Had first credit card for 6 months, will I be accepted for another?

Rarchy

I have had a credit card since Feb this year which I have been usign very actively prodominently to pay for a holiday. I have a £3k limit and have £2650 left to pay off. I have been paying the minimum each month and on several occasions have paid extra (between £200 - £400).

I now wont be able to pay much more than the minimum each month, although I wont be using the card any longer as the only reason I got it was to pay for this holiday. However as its really high interest rate (19.8% I think) and the interest free period is over I'd like to swithc to one with 0% balance transfer for a year or so - do you think there is much chance of this happening? Apart from this card my credit record is clean but not sure if its likely I'll be accepted given I've only had my card for 6 months, have used it a lot and still got a lot to pay off.

And just to check I have understood correctly - if I did get accepted, I wouldnt be paying any interest for the allocated free balance transfer time and so literally whatever is outstanding at the point of transfering is what I'd be paying off (until the time ran out)

Otherwise I was thinking about getting a lower interest loan is I can, but any free interest would be good!

Thanks for any advice.

[Deleted User]

no reason why you cant apply for and probably get a new cc,just remember they will probably charge you 3% of the BT for the pleasure,or consider a low interest rate for life of balance cc?
A loan would probably cost you around the same as the 19% you are paying now for that amount

chexum

Rarchy wrote: »

I now wont be able to pay much more than the minimum each month,

You have to know that paying minimum is a privilege that the banks would really like you to keep using. In some cases it's not even decreasing the debt.

It's not meant for paying the debt back, it's for keeping the debt off your back until you can afford to pay it back, but for as short a time as possible. If you miss any payments, it can go downhill, and your credit file is possibly ruined for 12 years.

See the calculator here, and change the minimum payments. £5 vs. £50 could mean 40 years more in debts and paying £8000 more...

http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card#calc

izools

chexum wrote: »

your credit file is possibly ruined for 12 years

Where on earth did you get this from? Data is removed from credit files once it reaches six years old, bar payment history which goes after it's 4th year with Equifax and 3rd year with Experian...

6 years, not 12

chexum

izools wrote: »

Where on earth did you get this from?

6 years, not 12

"Possibly"

Let's not count the history with minimum payment, but if there's any problem with the repayment, that's a few months of missed payments with more and more delay, then the default, and before the six years pass, they can get a CCJ any time they wish, which then can stay for six further years...

But back to the original question, yes, if the OP qualified for some mainstream products, there's a chance that someone else has an offer too. And I would really recommend using the opportunity to pay back as much of the debt as possible.