Applying for a balance transfer credit card?

rachey18

Hi all,

Bit of advice if poss.
Situation is as follows: -

I'm 22, a joint home owner at my address for 18 months. Rented previous address, 1 yr and before that 2 yrs.
I have a full time job 16k/annum for 4 years same place + company director and take 10k in dividends.

In summer 2010 partner lost his job and set up the ltd company, as income was pretty much just mine at the time, i've racked up 5k nearly over 2 credit cards just in basics like food, fuel etc, still nowhere near my limit and have missed 2 payments by accident and was paid very shortly after - back on track now and paying a lot more than the minimum but the interest is quite a bit and i'm wondering about applying for a 0% card balance transfer - aim to have it paid off in 12 months anyway.

Otherwise I have 1400 left on a loan from when i was 18, never missed any repayments.
Car finance taken out 12 months ago, never missed any payments - about 3k left.
Never missed any utility payments or phone bills etc.
No overdraft, partner has no debt.
Neither of us have any black marks so to speak against our name.

Can anyone suggest which may be the best card to apply for and chances of getting accepted? I did the credit checker tool thing and it said weak credit score but did the smart search tool and said excellent?

Any advice, much appreciated

Many thanks

ironlady2022

If all the debt you state is yours then you're looking at £9400 debt against your 16k annual income. The dividends won't count towards this is not guaranteed. As you have missed a couple of payments I would think it has damaged you quite a bit and that more than likely you will be declined for a 0% balance transfer card. Can I ask what limit you have on the credit card?

If your partner is debt free how about he apply for one? By all means try for your own card but this can be your last option if he doesn't want to take on the debt.

[Deleted User]

You probably want to put your plans for a £1500 TV on hold as well. ...

https://forums.moneysavingexpert.com/discussion/comment/39351518#Comment_39351518

Use it to pay off your debts instead.