What to do with Credit Cards?

PJB

Hi All

We have just paid off 4 CCs totalling £24k, 2 x Barclaycard Platinum (£4k each), 1 x MBNA, was A&L and 1 x Santander, was MBNA(both had around £8k).

We have around £8k left so wanted to apply for cards with good balance transfer deals. I had problems with 2 of the cards so have missed some payments over the past 6 months (8 in total, 4 each on the latter 2 above) - this matter has been referred to the Ombudsman, but this will take ages!

Questions are:

- Could i apply for some cards now (not B'card or MBNA group) or do i need to wait for my Credit Report to update with the fact i have paid off the above? As i see it if i apply and do not get i will leave it 3-6 months and reapply for B'card & MBNA anyway

- If i can apply now, which cards should i go for that are not linked to any of the above and have some sort of BT offer (even 6 months would do, as then i can reapply for B'card and MBNA.

Any advice about the above or beyond that gratefully received.

Thanks in advance

PJB

KingElvis

Those missed payments on your credit record could stop you getting decent cards I'm afarid.

MBNA are very unlikely to take you on as a risk as there are very strict.

Others may know better.

PJB

KingElvis wrote: »

Those missed payments on your credit record could stop you getting decent cards I'm afarid.

Thought that might be the case, but even a card with a 6 month BT and a whopping rate thereafter would suit as will just transfer then!

Any ideas?

Tixy

The cards you have paid off - are they still open and available for you to spend on? wait until you've had 1 or 2 nil statements and then phone them up and see if they have any BT deals on at the moment for existing customers.

Aside from that with missed payments I suspect you won't get any 0% deals - probably for 2years since the missed payments at least (or until they are removed if you can get them removed in the end).

chattychappy

I would have thought you're pretty stuffed on decent new cards until those markers drop off or are removed. 8 in total!!

You can ask for a note to be added to your record by way of explanation. I have no idea whether that would help.

Having cleared balances, you might get some decent existing customer deals, though perhaps not if you are in dispute with them.

PJB

!!!!!!, maybe i shouldn't of closed my B'card Platinum then!

PJB

How long will it take for missed payment markers to not effect any new applications too badly, ie: don't mind higher rates etc as as i said looking to BT and tart!

Hazzinho

They'll stay on for 6 years from the month they were logged. lenders will see these, not sure how old they'd have to be for the lender to srop being concerned. i'd say it's unlikely at present, if you're not on the Electoral role get on to improve your chances.