High Credit Card Interest

Beat_the_Interest

Due to setting up of new business and not taking decent wage used credit cards to top up salary until got established. Had a number of credit cards and happily moving between them to benefit from 0% rates albeit paying a fee, and then just recently, although had two cards with no balance on and decent credit limits but cardholders not offering any deals. Debt has been reducing at around £500 per month and never missed or been late with a payment.

Currently two cards with high interest MBNA & Coop. HATE PAYING RIDICULOUS LEVELS OF INTEREST - dont mind fair rate as my borrowings but with BOE rate so low how can credit card companies justify charging these rates???

Spoke to both about reducing interest - Coop reduced by 2% but MBNA no reduction.

Could go down loan application route but with lenders tightening up if get refused may affect ability to get zero deals on existing cards.

Could also risk cancelling cards with no balance on and applying for others.

Have looked at credit rating on Experian and although perfect payment record only shows as moderate.

Anyone any luck with negotiating better rates with existing lenders or moving onto a better interest rated product with existing supplier?

Tixy

Assuming you are not up to your limits on the cards - have you contacted MBNA and Coop to see if they will offer you any BT deals? if so you could switch the debts between the 2 cards or switch one to another. Have you tried any of your other cards with balances to see if they will?

If the 2 empty cards are not offering you any deals what are you risking by closing them?

Applying for a loan and being refused shouldn't affect your ability to get 0% deals (although it doesn't sound like you have that ability now).
A refusal doesn't appear on your credit file and a single application makes little difference. A lot of applications in a few months will harm your chances though.

CLAPTON

how much do you owe ?
what APRs are you paying?
what income can you demonstrate?