Balance transfers for "fair" credit scores? (Bit long sorry!)

dr_moomoo

I could really do with some help. Due to being stupid I have wracked up quite a bit of debt on credit card. I moved into shared accommodation to try and improve things and while I am no longer using my credit cards one of them, the balance being £1,700 *hangs head in shame* is crippling me. I pay about £35 a month back and then get charged £22 interest. This is on Egg. Egg offered me a loan but at 17% so it wouldn't make much difference to my situation. I want to apply for an 0% balance transfer or a low-rate loan but am worried about my credit score.

This has come up as 'fair' and then some scummer tried to use my ID (you've got to laugh, really, of all the IDs to choose he took the one least likely to get him any credit!) and applied for 4 cards. I now have protected registration (or whatever it is) and check my credit score regularly, and these footprints have now been removed.

I last applied for a 0% card in October and got turned down but I'd only just moved into a new property which apparently doesn't help your credit score. I work as a mystery shopper and had to do a loan assessment for one task - this has left me with a footprint but the company are going to remove this 'footprint'. I was told by the loan company my credit score was quite low and they would lend me £4k.

I have never defaulted on any payments but I think the problem is I have applied for 0% cards too many times.

I have now amalgamated my cards in a loan although I still have a couple outstanding, but these are all cut up and on low interest so they don't worry me so much. The Egg card though is worrying me, and I am now having difficulty sleeping.

In a nutshell, can anyone recommend a credit card which would offer a 0% transfer to someone whose credit score isn't great? If so, how long should I leave it before applying again?

Sorry for the long post and thank you in advance for your help.

dr_moomoo

41 views and not one reply - never mind eh!

frivolous_fay

I'm not sure about the card that you're looking for, but have you tried reducing the credit limits on your existing card(s)?

The more available credit you have (credit, store cards) the less likely you are to get more.

You have cut up your unused cards - but please please close the accounts - they all show as available credit and will not help you in your search!

Make sure you're also on the electoral role - I think the deadline for registration is soon.

dr_moomoo

Thanks for your reply Fay. Do you think I should cut my limit down as I pay off the cards? I've cut my limit down on my Egg one then forgot the interest payment went on it and got walloped for going over the limit! But even if I cut the limits down little by little I guess it'll make a difference? I hadn't thought of that - I'll ring my current providers first to cut them down before applying for anything.

I've cut up my cards - but I can't close the accounts while I still have debt on them, alas. I'm also sure I'm on the electoral role - how would I check?

frivolous_fay

Go here and put in your postcode - then there's an option to find out if you're registered... I think you just have to ring the right people to check. A good indication might also be whether you have received a voting card - mine arrived about a week ago.

http://www.aboutmyvote.co.uk/pcsearch/EntryPage.cfm?CFID=4243652&CFTOKEN=24907460

Sorry, I missed the part about the cut up cards still having debt on them. Yes, I would get the limits reduced as you go - bearing in mind the interest (doh!)

dr_moomoo

Alas that website seems to be down; I'll try again tomorrow. and I'll also call my providers. Thank you!

anniecave

if you go to the moneysupermarket.com website, and the credit card section, there is a search option called advanced search (its with experian I think) where if you answer some basic questions it will give you your likely credit score category (in your case fair I would assume) and lists credit cards that are that category or lower so you know who to apply to and who not too. It's really good, because often the very best cards are only available to perfect credit scorers, but there are often other products suitable for the rest of us!

Don't reduce the limits too much - useful to have a bit of credit spare in case of emergencies or for the interest to be added on!

A lot of card providers are reluctant to accept you if you've been at your current address less than six months, so that doesn't help. Make sure you check the electoral roll too. Also as you know, too many applications in a short space of time is detrimental.

frivolous_fay

anniecave wrote: »

if you go to the moneysupermarket.com website, and the credit card section, there is a search option called advanced search (its with experian I think) where if you answer some basic questions it will give you your likely credit score category (in your case fair I would assume) and lists credit cards that are that category or lower so you know who to apply to and who not too. It's really good, because often the very best cards are only available to perfect credit scorers, but there are often other products suitable for the rest of us!

