Debt of £1,500 - Looking to Clear with Credit Card

macleanal

Hi all, im new to this forum so apologies if i've posted this in the wrong place or there's a similar post already running.

My partner and I have a debt of £1,500 with the HBOS and as you can imagine, the interest is extortionate. Looking to get my hands on an interest free credit card to pay the debt off and then in turn pay the credit card off ASAP. Neither myself nor my partner have ever had a credit card so im just looking for some advice on whats the best card to go for.

Any suggestions would be much appreciated.

Moggles_2

Welcome to MSE!

Please be aware that lenders launch these 0% balance transfer cards, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants.

If this would be your first credit card, you may have a limited credit history, so from the lender's perspective you're something of an unknown quantity. What other credit facilities are held in your name besides the overdraft with HBOS?

It takes time to build a good credit history. One solution is to apply for a starter card like Vanquis. This provider specialises in cards for those with next to no credit history.

Note: interest rates are high, but if you only ever spend what you can afford to pay back each month, you'll never pay interest or fees.
www.vanquis.co.uk

Once you've operated this card for 12 months, you'll find it easier to get the cards and credit limits you want.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

TFD_2

macleanal wrote: »

as you can imagine, the interest is extortionate.

My imagination is usually pretty good, but I can't imagine this.

This is a mainstream lender, and a small balance, so I would imagine the interest payments are quite low.

Can you elaborate on the debt and the interest for those of us who can't imagine it as vividly as you'd hope?