Newbie Credit Card balance advice please! :)

Rossie_2

Hi there!

I am new to the forum and would really really appreciate some advice and help here cos it's doing my nut in!

Basically, I've been paying interest on my credit card much longer than I care to remember but now that I am back in the world of employment after a depressing time of redundancy, I am determined to sort it out once and for all, but I really need a bit of advice first, here goes!

I currenly have approximately £2.6k on my banks original Lloyds Platinum credit card, which originally had a limit of £15k (!) but alas I have just come out of a long period of redundancy and had that limit recently brought down to £2,850 by them when they noticed this and have been paying the minimum each month.

I am thankfully now in contract work earning approx £20k a year through an agency, I know it is easier to shift a balance when you have employment.

I have live in a rented, shared househould for 5 years now and when I previously applied for a credit card, (with the only reason being to transfer this balance over to and clear the debt) from this address and I was declined and somehow let myself get discouraged from this one application. I am also not on the electoral role at this address.

All I want to do is simply transfer the balance over to another card with the sole purpose of bringing this figure down, cutting the card up and not spending a penny.

I realistically think at present I could get the debt down to at by at least half in a year and even clear it completely if my current job gets made permanent.

So my general question is - are there any factors in my current situation that help/hinder me in applying for a new credit card and if so, what steps can I take to get this done asap?! I only today paid another minimum installment on my current card - the time to change is now, it's doing my head in!

Many Thanks

NickX

Rossie wrote: »

I am also not on the electoral role at this address.

This is a major problem.

Your not going to get a decent line of credit until your on the Electoral Role, get this sorted ASAP, then try applying again once sorted.

YorkshireBoy

NickX wrote: »

Your not going to get a decent line of credit until your on the Electoral Role, get this sorted ASAP

And at this time of year, ie during the annual compilation of the register, "ASAP" will likely mean after 1st December.

OP, get a copy of your Experian (and possibly Equifax as well) credit report in, say, mid-December to check you're on it before making any further applications.

Rossie_2

Hi guys

Thanks for the response - my bank account is registered at the property I rent but my electoral roll address is different - I shall investigate into this and checking my Experian report tommorow.

Thanks a lot!