transfer?

rassman

have 3 cards, vanquis with about £230 on it, barclay gold, £400 and barclay classic £500, so looking for the best way to get rid of these and by what card? should i combine all 3 onto one existing card and only pay 1 lot of interest or look for another card and move all 3 over for an interest free period.

Also, once i clear the cards should i close the accounts?

thanks

stella2009

If you have a Barclaycard Gold, why have you taken out / spent on a Vanquis card??

You need to get a good 0% BT card. Virgin offer 16 months 0% on BTs.

Tixy

It depends on the interest rates you are currently paying for each card and the limits avaiable to you.

How good is your credit rating? You will only get a 0% promotional card if you have a reasonable credit rating. A Vanquis card is usually only taken out by people who can't get a cheaper credit card.

This is a list of 0% cards available http://www.stoozing.com/0fees.php

rassman

well, just tried to get a virgin credit card so i could do a balance transfer, thought my credit rating was good but must have a problem somewhere, so whats my next move? any suggestions? should i call my current credit card providers and ask what they would give me for doing a balance transfer? if so whats an acceptable rate.

advice appreciated.

Tixy

Did virgin give you the reason for being rejected?

Are you on the electoral roll? Do you have any late payment markers/ defaults / CCJs on your credit report? Are you employed? Are all your current debts maxed? Do you have a lot of available credit?

If you are not sure why you were refused it might be a good idea to read this article http://www.moneysavingexpert.com/loans/credit-rating-credit-score and to get a copy of your credit reports from experian and equifax (via free trial online (free if you remember to cancel) or £2 for a postal report).

What is a good rate depends on what rates you are currently paying and what the transfer fees are. You need to be awarethat if you have an existing balance at say 15% and they offer you a 0% on new transfers then your repayments will always pay off the cheapest debt first, so this is not usually an efficent way of doing transfers.

rassman

i have a late default charge on me from capitol one for december, that might be the reason i suppose. will wait 3 months and try again.

Tixy

A default will certainly make a difference - has the default now been settled? If so have you checked its showing as satisfied on your credit report?

If it still shows as not settled I think you will struggle to get any 0% card.

The default will stay on your file for 6years (whether settled or not).

rassman

Tixy wrote: »

A default will certainly make a difference - has the default now been settled? If so have you checked its showing as satisfied on your credit report?

If it still shows as not settled I think you will struggle to get any 0% card.

The default will stay on your file for 6years (whether settled or not).

sorry, misunderstood, i have a late fee charge for december and currently overdrawn, this o/d will be paid today.