Help! Advice needed - Credit card Shuffle?

Moustacheman

I am contemplating Doing a Credit Card Shufle but don't really know where to start. I have 4 cards and have tried to apply for another to transfer some of the balances onto but keep getting refused for new cards and have also tried to get a loan to cover the cards and my current loan but no luck with the loan either. I need to be paying off the balance and not just interest. Please help, any advice would be greatly apprieciated. The situation is as follows:

Natwest Credit Card
Credit Limit: £7300
Balance:£2939.53
Available: £4360.47

Capital One
Credit Limit: £1000
Balance £328
Available:£672

Virgin
Credit Limit: £4200
Balance: £4133.93
Available: £66.07

Barclaycard
Credit Limit: £3100
Balance: £2316.08
Available: £703.02

smartsaver

Moustacheman wrote:

I am contemplating Doing a Credit Card Shufle but don't really know where to start. I have 4 cards and have tried to apply for another to transfer some of the balances onto but keep getting refused for new cards and have also tried to get a loan to cover the cards and my current loan but no luck with the loan either. I need to be paying off the balance and not just interest. Please help, any advice would be greatly apprieciated. The situation is as follows:

Natwest Credit Card
Credit Limit: £7300
Balance:£2939.53
Available: £4360.47

Capital One
Credit Limit: £1000
Balance £328
Available:£672

Virgin
Credit Limit: £4200
Balance: £4133.93
Available: £66.07

Barclaycard
Credit Limit: £3100
Balance: £2316.08
Available: £703.02

As you can't get a 0% deal I would find the card(s) with the lowest interest rate and transfer the balances as you can to one or two cards making use of all your available credit on these cards. With the balance paid off on the others phone to canx them. You MAY then be offered a 0% deal to keep your custom. If you're not at least you will be freeing up some credit. Leave
it at least 2-3 months then apply for a new 0% card. Try the bank your current account is with first it's not one of the cards listed.

I think you are in it for the long game. You will have to pay interest for a while and if you continue to apply when you have been rejected you will damage your credit rating further.

Good luck...

Rafter

Keep your eyes open for 'existing customer offers' Even try calling up your providers and find out if there are some available.

If you are having trouble getting credit though, these offers may not be available to you - so be careful.

In an ideal world you would transfer your existing balance on the card with the offer elsewhere, then back to the offer card so you get all of your balance at the promotional rate. You may not be able to do this in your situation as you may find they won't accept the balance transfer back again!

Get hold of Martins book 'the money diet' too and see how you can cut your outgoings to maximise the amount you can pay down.

Good luck.

R.