When to apply for cheaper credit cards, now or wait?

Ladybird.

A lot of our debt is on credit cards, very expensive ones at that in some cases. We'd like to try and shift some of the priciest CC debt onto cheaper cards, but our credit rating is currently just 'fair' according to the site we checked, because of the sheer amount of debt we have. We have never defaulted and have probably caught things just in the nick of time.

I am thinking that we are probably best off trying to pay off several £k, maybe get under the £30k mark, reduce the limits of the cards we make a dent in and THEN try for a better deal or are we just as well having a bash now?

Would approaching one of our existing (cheaper) credit card lenders for a balance transfer deal to move some of the expensive debt over to them have better odds of acceptance?

We are currently snowballing and should be debt-free in 2-3yrs. Not planning to take out any further debt once we are in the black but don't want to wreck our credit rating either... not sure how much a declined CC application would affect things?

Monday afternoon pondering!

blacksta

So many factors to consider , it makes sense to shift debt to lower interest card but depending your income you might already have maxed out your what credit lenders will borrow . eg. somebody earning 10k will mostly have a limit of about 5k to borrow.

I would post a statement of affair for the purpose of seeing areas you could cut and throw towards paying off more of debts.

Ladybird.

Thanks! Yeah, I think maybe our plan of clearing a chunk and then having a go at getting a better deal might be best.

I did do an SOA when I first joined and had some very helpful replies but made myself a little bit too easily identifiable so decided to start a fresh account when I realised I wanted to stick around and be an active member of the forum

Very early days but things are going well so far, was just pondering the CC thing, looking forward to the day where more of our payments actually pay things off, that will be nice