Credit Card Situation - Help???!!!???

pbright

Hello,

I have two questions and it would be amazing if anybody could help me out. Basically i want new Credit Cards as the APR on my current 2 are extorion(classic Visa and One card with the Bank of Scotland), and i would also like a higher limit on any new card/cards(which will have a lower APR). My two credit cards i have had for a little over 2years, and both have a £500 limit each, which both have been maxed out over the past year(& occasionally i have not paid in time but always pay when they send a letter out reminding me). However as i am so desperate to get rid of them(high APR), i paid one of 2weeks ago(£500), half of one of 2weeks ago(£250), and the remaining half(£250) off tomorrow. Now my questions are

*Should i get rid of these high APR cards? Am i able to get new ones as like i said i have not always paid in time

*How do i cancel them(im a credit card virgin, besides the monthly bills, i have no info. for them on how to cancel)

*What card should i try and get(ideally i would like low APR/Interest, whatever its called) for a year, as i am planning on going travelling for 14months in June and they could come in handy

Thanks for yourhelp.

Answers which are easy for me to understand would be great.

Thanks so much

aj3001

Quite simply put you will struggle to get low APRs, if you have those APRs in the first place its because you have a poor credit rating, but frequently paying late you have damaged that rating even further

My advice would be don't get another card, just pay off these every month and then you will find you have no interest!!!

And to be honest, reading that, if I were a credit card company I wouldn't give you one of my cards

pbright

Really...you dont think that if i pay my two credit cards off completely in 2weeks this will improve my chances. The APR is so high. Will being able to pay them off completely in a month aid my chances. I will really need credit. Is their away to find out your chances, and what are the most lenient CC to apply for in terms of being able to get one with a bad record. By the way my record isnt bad as it only happened a few times that i missed payments and i would pay when they called me at the house.


Any advice guys.....i need credit soon, and i hate my current high APR's


????????????Clueless here?????????????????????????????/

olibearhorse

I'm no expert but maybe you should try https://www.moneysupermarket.com and use there smart credit search option. It will give you the lenders which are more likely to accept you although their rates maybe a little higher.

To cancel your cards once you have paid them off is easy, just call the lender, give them your details and say you want to cancel your card. You don't have to give them a reason but do make sure you get a confirmation letter from them.

CLAPTON

as you say you have paid them off in full why ever do you want to run up new debt? It just means that rather than having your salary to spend as you like, you have to spend some of it paying lots of interest.

so start saving for things you want, that way you actually earn interest rather than pay it.
If you want the convenience of a credit card then set up a DD to pay the full amount each month and so avoid paying any interest. (and it will stop you ever paying late). This simple step will over time also improve your credit rating.

DawnW

Could the OP simply call the credit card companies s/he is already with and ask if they will now give a lower interest rate? Worth a shot, if you have paid off what you owe?

pbright

More details Dawn on that thanks?? My credit cards are bank of Scotland, so i guess they are the lender...so i call the number on the back and sy i dont want them. As high as the APR is, and it is, i need credit(not having it is not an option), and would rather have them then no CC at all, would hate to get rid of them, then go on moneysupermarket, try for the lenient Cards, get denied, and be stuck



more advice would be appreciated..i really am clueless although tbis is all suddenlly so important to me.

Thanks

olibearhorse

I reckon Dawns right, your current lenders would prefer to keep you than lose you so bargain with them!

DawnW

Just ring the customer services number on your statement, state that you have paid off your balance, and ask if they will give you a more competitive interest rate for new spending. The worst that can happen is that they refuse.

pbright

I will try and get a better interest rate off them. However if i just cancel my credit cards then will my credit rating not go up and then ill stand a better chance of being allowed new ones. & actually thinking about it now, ill not need credit cards from when i pay them off in the next two weeks, untill im in OZ nearer Xmas time(planning on being their for a year and may need them as ill not be taking to much their). Could i get rid of my two now, and then get one over there when(or even if) ill need it. Or shpuld i get it here. When i would get it in Oz ill not have earned anything for the couple of months before where as if i was to get them in summer before i travel ill have earned money and may get a higher lending rate which i want


This must sound confusing

...does anybody have any advice what to and the best credit cards for me. Is their credit cards where tyou dont have to pay the minimum payments for a year...thats the one i want!!!

Wyndham

pbright wrote: »

However if i just cancel my credit cards then will my credit rating not go up and then ill stand a better chance of being allowed new ones.

Could i get rid of my two now, and then get one over there when(or even if) ill need it. Or shpuld i get it here.

Cancelled credit cards do not automatically increase your credit rating. Defaults stay on file for six years, so any change isn't instantaneous.

I'm not sure what you mean about getting cards in Australia. If you want an Australian card you may have trouble through being a visitor to the country, and not having things like an Austrarlian bank account. If you are in Australia and try to apply for a British card you may also hit problems if you don't have a UK address at that point.

pbright wrote: »

Is their credit cards where tyou dont have to pay the minimum payments for a year...thats the one i want!!!

In a word - no. You always have to pay at least the minimum payment, even when you have a deal for a few months. If you don't, or if you pay it late as you seem to have done, it affects your credit rating. Just paying the minimum does not adversly affect your credit rating.