Large balance with Barclaycard, huge interest rate, poor credit score

RubbishWithCard

Hi all, I'll be very grateful for any advice you can give me here!

I have a large balance on my Barclaycard (over £11K). I went over my limit in December but didn't realise (minimum payment made by direct debit every month so I don't always bother to open the statement - I know, DUMB). Barclaycard didn't notify me other than through my statements. I finally discovered this last month, paid off the small excess and am now back within limits.

I decided to try and transfer some of the balance because of the insane interest rate (28.9% :mad:) but have been declined for a couple of cards. I've always paid my bills on time, no unauthorised overdraft and (until this last couple of months) credit card bills paid pronto. But now my credit rating is apparently too low to get a different credit card.

I've requested my credit report but could it be that this 5 months of being over my limit could have screwed up my score so badly?

Also - do you think it is worth giving Barclaycard a shout to see if they will transfer me to a different card, maybe a Platinum? It says no on the website, but it seems as though they have allowed some existing customers to transfer - do you think if I say that I am looking at transferring my balances to different credit card companies, they might do it?

Any advice or suggestions very much appreciated!

YorkshireBoy

RubbishWithCard wrote: »

...I don't always bother to open the statement - I know, DUMB).

I decided to try and transfer some of the balance because of the insane interest rate (28.9% :mad:)

You need to start opening your mail because not only have you not realised you've gone over your limit, you've almost certainly missed your chance to opt out of at least one interest rate rise (which would have meant no more spending on the card).

but have been declined for a couple of cards.

Best to let your report settle a bit before applying elsewhere then.

I've requested my credit report but could it be that this 5 months of being over my limit could have screwed up my score so badly?

Yes. Your credit file will probably show either 1111100000 or 5432100000 in the payment history, along with the balance showing as more than the limit...all of which means you're pretty stuffed as regards a new card for the next year at least!

...do you think if I say that I am looking at transferring my balances to different credit card companies, they might do it?

No chance! They'll already know your chances of another card elsewhere are slim to none. They'll call your bluff.

Sorry I haven't been able to offer a more positive outcome for you, but they say time is a good healer!

Tixy

Being over your limit for so long will mean your chance of getting any new credit or even a new deal from bcard has gone for the time being.

You need to start tackling this debt - work out a budget to see how much you can afford to pay off the debt each month. Never ever just pay off the minimum.

Do you have any other credit available on other cards etc that you could BT some of the balance to?

fozmcfc

You know the answer, you were over your limit for months and only paying minimum amounts.

Going by the info you have posted, there is no chance of another card and paying the minimum only, would suggest you are up to your neck in debt and struggling and need to take action now.

I would therefore suggest that you try the debt free wanabee section of the board.

Post up your details of your situation and post up a statement of affairs (SOA) and let the members take a look at maybe where you could cut spending and possibly raise money to help towards the debt.

RubbishWithCard

Thank you all :sigh: harsh but fair, and very helpful!