Credit Card Help

emma1602

Hi there, this is my first time apologies if i come across all stupid!!!!

I have a Egg credit card debt (£3200) that I am trying to get rid of but can't. I have applied for credit cards with 0% interest so to transfer the balance but I am having no success. I am £100 over my credit limit and I am paying £75 per month and the balance just won't reduce as this is the minimum payment and wots worse is that I havn't used the card for 3 years.

All the cards I have applied for have just refused me point blank. So I looked into my credit reports and queried some things on them and have had them rectified. Since this I decided to change my bank to A&L and they said I could have a credit card but they have only given me a limit of £200!!!!!! What use is £200 on a credit card? I could just save up. I feel that I am stuck in a rut and no one is willing to help me.

Also, A&L did 2 searches on my credit report for one credit card - Doesn't that go against me?????

Sorry I'm going on but I really don't know what to do next. Can any one please help?

Thanx :eek:

lynzpower

Hi there

I suspect you being at your credit limit and over your credit limit will stop Other companies offering you as you are a poor risk, ie you are not paying enough off.

If you like you could do an SOA to see if we can find you spare money toi chuck at your debts so you will be debtr free quicker Check out southern scoursers. "first time posters" sticky adn have a good read

And a massive :hello: from me

emma1602

Cheers:beer: , I will do that!

Thinking about it, I should transfer £100 from my Egg card onto my A&L card. Shouldn't I?

Also, is it right that A&L have done 2 searches on my credit report for one card???

lynzpower

The searches really dont make that much difference.

I wouldnt make that transsfer unless you are sure its worthwhile. What is the balance transfer fee? Is the A&L card 0% ?

emma1602

Thanks for the quick reponses by the way :j

The card is 0% until March 2007 and there is a handling fee of 2.25% for each balance transfer transaction.

Thinking about it, I am paying alot of payment protection on my Egg card. Can I cancel that?

lynzpower

Yes you can cancel the payment protection :j

If you transfer 100 then it will cost you £2.25 to do so, so I guess thats better. However, in all fairness I dont think it will repair your credit rating quickly, it seems as if you have been having some problems paying it

Do your SOA lady and we'll find you some extra cash!

darloboy_2

Emma

I had similar problems with Egg, and also had the payment protection.

I called them last night to cancel the payment protection, they did it without a squabble and offered me a flexible loan at half the interest rate on the visa, without prompting. I was also completely up to my limit on my Egg card.

It's no guarantee, but when you cancel the payment protection, if they don't mention it then ask them - APR 7.9%. Worth a try!!

Good luck!
Craig

emma1602

Thanx Craig:rotfl:

I shall give that a try tomorrow!

Here's hoping :T

southernscouser

Can I just add that consolidation loans normally aren't the best way of going about things.

You will probably be better off waiting to get accepted for a 0% card or a low life of balance card!

emma1602

Hi Southernscouser,

Yes your right and I know your right :eek:, but I will deffo cancel my PP for starts! Then I will post my SOA, not at the moment tho because my head is becoming slightly wrecked! I will come back on tomorrow to do it.

What annoy's me more than anything is that my sister has loads of Credit Cards, numerous catalogues & loans totalling to mega bucks and has just recieved another CC with a limit of £4000 and all I have is ONE credit card, ONE loan & a bit of mail orderage going on and nobody will have me! WHY? :mad:

Anyway, I'm sorry for moaning!

Thanx for your advice :beer:

southernscouser

emma1602 wrote:

Hi Southernscouser,

Yes your right and I know your right :eek:, but I will deffo cancel my PP for starts! Then I will post my SOA, not at the moment tho because my head is becoming slightly wrecked! I will come back on tomorrow to do it.

What annoy's me more than anything is that my sister has loads of Credit Cards, numerous catalogues & loans totalling to mega bucks and has just recieved another CC with a limit of £4000 and all I have is ONE credit card, ONE loan & a bit of mail orderage going on and nobody will have me! WHY? :mad:

Anyway, I'm sorry for moaning!

Thanx for your advice :beer:

Credit lending is a strange business. I applied for a Mint card and got a £300 limit. A month or so later (with no changed circumstances) I applied for a Capital One credit card! Limit of £10,300! :eek:

Work that one out! :rotfl: