credit cards for bad credit rating

vicky_w_

Does anyone know of a reasonable rate credit card for poor credit rating that offers balance and money transfers? I have an overdraft and a credit card with the bank....due to the fact I keep going overdrawn and over the overdraft limit, my credit rating has gone right down but unless I can get some money into the account i cant stop the problem from keep happening!!! I am on a good salary now so just need some capital to clear the overdraft and i would like to move my credit card balance as i am not impressed with my bank! any other suggestions if not? I have been declined for a personal loan and a credit card recently. Any help or advice would be much appreciated!!!

R0bert_Sterling

Maybe the bank think it is somehow your fault for repeatedly going over your overdraft (they can be a funny bunch)

If you are on a better Salary now, you must have more money to service these debts.

If they are all declining you, it is a waste of time applying for more. You have already demonstrated to them your inability of managing money so they see you as an unacceptable risk.
Knuckle down and concentrate on getting rid of the debt instead of trying to move it from one place to another.

meandthree

Try capital one, fairly low limits initially, but seems to be the easiest to get with a low credit rating.

Enfieldian

You have no chance.

Wutang_2

vicky_w_ wrote: »

i am not impressed with my bank! any other suggestions if not? I have been declined for a personal loan and a credit card recently. Any help or advice would be much appreciated!!!

2 obvious ways to go about it: 1.) complain or 2.) hide in the bushes. Either choice, no ones gonna lend.

Invest massively in outer space lazer smoking patches.

DizzleUK

The cheapest APR sub-prime card is around 29.9%, which you are probably unlikely to get given your history. You may be successful for a Capital One card which you would likely get a £100 limit at 34.9% or a Vanquis card with a £250 limit at around 49.9% APR.

I'm guessing you need more than £350 of credit to clear these bank debts, so I personally wouldn't waste file searches trying to get a little breathing space. 3 months down the line you'll still be owing the bank and you'll be struggling with the new CC debts.

Your best bet is to phone your bank (or go in branch) and negotiate with them. Have a plan for how you plan to pay them back over what timeframe. Ask them to open you a BASIC bank account with them for your salary to be paid into and direct debits to be paid out of and then pay them back.

As you have already worked out, it is very hard to get credit to pay off already defaulted credit. It's not a good idea to anyway.

DizzleUK

Or here's a radical idea....

If you have a regular income coming in and find yourself going over limit each month, try looking at reducing your outgoings elsewhere for a few months.

If you have Sky, ask them to reduce your package for a few months (they may offer to allow you to keep what you have already and offer a 3 month discount)

What can you shave off your groceries bill? Packed lunch for work rather than McDonalds/Buger King/Costa/Starbucks/etc saves a bundle in a month.

Everyone can save money somewhere, whatever their income and outgoings. Take a look at the debt-free wannabe section for ideas.

lizbec

Blimey. Some rather punitive replies here....
Am in similar position - I haven't gone over my overdraft limit but have racked up a larger credit card bill. And the interest rate on it has just increased to 30%, so even though i am repaying more than the minumum it will never go down at this rate, but when i try and transfer to a 0% balance card or a loan, the answer is no, i already have too much credit!
I have just been advised(by co-op customer service woman, very helpful) to write in and appeal against decision and explain exactly why i want the loan, tell them i will be closing the credit card account etc. Worth a try i guess.
Good luck!

DizzleUK

lizbec wrote: »

Blimey. Some rather punitive replies here....
Am in similar position - I haven't gone over my overdraft limit but have racked up a larger credit card bill. And the interest rate on it has just increased to 30%, so even though i am repaying more than the minumum it will never go down at this rate, but when i try and transfer to a 0% balance card or a loan, the answer is no, i already have too much credit!
I have just been advised(by co-op customer service woman, very helpful) to write in and appeal against decision and explain exactly why i want the loan, tell them i will be closing the credit card account etc. Worth a try i guess.
Good luck!

If your CC APR has just gone up, you may still have time to opt out of it. By which you can stay at the old rate but will no longer be able to use the card, just pay down the existing debt at the old rate.

lizbec

Thanks, I'll do that - i want to close the account anyway, otherwise i'll just be tempted to use it!

Mozette

vicky_w_ wrote: »

Does anyone know of a reasonable rate credit card for poor credit rating that offers balance and money transfers? I have an overdraft and a credit card with the bank....due to the fact I keep going overdrawn and over the overdraft limit, my credit rating has gone right down but unless I can get some money into the account i cant stop the problem from keep happening!!! I am on a good salary now so just need some capital to clear the overdraft and i would like to move my credit card balance as i am not impressed with my bank! any other suggestions if not? I have been declined for a personal loan and a credit card recently. Any help or advice would be much appreciated!!!

How about trying to get another current account (with no overdraft) and gradually paying off the overdraft you have, now you have a bigger salary? If you can't trust yourself with an overdraft, to be honest a credit card really isn't for you.