Credit card advice

Dannii75

Hi,

Can I get some advice please?

I have debt credit cards & the interest rates are battering me so I'd like to do something else! Details are:
£4853 in Barclaycard Visa @ 26.9% :mad: paying £152 pcm
£3925 on Virgin @ around 19.4% paying £65 pcm. (different rates for different amounts & high interest about to kick in next month)
£925 on HSBC cc paying £24 pcm

Just moved address & registered on the electoral roll last week (not sure how long it takes to appear on that). So am concerned I'll be rejected for new cards.

I earn £25k.
I have a Capital One card with nothing on it but £19k available credit but 19.9% int rate.

I also have a motorbike loan & pay £75 pcm.

What's the best thing for me to do?

Thank you

Dannii

ILW

Credit cards were never meant for long term borrowing. You need to address your spending.

Jox

Have you tried the snowball calculator? I can't post a link. It shows you the order you can pay the cards off and when you will pay them by.

YorkshireBoy

If Capital One won't give you a special promotion on a BT then close the account (to remove the available credit).

What are the limits on your other cards?

Although they should get their updates on December 1st, it could be January before the CRAs show you as being on the electoral roll.

Apart from the massive available credit (compared to your income) and fairly large debts, what else is showing on your credit reports?

kevshares

Hate to be a pest but you guys may be able to help i'm a newbie to the site so please re direct me if i'm of course......

I have a problem in that last month I bought a car for my daughter to share as it was her 17th yesterday and started driving with L plates. Unfortunately had a knock on the door from police lady saying that the car had been bought by previous owner from a Citroen main dealer, with a fraudulent cloned credit card (£6250!). She seemed to be implying that the garage owner wanted to pursue me for the car. Log book has come through etc and I have bill of sale (bought in good faith obviously) but dont know how I stand. I would have thought Credit Card company will be out of pocket as a fraud and that car dealer had been paid his funds when the transaction went through ? Any help would be appreciated as it is quite a worry at the moment Thanks, Kevin

balmk

If your current cards have some 0% deals on them, there is nothing to stop you transferring the balance to the Capital One card (I don't believe they charge a Balance Transfer fee, but they charge interest from the date of transfer - check your T's and C's), and then balance transfer back onto the original cards to take advantage of any promotional rates.

You will end up paying Balance Transfer fees if you do this (possibly twice - check the Cap One T's and C's), and even if you don't have any promo rates on your Barclaycard or MBNA you may find that a one-way transfer to Capital One gives you a better rate at 19.9%

Janie4Now

kevshares wrote: »

Hate to be a pest but you guys may be able to help i'm a newbie to the site so please re direct me if i'm of course......

I have a problem in that last month I bought a car for my daughter to share as it was her 17th yesterday and started driving with L plates. Unfortunately had a knock on the door from police lady saying that the car had been bought by previous owner from a Citroen main dealer, with a fraudulent cloned credit card (£6250!). She seemed to be implying that the garage owner wanted to pursue me for the car. Log book has come through etc and I have bill of sale (bought in good faith obviously) but dont know how I stand. I would have thought Credit Card company will be out of pocket as a fraud and that car dealer had been paid his funds when the transaction went through ? Any help would be appreciated as it is quite a worry at the moment Thanks, Kevin

Hi, Kevin......please start this as a new thread rather than hijacking this one. More people will see the new thread, too.

Dannii75

ILW wrote: »

Credit cards were never meant for long term borrowing. You need to address your spending.

Thank you for your advice. I've not spent on the cards for a couple of years now & they're decreasing.

Dannii75

YorkshireBoy wrote: »

If Capital One won't give you a special promotion on a BT then close the account (to remove the available credit).

What are the limits on your other cards?

Although they should get their updates on December 1st, it could be January before the CRAs show you as being on the electoral roll.

Apart from the massive available credit (compared to your income) and fairly large debts, what else is showing on your credit reports?

Hi,
Thank you for your reply.
I've only got +£400 available credit on each of the cards.
I've looked at my credit reports & nothing else is on them except the bike loan.

Cheers

D

Dannii75

balmk wrote: »

If your current cards have some 0% deals on them, there is nothing to stop you transferring the balance to the Capital One card (I don't believe they charge a Balance Transfer fee, but they charge interest from the date of transfer - check your T's and C's), and then balance transfer back onto the original cards to take advantage of any promotional rates.

You will end up paying Balance Transfer fees if you do this (possibly twice - check the Cap One T's and C's), and even if you don't have any promo rates on your Barclaycard or MBNA you may find that a one-way transfer to Capital One gives you a better rate at 19.9%

Thank you, good thinking, I'll check the T&Cs.
D

kevshares

sorry for being a complete knob but how do i start a new thread ? Kevin