Credit Card Worries

Ellseer

Hi All

When I turned 18, and for the following three years, I took credit cards out left right a centre, and ended up with three cards after doing some balance transfers - they totalled about 7,000.

I couldn't get one card with a high enough credit limit to transfer them all, so once my interest free periods all ran out, my mum agreed to take out a Tesco credit card, and let me transfer the balances, and set up a DD from my account to make the payment.

She did a similar thing for one of my brothers, although the card is in his name, she is paying for it - and he keeps 'forgetting' to tell her he needs the money, leading to charges etc.

She is now panicking that there will come a day when I don't have the money to pay mine, and obviously she will be at risk. Looking back I know it was a stupid to involve her in my debt, and although I am certain the payments will always be made as long as my circumstances remain, I can't guarantee it.

Basically what I want to know is, are there any companies who will give a higher credit limit than most? The most I've had is probably 4 or 5k (debt is now 5.5k). Also, although my credit score is not bad so to speak, it's gone down from getting refused credit and having lots of linked addresses (I have moved a lot). Any advice on how to improve this?

Also, would it be stupid to transfer the money back onto the original cards, some are still open, and just pay the interest rather than risk anything happening to my mum's credit score?

I'm very confused!

Thanks

Ells

chattychappy

Ellseer wrote: »

Also, would it be stupid to transfer the money back onto the original cards, some are still open, and just pay the interest rather than risk anything happening to my mum's credit score?

As a family you probably want to minimise your interest and fees, so I would discuss this with her. Hopefully neither of you need to trash the credit rating. So I wouldn't do this...

I've found that MBNA always give the highest limits. I'm probably alot older than you... my limit with them is 19K. Most of the rest are 5K to 10K.

stephane_2

A credit limit is in majority based on the amount of credit you already have and your ability to repay it, income play a big part too.
One thing you could do is contact all your credit cards provider and ask them if they have any special offers for current customers wishing to transfer some money on the card. You may be able to have a good deal and by doing the repayment on time you will improve your credit score and protect your mother from damaging hers.

CLAPTON

I can't make any sense of this

-what sort of CC does your mother have with your debt?
-if your brother's CC is in his own name why is your mother concerned
-how much can you afford to repay each month
-do you have a proper budget
-waht sort of CC are you looking for ?
-half a cake is better than none so if you can transfer half your debt then do that

NickX

What are the APRs on the cards involved ?

Don't worry about whose name the cards are in, but get the debt onto the cards with the lowest APRs. If necessary get some new 0% Balance Transfer cards and move the debts across.

Just make sure you pay every month at least the Minimum Payment and make that payment ontime and no-one's Credit Rating need suffer.