0% for not so good credit?

handymanni

Ok guys, finally living upto the fact I need to pay off my debt.

Its a bout 10k, a combination of cards and o/d. Figured I could more or less get rid of this by Septemberish time. Thing is i t would greatly help if I had no interest to pay! Egg is something like 24%!!!

Last 6 or so months I have been a bit of a wally and not made a few min payments on time. In the last couple of days I have applied for two cards and been declined.

Now I don't wanna ruin my credit file any further by applying over and over so was wondering if anyone knows of any cards that will approve me in this situation?

BugsyBrowne

handymanni wrote: »

Ok guys, finally living upto the fact I need to pay off my debt.

Its a bout 10k, a combination of cards and o/d. Figured I could more or less get rid of this by Septemberish time. Thing is i t would greatly help if I had no interest to pay! Egg is something like 24%!!!

Last 6 or so months I have been a bit of a wally and not made a few min payments on time. In the last couple of days I have applied for two cards and been declined.

Now I don't wanna ruin my credit file any further by applying over and over so was wondering if anyone knows of any cards that will approve me in this situation?

Unless you want credit limits around £200 I suggest you sort your credit file out first as no prime lender is going to touch you I am afraid.

izools

Absolutely, stop applying now that you've been declined twice.

Have you obtained a copy of your credit file to see how many missed / late payments have been recorded?

Generally, even one missed or late payment in the last 12 months will prevent an applicant from being approved for a mainstream card with good 0% offers.

So long as you've never been more than one month late at a time, once it's been at least a year since your last missed / late payment, you'll stand a much better chance of approval.

Until then you'll just have to accept the high APR as a consequence of your misdemeanours.

You would be well advised to set up a direct debit with all of your credit card companies for the minimum amount so that if you forget to pay them your preferred amount in time one month, they'll automatically take at least enough to prevent you from messing your credit history up.

Good luck :beer:

handymanni

Right, just signed up for a free credit check on Equifax.

My score on there is GOOD.

I have also checked my late payment history. Only 1 in the last six months!!

So obviously things are not as bad as I first thought. How come I am struggling finding a card to transfer to?!?

Kyresa

Because the "credit score" on the credit checking files is USELESS!

Each lender has their own score system and it isn't the same as Equifax/Experian etc etc. So whilst they CRA might say "good" they aren't the ones doing the lending or making the decisions!

jonesMUFCforever

What about your bank where your salary goes into?

BugsyBrowne

handymanni wrote: »

Right, just signed up for a free credit check on Equifax.

My score on there is GOOD.

I have also checked my late payment history. Only 1 in the last six months!!

So obviously things are not as bad as I first thought. How come I am struggling finding a card to transfer to?!?

Mate that is your score with Equifax,that score has no relevance on the score a lender would give you.
Not mean to sound nasty but with 1 late payment in the last 6 months has probably put you as poor from a lenders eyes.

izools

Exactly. Regardless of what Equifax and Experian rate you at, any mainstream lender with good 0% offers will be VERY put off by ANY late or missed payments in the last YEAR.

Once you've had a whole 12 months without a single issue with late or missed repayments you'll stand a better chance of approval with a mainstream lender.

handymanni

Alright guys, thanks for all the advice.

Basically all I was after was something that allows me to pay of these damn cards quickly and where I am not paying a flaminf 26% interest.

Gonna have to go back to the drawing board

paulmcerlean

Not going to happen. 1 late payment in this economic climate makes you a high risk. Dont apply anymore. You wont get a 0% card with anything but a sublime credit history.

speedbird1973

paulmcerlean wrote: »

Not going to happen. 1 late payment in this economic climate makes you a high risk. Dont apply anymore. You wont get a 0% card with anything but a sublime credit history.

Interesting, a few months back (when things were worse!) everyone was saying 1 late payment in a year will have no/very little impact on your credit worthiness. Now things are better everyone is saying it's a killer.

I'd like to see one shred of evidence - either way! in my opinion (and like everyone else on here it's an opinion) is that 1 late payment isn't a biggie.

You're income/credit ratio used credit/available credit ratio etc are probably more important.

Also check your Experian file as well, it may show more misdamenours. Barclaycard only check equifax, so there may be a discrepancy.