balance transfer

carslet

Hi put this on the credit card board thought i might be better here

hoping someone can help me here, it is a question from a friend,
they have
1 credit card with 5k on it and limit of 8k and another with 2k on it and a limit of 3k

they are not in trouble at all and have £500 a month available to pay of the debt, neither are on 0% interest rates although the card with the limit of 8k will do a balance transfer for the 2k 0% for 18 months.

they said their credit rating is ok- good, would doing this balance transfer hurt their credit rating having one card totally clear and the other with all the debt on. ? and paying it off at £500 per month

any advice will be most welcome,

DebtFree2012

I have done this and think it is a wise move, I dont' see why it would affect their credit rating negatively if they are paying each month and paying more than the min.

Remember to close the card after you've cleared it - well I would. I hate them! Trying to get rid of mine.

carslet

DebtFree2012 wrote: »

I have done this and think it is a wise move, I dont' see why it would affect their credit rating negatively if they are paying each month and paying more than the min.

Remember to close the card after you've cleared it - well I would. I hate them! Trying to get rid of mine.

thanks for that, i was meaning that one card will almost be maxed out, but if they are paying 500 per month it should be ok i think