdrew plus the virgin media amount on it. You then do a BT from the kwikfit card to the new Virgin card and benefit from no debt and the new card sits at 0%

Laymans tersm:

1. Use new Virgin card to pay the virgin media and pay cash in your bank to cover o/d (make sure you do the BT cash option - dont withdraw like from the ATM lol)
2. BT the whole virgin balance to the kwikfit card
3. BT the kwikfit card balance back to the new virgin card

You now cleared everything and have the 0% offer intact.

YorkshireBoy

Your unemployed status will severely impact on your ability to obtain 0% mainstream credit.

Don't apply for too many (out of desperation) because when you do find work your credit rating will be worse for all the searches.

domladden

hmm yeah I was wonderin about that, what about if I put student? I did only finish a couple of weeks ago and am yet to graduate, I could tell them I'm going back to do more exams (which I might still do).

Am I knackered til I get a job otherwise? I've been lookin loads for ages but I'm hopin to find somethin next week.

Moggles_2

In theory yes, BUT whilst unemployed, the OP is not in a position to get 0% or low interest rate BT cards. These market-leading cards require an annual income of at least £8000.

domladden, if this would be your first proper credit card, you have a limited credit history, so from the lender's perspective you're something of an unknown quantity. They are likely to see your lack of a good payment history, not to mention your limited means, as too great a risk.

I would concentrate on finding a job first.

Have you checked your credit reports lately to see what's on there, regarding the Kwik-Fit account? For help, see page 1 of the *How to obtain credit reports* sticky

Then, you probably need to be more concerned about actually getting a credit card, rather than looking for the best cards to meet your present circumstances. The bank that holds your main current account may be the best place to start.

For 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

Any

Es, the best idea is to apply for the mbna and do the BT into your current account. The fee for this is higher, I think it´s 4%, but then you can pay off whatever you want with rhat. Yorkshire boy is right, let´s first apply for the card and see what limit they will give you firstly and then decide what to pay and what not to pay. Because of the debt to Virgin ur credit file might be screwed, so let´s see first.

Any

Moggles is right.I am typing on Iphone and he was much quicker then me on this stupid thing!!