after some advice with moving my debts around

jimboness

hi there

long time lurker first time poster

ive got the following credit card debts.

£6000 - lloyds tsb airmiles duo (limit £11450) some on 0% at the moment
£850 - natwest (limit £2300) none on 0%
£200 - marks and spencer (limit £1200) none on 0%
£50 - capatal one (limit £1100) none on 0% but there rates are 34%!
£220 - barclaycard (limit £260) none on 0% limit was £1500 but they dropped it!

i want to move this about so i am paying less interest so that its all on one place and hopefully ill be paying out less each month.

i try to pay more than the min but it aint always affordable.

ive done a credit check with experian and it said excellent, and ive never missed any payments or anything like that.

i applied for the virgin card and got turned down :-(
which surprised me as the rating was excellent.
did another score after the application and it had gone down to good instead of excellent.

i have a £14k loan that will be paid off in 7 yrs too and ive been with my bank (lloyds) ages and im on the electoral roll and have been at my address since 2006.

anyone got any suggestions for whats the best plan of action to do what i want to do? i would like to get a new card with a decent low rate balance tranfer for life or 0% for a good period but im worried about my credit rating if i get turned down again.

mbna dont seem to like me it seems

that application is the only one ive made in the last 6 months

thanks!

jim

ps i earn £16500 a year

izools

Ask Lloyds for an existing customer transfer offer.

Halifax often gave me existing customer new transfer offer rates, sometimes 0%, 1.9% or 6.9% LOB.

Failing that you may find it hard to get another card as you have a large amount outstanding and a massive amount available, which can constitute a high risk, unless you earn at least three times what you owe.... which you don't! Your debt level is far too close to your income too far over your income to pose a reasonable risk to any prime lender I would have thought

What the HELL were Lloyds thinking giving a five figure limit to someone on your salary? Sorry, not your fault, but that is despicable IMHO

jimboness

heh you put that a bit bluntly
yeh it sucks owing more than i earn, but i just want to get it in the best position possible

short of a winfall or a massive payrise its gonna take me years to clear it.

but im not gonna argue with lloyds and have them lower the limit either i guess

would owing it all on one card be better for my credit status overall?

CLAPTON

with the limited facts available

debts 21k

income 16.5k

in the current climate its very unlikely that anyone will give you any more credit

we need to know your total financial situation to give meaningful advice

jimboness

what do you mean?

CannyJock

jimboness wrote: »

would owing it all on one card be better for my credit status overall?

Owing it on the lowest APR cards will be better for your finances. It also creates the possiblity that you can get some of it on 0% for a period if offered existing customer deals.

worried_jim

Ignore your excellent credit rating on your experian report- credit providers pay no attention to this at all.