Help me decide what to balance transfer...

mark_steps

Let myself get in big trouble with credit cards so taken the action to sort what i can now. Now next week i should be getting some money (£1000) so if i may xxplain what cards, debt, avail credit there is and the APR.

Sony Balance is £2090 with avail credit of £1400 the APR is currently 28.9% and to balance transfer is the same.

IKEA is £468.88 APR 19.9

Lloyds is £1388 with only £112 left so no chance to BT. The current APR is 15%

HSBC sits at £1374.05 with £375 currently available. The APR is 22.53%

RBS has £591.49 due with £758.51 available however the current APR and to Balance Transfer is the same, 15.9%

If you were in my shoes, how would you go about this?? I thank-you in advance

CannyJock

mark_steps wrote: »

Sony Balance is £2090 with avail credit of £1400 the APR is currently 28.9% (credit limit 3500?)

HSBC sits at £1374.05 with £375 currently available. The APR is 22.53% (credit limit 1750?)

IKEA is £468.88 APR 19.9% (you sure this is a credit card and not a store card? - if it's a store card you generally can't BT their balances)

RBS has £591.49 due with £758.51 available APR , 15.9% (credit limit 1350?)

Lloyds is £1388 with only £112 left so no chance to BT. The current APR is 15% (credit limit 1500?)

Reason for adding the credit limit is that most companies only let you BT 90-95% of your limit.

The basics are very simple, move it from high APR to low APR so contact RBS and ask them to BT as much as possible of your Sony card. Ask them for a BT offer, ask them if they can increase your credit limit without another search on your credit report to allow you to transfer and close another card and ask them to waive the BT fee - if they refuse the extras, still transfer as much as possible from your Sony card.

Then pay the £1000 to the highest APR card, which is the Sony card.

Make sure you pay the minimum on the lowest APR cards and put every penny as often as possible to the highest APR card (currently the Sony).

As you clear cards in full (Sony first) wait a couple of months then phone and ask them for a balance transfer offer at a low APR to move the "next highest" debts onto lower APR.

mark_steps

Thank-you. Called RBS but cant increase my limit just yet so i went ahead and Bt from Sony. All they could move over was £691. Still a saving in terms of % of 13% (guess that makes a big diff).

IKEA is indeed a store card, i was thinking of paying that off with some of the £1000 i get, but it has a lower APR so i should just pay the £1000 to Sony.

Ultimately by paying Sony £1691 the debt outstanding will be £399

wowwwwww!!!

mark_steps

just waiting to here from RBS to see if i can increase the limit...