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What would you suggest?
NikkeiPositivity
Posts: 69 Forumite
in Credit cards
Hi all
I have just over £3000 on credit cards and my lovely other half has just over £11000. We've just paid off another £1909 to bring mine down to the above figure.
Now I'm not sure how all this credit score business works but my thoughts are, if we were to pay my credit cards off over the next three months then I could apply for a 0% card for the 23 months and transfer some of his debts onto that card, which I would assume would improve his credit score and enable him to then take out a new card to put the remaining balance on and then we could pay them both down equally. Now as far as I'm aware my credit score should be ok as I've had no defaults whatsoever and my debt to disposable income should be quite good as my salary has increased much more than it was previously. I know his credit score isn't great as he stupidly applied for a credit card about a year ago despite me saying not to as he was overcommitted and was declined but I'm not sure how easily reversible that damage is, if his debts go down. We are linked aswell.
Does this sound like a good plan or am I missing anything pivotal, or is there a better way to do this. We're hoping to be debt free by the end of next year at the latest so we're really working at this!!!!
Any advice welcome
Thanks in advance Nikkei x
I have just over £3000 on credit cards and my lovely other half has just over £11000. We've just paid off another £1909 to bring mine down to the above figure.
Now I'm not sure how all this credit score business works but my thoughts are, if we were to pay my credit cards off over the next three months then I could apply for a 0% card for the 23 months and transfer some of his debts onto that card, which I would assume would improve his credit score and enable him to then take out a new card to put the remaining balance on and then we could pay them both down equally. Now as far as I'm aware my credit score should be ok as I've had no defaults whatsoever and my debt to disposable income should be quite good as my salary has increased much more than it was previously. I know his credit score isn't great as he stupidly applied for a credit card about a year ago despite me saying not to as he was overcommitted and was declined but I'm not sure how easily reversible that damage is, if his debts go down. We are linked aswell.
Does this sound like a good plan or am I missing anything pivotal, or is there a better way to do this. We're hoping to be debt free by the end of next year at the latest so we're really working at this!!!!
Any advice welcome
Thanks in advance Nikkei x
2012 '1% at a time' member 99 - 17% 1% = £167
2013 '1% at a time' member 99 - 15.8% 1% = £139
2013 '1% at a time' member 99 - 15.8% 1% = £139
0
Comments
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You really need to post some income, debt and limits info for each of you for us to take a view.
On the face of it, you look better placed to get a new card than him, but whether you can or not isn't clear.0
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