advice on loan and c/cards

curlyboy

I have 3 c.cards

£1700 on b/card = 0% interest till Jan 2010
£1300 on Tesco = 0% interest till Mar 2010
£400 on Abbey = Silly interest around 24%

My credot score I believe is average havent applied for anything since April this year ( fianace for my DFS sofa ), prior to that 3 searches in Jan this year, Im looking to get a loan to clear all the cards , my girlfriend has £2k on her card @ 6% fixed for life.

total payments for all the cards per month is around £140 pere month

shall i apply for a small loan to clear everything im due £2k in shares next April and can use thattopay off some of theloan

thanks ,

PS credit rating shall i leave a month or 2 longer to apply for loan ????

bradrock

no, because 2 are 0% and your gf s is 6%, u wont get a loan for 6%.
The abbey card has 400 on if u chuck all your spare money at this it will be paid off in no time.

curlyboy

but the 0% runs out in Jan and then March then it goes up to 18% ....My girlfriends 6% for life is good, she also has just been excepted for £1750 limit on a Llloyds card 0% for 12 months so shifting £1650 of the £2k to interest free for 12 months ...thanks

curlyboy

shall or shant i

stephane_2

Just pay off the abbey as soon as possible, take advantage of the 0% offer till January 2010 then by that time your file will even look better if you don't make any more searches and by end of December early January start looking for another card at 0% or if not possible then a small loan. Might be good to check with Barclays around that time if they have any offers, they are quite good offering special deals like 6.3% on life of balance and that would be much cheaper than loan as loan for that kind of amount you are probably looking at interest around 13% 15% sometimes even higher

curlyboy

GREAT THANKS will sort out the abbey card......so i wont do any searches till Jan ??? 2010, allthough my mobile phone contract is upin December.....One question will my credit rating improve if i dont do a search till Jan 2010 ??????????

stephane_2

If you don't make any more searches for the next few months, pay off the abbey and reduce debt on other cards then yes that will show that you are someone able to manage different account and by December you should be able to get a decent deal on a CC to transfer remaining balance from B/card & Tesco, but I don't think that a loan is the right way forward as your debts are quite low. Just check with your credti card providers around January when 0% dal end if they have any special offer, if not then take it from there. if you pay off the abbey over the next few months then I would also suggest that you close the account with them

curlyboy

what imgoing todo is move the £400 abbey money on to my girlfriends LLoyds card ( 0% for 12months ) thats leaves me 2 cards Tesco and Barclays on interest free till Jan and March wait tillend of Jan apply for a new c/cthen and transfer remaining balances ..close the abbey card....would that be ok ???

thanks

curlyboy

Ive just gone on to interest only on my mortgage for the near future ( 12 months = £135 a month better off short term .....Is that a good or not good 27 years left on the mortgage lol

curlyboy

just moving the rest of the abbey debt on to interest free card ( my girlfriends for 12 months ) so 3 c/cards on interest free