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0% balance transfer cc help.
mrb90
Posts: 3 Newbie
in Credit cards
Hi all, I'm new to the whole credit card thing so i apologize in advance for my lack of knowledge!
My partner currently has an overdraft of £2300 and a credit card of £500. At the moment he is content with just paying the min payment on his cc (which he plans to pay more off in a year when his loan finishes!) but he is really struggling to manage his overdraft every month when he gets paid.
Ive looked into 0% balance transfer cc as we both think that transferring his overdraft debt on to one he would able to manage it a lot better and pay it off quicker than what he can now. But as I don't really understand cc that much i was wondering would he be able to get a card which would give him a limit of around £2300 or would he maybe have to apply for a couple and split the debt? I think he has an average credit rating as he always pays his bills, cc, loan and car finance on time and has never missed a payment.
Ive looked into the Lloyds platinum card but as his overdraft and cc is already with Lloyds do you think he would be able to apply for another card with them? If not we were thinking about the Tesco cc as the 0% is for a bit longer.
Sorry if i have rambled just have a lot of questions and didnt know where else to go for advice! Thank you
My partner currently has an overdraft of £2300 and a credit card of £500. At the moment he is content with just paying the min payment on his cc (which he plans to pay more off in a year when his loan finishes!) but he is really struggling to manage his overdraft every month when he gets paid.
Ive looked into 0% balance transfer cc as we both think that transferring his overdraft debt on to one he would able to manage it a lot better and pay it off quicker than what he can now. But as I don't really understand cc that much i was wondering would he be able to get a card which would give him a limit of around £2300 or would he maybe have to apply for a couple and split the debt? I think he has an average credit rating as he always pays his bills, cc, loan and car finance on time and has never missed a payment.
Ive looked into the Lloyds platinum card but as his overdraft and cc is already with Lloyds do you think he would be able to apply for another card with them? If not we were thinking about the Tesco cc as the 0% is for a bit longer.
Sorry if i have rambled just have a lot of questions and didnt know where else to go for advice! Thank you
0
Comments
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More to the point, he needs a card that allows a money transfer and that restricts his options - typically MBNA.
The offer you are looking at on Tesco is almost certainly a BT offer, although there may be a workaround I believe.
However, ultimately the fact he is in his overdraft is going to make him look unattractive to most lenders.
Try posting a SOA on the DFW board and look at cutting costs.0 -
Thank you for your help, we've already looked at cutting costs down and he wouldn't want to use the cc for purchasing, only for paying his debt off!
Just looked at the MBNA card and thinking of applying. Hopefully he gets accepted. If not then we may arrange to see and advisor at Lloyds and see if they can help.
Thank you.0
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