Having Trouble with Four Credit Cards - Help Please

Rob_tt

Hi

I am after some advice/help please.

I have over past few months spent heavily on my credit cards, part of this was for my wedding.
I want to consolidate all cards (4 in total) on to one card.
The difficulty I am having is that by taking out another card the credit limit allocated to me is not sufficient to transfer all the 4 cards.
The cards do have credit on them & the figure in brackets represents the balance - £300 (£3800), £1200 (£3155), £1475 (£1950) & £240 (£155).

Am I best of taking out a personal loan?

Any help would be appreciated as I am paying approx £35 interest per month on the higher balances.

CLAPTON

what are the APRs of your cards

[Deleted User]

Also, do you mean the figures in brackets represent the limits, rather than the balances? If so, then you are overlimit on one card, so need to rectify that urgently (unless the £155 is a typo). If not, then you are overlimit on 3 cards, so need to rectify that even more urgently.

Rob_tt

Clapton: I don't have the APR's at hand.
Zx81: The figures in brackets are the balances the number outside of the brackets is the remaining credit yes there was a typo so to clarify:

card 1 Balance £3800 remaining credit £300,
Card 2 Balance £3155 remaining credit £1200,
Card 3 Balance £475 remaining credit £1950,
Card 4 Balance £155 remaining credit £240

Any

Sorry, but who lists out remaining balances?
You wouldn't want to consolidate it on one of the existing cards anyway... Why would you pay balance transfer fee and then the full interest? Pay more just to consolidate them on one card...??
And even for that we would really need the APRs...

What you want is new 0% balance transfer card if you can get one. With having 4 cards already, hopefully wages coming in and never missing a payment (did you?) you have a chance of getting one.

Maybe not with enough credit limit to transfer all the cards (as limit £7.5k is unlikely given your existing debt), but at least some.

Who are these cards with?

CLAPTON

You need to know the APRs

whether or not is worth tranferring balances to other cards or a loan almost entirely depends upon the APRs you are paying and the APR of a new card or loan.

also when repaying make sure you pay a little more than the minimum on each cards except the one with the highest APR .. on this try to pay as much as possible. in this matter you will repay the least interest and will clear the debt the quickest

Rob_tt

Any: I'm not looking to move the balances on to an existing card. I wish to take out a new one - interest free, then close all the other cards out and cut them up. I have missed one payment that is all.
The cards are with: card 1 Barclaycard, Card 2 MBNA, Card 3 Halifax &
Card 4 Tesco

CLAPTON

well, take any 0% card offered even if it doesn't cover all your cards.... 0% finance on something is a lot better than 0% on nothing

Any

Right, MBNA and Barclaycard have the best 0% offers and you already have those... You can have 2 MBNA cards (so you could apply for Virgin-MBNA sister), but then you wouldn't be able to transfer current MBNA card...

I think NatWest is a good bet... 18 mths 0%..

How long ago for the missed payment? That is a screw up, you need to be carefull about that, that affects your chances for new cards!!

Any

Let's see what the limit is... My OH just got £14k limit for his NatWest BT card, even I was shocked!!!

If it doesn't cover all the cards, remember to transfer the ones with highest APR first!

Tixy

CLAPTON wrote: »

well, take any 0% card offered even if it doesn't cover all your cards.... 0% finance on something is a lot better than 0% on nothing

And if you can clear one or 2 of the existing cards with a new card then you may get further 0% deals on the cleared cards, and move the remaining cards over to the these.
MBNA are one of the best at offering repeat 0% deals, and barclaycard often do as well.