Will I be declined a Balance Transfer?

Beautiful-Moose

I have a credit card with £7200 on it. The limit is £10k. I want to shift my debt onto a 0% card as the card company I am currently with (Barclaycard) tried to up the APR to 21.9% the other day. After arguing with them over the phone I got them to keep it at the reduced level of £16.9% which is still quite high. I am scared that if I apply for a new card I will get declined for a balance transfer as I do have another credit card with £2.5k on it.

What am I best doing?

[Deleted User]

Probably throwing as much at the debt as you can. 16.9% is a very low rate in today's market.

But it depends on your credit history and finances. You owe £10k on card - any other debts? What is your income? Any missed payments etc?

Beautiful-Moose

I finish paying off my car loan in July this year. Other than that I have no debts.

My Credit Rating is good.

My only other thought was to get a loan out over 2-3years and pay the low interest that offers. Would I get excepted for a £10k loan though? I am only on £21k a year.

[Deleted User]

Unlikely. You're borrowing half your gross salary just on cards. How much is the loan?

I doubt you woould get very much more in any kind of borrowing. But you have a good opportunity to pay down hard while you're on a low rate, and then potentially get a BT offer once you've lowered some of the debts.

It wouldn't harm to have one crack at a new card now though, and then wait until July for another attempt if unsuccessful.

Beautiful-Moose

The loan was for 5k. Which will be paid off in full come end of July 2013.

I am just having a bit of a panic about my finances especially as I haven't used my credit cards in about 3 months so I don't get why they are trying to up my APR. I have just stuck to my debit card and living within that.

Thank you for your help so far.

StuC75

Unlikely to get loan, as you presently owe nearly £10k on earnings of £21k, add another £10k to that (as briefly you would owe both the loan and the card debt - and even with the cards paid off theres every opportunity to re-run up that debt (its happened many a time on here..)..

Is the car loan with your own bank? they may be a better shot.. As its going to be hard to convince a bank to let you move your credit from expensive rate to cheaper rate - as sensible as that may seem..

StuC75

They are upping the APR to make more profit out of you, nothing personal just thats the way it goes.

littleboots121

If your credit card is with a bank, talk to them about a consol loan, if your keeping the debt intenal they will often be more likely to agree a loan, even though its a lower interest rate because it means they are getting structured repayments. It will also mean your not paying interest on interest which is a bonus for you.