Credit card shuffle or personal loan?

gazid

Hi all and thank you in advance for reading/advice.

Have current debt of £9000 on 3 different credit cards and am currently more or less only paying off the interest.

So I’m looking for a 0% credit card balance transfer or a fixed rate balance transfer.

After having approached a couple of CC companies, who have done a ‘soft’ quotation, it seems I would only be extended around £2000 credit.

I currently have a Credit Score of 389/fair.

I have also investigated a couple of loans on the same ‘soft’ basis and have been offered 11.9% by my bank over 3-4 years.

There are lenders who seem to be offering a lower rate of around 6% but of course, you only know for sure once they action the application, which then shows up on your credit score and if you are shopping around, all these checks would impact negatively.

My inclination is to go with my bank, as I believe the ‘soft’ quote they gave me is likely to be more accurate because they have more info on me.


Many thanks,

~G

BoGoF

Already posted on Credit Card board....

gazid

Apologies, wasn't sure whether this should be on the loans or credit card boards