Advice needed

rnoll73

I have currently around 7400 debt divided between 3 credit cards all of which are near their limits. I want to do a balance transfer but have been refused when I have applied for my preferred balance transfer card. I have checked my credit reports at Equifax and Experian and there is only one negative on them which is that I am currently over my overdraft limit on my current account, with an arrangement to settle by Christmas eve which will be met. I also noted on the Equifax report that it stated that i only had £26 credit available. I assume this means that they have assed that I am credit worthy for up to the total of my current card limits plus that £26. In this case how do I best go about transferring my balances - do I have to apply for a card where they use Equifax rather than Experian and if so how do you tell who uses what or is there a better plan of action. I can anticipate being able to reduce my current debt (even allowing for interest) by the best part of £2000 over the next couple of months but not much more than that!

Any advice very very very gratefully received!

binaryuniverse

Hmmmm, tricky one. With an arrangement to pay on your file you could find it very difficult to get new credit. With your cards nearly at their limits you won't be able to try the credit card shuffle to get rates down (Lenders may also see it as you being overstretched).

What cards do you hold at the moment?

rnoll73

I have Mint, Virgin and Capital one cards. Which credit agencies do they each use to check for credit?

The arrangement to pay will be met on Friday - is it a matter of months or what after that is cleared before it is worth trying to ask again?

Rob71

There's a thread on here by a guy called "UNDERGROUND" who helpfully tells us who uses which credit agency - have a quick search... The long and short of it is that nearly all cards use Experian for applications, but report credit information both Experian and Equifax.

As for when your file will be updated? Each company will update once a month as you make a payment (or miss it)... once the Arrangement to pay has been met, you credit reference will be updated... basically you should be in a better position in a couple of weeks, just keep an eye on your record.

Best of luck with clearing stuff - whilst you're waiting for a new 0% card just concentrate on clearing the most expensive card first...