0% Credit Card On Balance Transfers

Kimberley

Can I ask a question? If I was granted a credit increase will that help me with improving my credit score because it will give me a higher available credit to what my balance is? Or do I need to reduce my credit limit as I pay the cards off?

YorkshireBoy

Kimberley wrote: »

If I was granted a credit increase will that help me with improving my credit score because it will give me a higher available credit to what my balance is?

Yes, providing your salary/income and other financial circumstances will support it.

41_and_i_know_it

Sorry to sound patronising firstly. You have just been granted a Natwest credit card yeah, you have a 14 day cooling-off period so unless you are sure what you are getting you can still keep your options open. I think that you need a credit card which as you say gives you 22-23 mths 0% a low transfer fee, but you need to be clear just how many transfers you are allowed or the period that you are allowed to transfer at that fee and for the 22-23mth 0% period.
If you've already got the card as long as you're not paying an annual fee doesn't mean you have to use it but if you do theres more chance of your credit limit being increased after a 6mthly review which seems to be the norm. On Martin's site I noticed the Fluid card looked really good and the Amex Rewards card which if you spend £500 a month for three months you get £30 amazon voucher. Please don't pay high interest on cards, high transfer fee or get conned out of your 22-23mths or whatever 0% balance transfer period. Hope this helps and I can really sympathise, I won't go into details.

Kimberley

I've only just managed to get the Natwest Credit card but only with a low credit limit because my credit score is only just recovering. I've worked hard to get it from very poor to fair/good. Equifax score me good but Experian still score me as poor even though i've paid much more then my minimum monthly payments. I tried fluid but they said I wouldn't be suitable for their card and gave me a list of cards that I would be suitable for but they are all over 32% APR. I already have 2 high interest rate cards which i'm working hard to pay off as it is.

41_and_i_know_it

I went bankrupt from april04 to oct 04 and got 100 pounds when I opened a halifax account they offered me a credit card £600 limit straight off and overdraft if I wanted, wish I had now because they won't give me one now for another few months. My card is low rate and if i pay 1k a month into my current account they give me a fiver. What about Lloyds card. Only way to improve credit rating is to take out credit, so easy isn't it (sarcasm is cruel) and to pay it off as soon as you can. I'm not helping matters but what I wanted to say was I was shocked at my new bank for offering me these things as my previous bank Lloyds would keep asking me to apply for a credit card on my online banking and then decline me and I kept asking why and they said to take out a credit card and pay it off each month after a few years I got fed up. Hope this helps, keep the faith, sometimes you get help from unexpected sources.;)

Kimberley

Thank you

I mainly want to pay off all my debts as cheaply as possible so was trying for balance transfers but only got a limit of £500. I wanted one big enough to take all my debt from the high interest cards. Once I have paid of all my debts then i'll apply for a cheaper interest rate card and pay off the balance in full each month if accepted that is.