Help needed

greyville

Hi,

My partner has a credit card which has £2,838.50 left on the balance.

At the moment, she's
- not using the card at all
- paying £100 a month off the balance
- but roughly £70 of that is going to 'new transactions' which roughly a 50/50 splt of interest on the standard balance and interest on the cash balance.

Her credit rating has been terrible in previous years and so she's been unable to do a balance transfer.

But now things have improved and she can apply for some cards, but not other.

What would you recommend?

[Deleted User]

If she's not using the card, what are the 'new transactions'?

greyville

Deleted_User wrote: »

If she's not using the card, what are the 'new transactions'?

Interest.

The breakdown from a slip from last year says:

Previous balance from last statement: £3,167

Payment by direct debit: £97.86

Interest on your standard balance: £37.46

Interest on your cash balance: £33.11

New balance: £3,140.47

bargainbetty

1. Contact her card provider and ask if they might switch her onto a low life of balance interest rate. They might say no, but worth a shot.
2. Apply for a new card with a LLOB transfer offer. She is more likely to get one of these than a 0 deal given recent history.
3. Look at her expenditure and see if she can increase her monthly repayments as far as possible to bring down the balance faster.

Good luck

[Deleted User]

What does her credit report say? And what's her income? Some cards specify not to apply if you have late payments in the last year, or a CCJ in the 4, etc.

You're going to need to sift through each lender's criteria (the one they publish at least) to know which to go for.

greyville

Deleted_User wrote: »

What does her credit report say? And what's her income? Some cards specify not to apply if you have late payments in the last year, or a CCJ in the 4, etc.

You're going to need to sift through each lender's criteria (the one they publish at least) to know which to go for.

No late payments in the last three years and no CCJs ever.

Salary of £20k

greyville

Just to clarify, she applied for a RBS platinum card and was accepted with a balance of £2,700.

She would be able to transfer £2,500 of the £2,800 on the other card and would be charged £80 for that.

Is that a good idea or is best to apply for another card?

[Deleted User]

I would take it. It covers most of the debt and further searches may result in less favourable results.