Credit card advice (in particular egg)

*phil*

Hi folks! first time posting here but Ive always kept an eye on this site for great advice over the months.

Was wondering if anyone has any advice and information to help me in my current situation..

To sum up, have a few credit cards and have always made regular payments on time..checked my credit rating on experian and it was pretty good at the end of last year.

I had a good paying job but was made redundant last november, had enough to keep going was still meeting payments, unfortunately my partner was laid off in jan then. things have been very tight but just about have still managed to pay bills, cards etc, having to use cards I had initially intended just for balance transfers, for purchasing to keep us going.

One problem i encountered was that I have an egg card that has a large amount on a balance transfer 0% until july this year..last month i used it for purchases and interest took it above the limit by a minimal amount..i was aware that this breached conditions and my 0% was revoked. i rang egg and asked them if they could reinstate or lower the rates even..previous to this i had always made payments and stayed below the limit. Has anyone had success on this situation with egg?

I also have a virgin card; I had the same situation and as I had made payments on time etc, they put my 0% back on.

virgin credit card also has large sum 0% balance until next month..does anyone have any suggestions how to move money about or any rates that either egg or virgin would offer?

As it stands both cards are at their limits and the chances are that id be refused another card (going by the available credit limit seen on experian).

Another question id like to ask is that although ive always made payments on time, on both accounts ive went above the limits just in the last 2 months. how does this affect my credit rating?

The only good thing is that Ive started work again this week and have a solid income again for the forseeable future. Also, for further info, Im a private tenant (no mortgage) and no others payments such as cars, just the cards are the only thing I owe out on.

The plan is now to get back on track this month in a put a plan in place to reduce the card debts over the next 2 years.

Look forwards to any replies..thanks!

YorkshireBoy

Your internal credit rating with both Egg & MBNA will be damaged by the overlimit breaches. Indeed, it's said that these breaches are viewed more negatively by lenders than being late with payments. There is a chance though, that they haven't reported these breaches to the CRAs...have you checked to confirm?

I don't think you've a chance of getting better deals on existing balances with Egg or MBNA (or any other card for that matter), so your best option is to shuffle the Egg debt on to another card and then see if Egg will take it back at a better rate, ie a LOB product.

Good luck (both in the new job and with managing the debt down).