Good or Bad idea?

TakingControl

Hello everyone

I had my LBM in 2009 with near enough £45000 debts and have now cleared all bar £2500ish which is a default so no interest or charges as I have been in a payment plan with Capital One and have not missed on payment. I will have paid this back by the end of this year (if not earlier) which will make me Debt Free :j:j

Now, I saw the new Asda Money Credit Card offering cashback on food/petrol at 1% as well as a 0% balance transfer for 12 months.

So I thought I apply for it and do a balance transfer from the defaulted capital one card onto the asda card as apart from the transfer fee it won't occur any extra charges however my default will be settled in full and I can start on re-building my credit file as I will pay the card back by the end of the year instead.

I actually expected to be declined due to this and another default and a AP on another card which I settled february 2011 so when I received the card through the post today I was a tad shocked to say the least :eek:

Anyway, what do you guys think about the above idea? Good/Bad and do you think this will start helping me rebuild my credit rating. I don't intend to use this for any purchases other than food/fuel to get the cash back and will settle this in full each month (having learned my lessons the hard way)

Thoughts are more than welcome

taren

From your signature, it looks like your clearing around £2k every 3mths or so from your remaining debt.

I wouldnt tempt myself, by moving the debt, I personally would aim to clear the Capital One debt, you will feel a massive sense of relief, after all you've done brilliantly clearing £45k worth of debt over the past 3 and half years. And this is your Olympic moment your heading towards.

Just my thoughts, others may agree or disagree, but I wouldnt want to miss out on paying that last installment and having NO debts.

TakingControl

I know what you mean but it wouldn't make any difference really who I pay for the last few months. The only reason I was thinking of this is -

1. My default will be marked as fully settled 6 months earlier which will hopefully help with a mortgage in a couple of years time (next target )
2. I start rebuilding my credit rating at the same time

I can assure you that I am not tempted in the least to purchase anything with the card as the balance transfer pretty much takes the whole limit anyway and I have so learned my lessons.