Do you have to pay for that, Annie?

dr_moomoo

I only just saw your response Annie - thank you, I'll check that out.

wayoflife

dr_moomoo wrote: »

I could really do with some help. Due to being stupid I have wracked up quite a bit of debt on credit card. I moved into shared accommodation to try and improve things and while I am no longer using my credit cards one of them, the balance being £1,700 *hangs head in shame* is crippling me. I pay about £35 a month back and then get charged £22 interest. This is on Egg. Egg offered me a loan but at 17% so it wouldn't make much difference to my situation. I want to apply for an 0% balance transfer or a low-rate loan but am worried about my credit score.

This has come up as 'fair' and then some scummer tried to use my ID (you've got to laugh, really, of all the IDs to choose he took the one least likely to get him any credit!) and applied for 4 cards. I now have protected registration (or whatever it is) and check my credit score regularly, and these footprints have now been removed.

I last applied for a 0% card in October and got turned down but I'd only just moved into a new property which apparently doesn't help your credit score. I work as a mystery shopper and had to do a loan assessment for one task - this has left me with a footprint but the company are going to remove this 'footprint'. I was told by the loan company my credit score was quite low and they would lend me £4k.

I have never defaulted on any payments but I think the problem is I have applied for 0% cards too many times.

I have now amalgamated my cards in a loan although I still have a couple outstanding, but these are all cut up and on low interest so they don't worry me so much. The Egg card though is worrying me, and I am now having difficulty sleeping.

In a nutshell, can anyone recommend a credit card which would offer a 0% transfer to someone whose credit score isn't great? If so, how long should I leave it before applying again?

Sorry for the long post and thank you in advance for your help.

Hello,

Can I ask why you only want a 0% credit card? You need to think about this differently....


Ok you currently have a debt of £1,700 and you are paying 17% if Im right. Now theres two reasons why you should go for a credit card that offers a low rate for the life of the card

1) Ok its not a 0% deal, but surely you can see that even if it was only a few percent better than the one you have now (say 10%) you are still saving money? As the interest is calculated daily you will be saving money still...

2) The M&S & More credit card is by far the best card for balance transfers at the moment. Firstly because it offers NO FEE. secondly because it is currently 4.9% for the life of the transfer.

Now I know its not 0%, but lets look at it this way compared to a 0% offer;


M&S Card- £1,700 NO FEE - 4.9%
XXX Card- £1,700 3% handling charge 0%

you have already paid 3% on your ENTIRE balance first of all. so the m&s card has saved you already £51.00 of interest before you even start paying it off.

It also in my opinion lends very reasonably, I got a limit of £3,000 this was after only a year of building my credit up, so I wouldnt be worried about being rejected mate. Give them a call as this deal is going to end!

you will also get cashback in the form of m&s vouchers when you make purchases, which you MUST NOT DO whilst you have a balance transfer on there!!!!!

If you think of it this way then surely youll agree this is the best one for you. People seem to get fixated with a certain ideal, like 0% it is the best but you need to look at the overall picture to get the best deal.

another great example is cashback cards, look at the apr on them, from the offset it appears that they are a bad deal, so you might be tempted to go for a lower apr, however look at the bigger picture... pay it oss in full there will be no interest anyway, plus you get cashback so therefore they are the best deal.

Id like to add im not a rep! lol

let me know if ive been of help!

wayoflife

Secondly what you need to focus on after you have this card is....to pay as much as you physically can!!!

you might have to make some sacrifices but it will only be for a while, its funny how some people have their priorities. Im not one to judge, its up to people to do what ever they want, Im just amazed at people paying hundreds of pounds in interest every month and then spending £60.00 a month on a hair cut!

Make a budget for yourself, write down all of your expenses and luxuries and next to it put down how much you could cut and how to do this

add this up and pay this extra amount off every month.

It might sound like this is alot of money at the moment but it is not do not worry, you will pay this off!!!