Barclaycard and credit rating

hummy

A few weeks back i managed to successfully get my Halifax credit card converted to a loan making me a massive saving on interest payments and more likely to pay the amount back rather than just paying minimum payments. From what i can see on my credit file (& what they said) they have marked the credit card account as settled and added a new loan for the converted loan and as long as i keep making the payments credit will not be affected.

I wanted to do a similar thing with barclaycard and what they have offered is to basically stop the credit card, and charge me a low interest rate for 12months of about 3% as opposed to 29.9% and keep me on that rate for one year and i make as much of the paymets as possible. However on my credit file it will show that i am on a repayment plan.

How does this affect rating and exactly what does that show to any prospective lender if they were to credit check me. Does it adversely affect my credit file.

THanks

LeeSouthEast

It willl be adverse, but by how much I can't really help with. A payment plan is obviously an indication of poor management of a credit facility, but not as bad as not paying at all!