credit score

CLAPTON

when you ask what are your payments, do you mean the minimum allowed. usually it is 2% of the balance. so it will start at about 80 per month for a 4000 balance.

however if you only pay the minimum repayment allowed (2%) it will take you about 15 years to pay the debt off.

you should be thinking about clearing the debt asap rather than worrying about your credit rating...clearing the debt will reduce the interest you pay much quicker than finding a low APR card.

if you're struggling to pay more than the minimums why not post a SoA and people maybe able to suggest ways of reducing your expenditure and so pay off the debt more quickly.

carlos700

surley having a card with a low APR would help me to pay the 4000 balance which have on my cards.I am trying the best way i can to pay that amount off as quick as i can but it is never going to be paid or take twice as long if i am paying loads of interest every month.I am wanting to see my credit score improve so i can apply for a 0% card .At present i have 3 credit cards with the total of £4000 spread between all three i was just considering whether to just have one,the one with the lowest APR.

moozie_2

Yes carlos700 you are absolutely right and that is a good way of thinking. However, as at the moment you are not in a position to get a 0% or low APR card, pay the minimum payments on all your cards on time and throw any extra money to the one with the highest APR.

It may seem that you are not achieving much because of the interest but in time, your score will improve and you will be in a better position.

Have you checked if any of your existing cards have special offers on? So you can perhaps balance transfer between them to make things a little better in the mean time.