Can't balance transfer, any other options?

the_edmundator

Hi,

I've got outstanding balances on 2 credit cards and have an AMEX that I use for cashback and pay in full every month. My outstanding balances were originally on 0% but these have both now passed. I had initially intended to balance transfer at the end of the 0% periods, but have been unable to get a new card. My credit history should be very good, as I've never defaulted on any payments and have a long history of borrowing and repaying reasonably large amounts.

I suspect that the reason I can't get a new card is that I have reached the total amount of credit that I will be given with my income.

I also have a graduate loan and an interest-free overdraft (which I use to pay off the credit cards each month).

At the moment, I am trying to pay off one of the remaining cards as quickly as I can, so that I can hopefully then transfer the balance from the other card at a preferential rate.

Is there any other way that I am likely to be able to benefit from a lower rate of interest on my credit card borrowing in the meantime? - I reckon it will take up to 12 months to repay one of the cards, especially as I'm getting married this year.

CLAPTON

maybe some more information would be good.

what are the debt.. amounts, aprs, monthly payments
income?
what do the credit records say

already being in debt doesn't seem a good start for adding more debt to get married

the_edmundator

I'm not adding more debt to get married. But I will be needing to use some of my disposable income to pay for the wedding rather than repay the credit cards, which is why it will take longer.

I just wondered if there are any clever ways of reducing interest payments on existing debts, most likely without having to get new credit.

YorkshireBoy

the_edmundator wrote: »

I'm not adding more debt to get married.

Of course you are...in the form of additional interest being added to the accounts due to you spending the money on a wedding rather than reducing the balances.

I just wondered if there are any clever ways of reducing interest payments on existing debts, most likely without having to get new credit.

There's the credit card shuffle, but you don't seem to want to post additional details of the kind asked for by CLAPTON (choosing instead to pick up on the wedding angle).

Do you have any unused cards you haven't yet closed?
What are the limits and debts on all your cards?
What are your existing cards' APRs?
Have you viewed your credit reports to see what lenders see?
Are you on the Electoral Roll?
What's your income?
Any financial associations?...perhaps with your partner? How's their credit history?