cc shuffle - advice please!

Ali-OK

Hi all :waves:

Hope someone can make sense of this!

All my debt is on 3 cc's :

Lloyds Advance - £10,470.46 - 5.5% APR LOB - Limit £14,700, 2% min pay
Halifax H2X - £4,386.35 - 4.95% APR LOB - Limit £14,200, 2% min pay
Egg - £6,980.00 - 0% til 1st Nov, Limit £11K, 2.04% min pay

Minimum pay = @ £450, and I overpay by £170 per month (thanks to this site!)

I'm planning another BT at 0% from Egg for 1st Nov. I'm deliberately overpaying this by £30 a month, as from researching, most cc's with £50 max BT are now 2.25 or 3% min pay - this will mean I can keep the overpayments higher on the LOBs even after the move. I've got a feeling this is false economy though...Snowball says it is. Doh! (Can change that easily this month).

It's the Lloyds card that is bugging me - I overpay as much as poss on this one (using Snowball), but the interest is calculated daily at 0.015% and therefore fluctuates - it was higher last month than the previous month! Even though I'm spreadsheeting it daily (talk about obssessed!!) and I can see their calcs, I'm sure there's a rip off here. I also didn't get a purchase (0% for 5 months) paid off in full before the BT - so that will start accruing interest at 0.945% a month from end of May.

So, I think these are my options (but this is where I need help - as I'm a mixture of confused, brain dead and not sure mode!)

(i) See if I can transfer anymore to H2X at 4.95% LOB (I've not asked them before so don't know if they will/can, etc)

(ii) Or apply for a BA Amex at 4.9% LOB

But am I likely to get refused? Last credit searches were Egg in February and A&L for a new current account end of March. I'm also waiting for 9 accounts to show as settled. Wondering how that might affect it.

Thoughts and advice welcome! Thanks.

nearlyrich

As no-one has replied I will move this to the CC board where hopefully some of the regulars will be able to help you.

Bokken_2

I would advise to read up on Martins credit card articles amd the allocation of payments.
Once you understand this a little better your situation should become clearer to you.
How you go about paying the cards off and in which order is down to you.
You could leave EGG card and concentrate on the others ,but at the end off the EGG 0% you would have to find another 0% card.
Martin advises paying off the card with the highest interest first as two of your cards are LOB cards you could put up with paying low interest and concentrate on paying off the lowest balance and come back to the LOB cards later in the year.
I would check your credit file carefully before applying for another card to see if the other cards show as settled.
post back here with updates.

Ali-OK

Thanks Bokken.

A little progress on my credit report - one showing as settled! It's annoying that having receiving confirmation of closure letters over the last 1-2 months, they take forever to transfer the data to the credit report companies!

My credit rating still pans out at Good - alot of the cc's I'd not used in years, so it doesn't look like I've been stoozing - hence the large limits I guess (no late or missed payments, never maxed out, etc).

Will keep you posted.

Cheers