What are my options (if any)?

Dowsett

Hi all,

I am wondernig about my credit card. I am currently with barclays. I took it out few years ago with it boasting a good long term rate. I am happy with the service etc but i would like to switch to a 0% deal.

Ideal situation: balance transfer to a 0% whilst keeping my barclay card open (even if it means reducing available credit) as a backup. the balance would be £0.

transfer to ANY 0% deal and then switch to another 0% after the deal is up.

However i seem to be having trouble with this. I have done a soft searches and they dont look good. I applied anyway for the Lloyds card which i was declinded for. This is where i am struggling to see whats going wrong.

I have a credit card which i have never missed a payment on and willing to do a transfer - the company doesnt want to take my money?!

My creidt score is average last time i checked and havnt missed any payments on anything for as long as i can remember.

So, what are my options?

Please correct me if i am wrong but i am thinking that i will have to stay on my current card which isnt that bad to be honest: APR 6.8%. or apply for another card. I have seen this MBNA company and Fluid - ive never heard of them.

I would like to stay with Barclays but as i cannot balance transfer to any other deal then i think it may have to be with another provider.

Can anybody offer any addition assistance or has what ive just said pretty much summed it up?

Thanks

YorkshireBoy

Barclays limit?
Balance?
Income?
Overdraft facilities (limits and balance)
Financial associates with a poor credit rating?
Other financial circumstances?

What factual information does your credit report contain? (not interested in scores such as 895, 764, etc or words such as average, good, etc...just the raw data)

Dowsett

YorkshireBoy wrote: »

Barclays limit?
Balance?
Income?
Overdraft facilities (limits and balance)
Financial associates with a poor credit rating?
Other financial circumstances?

What factual information does your credit report contain? (not interested in scores such as 895, 764, etc or words such as average, good, etc...just the raw data)

well i dont see how some of that effects my situation, as surely they will see i am not taking out more credit, just transfering it.

And to be honest, i have no idea about my credit report file now. I have used my free trials :money:

Im not asking for help with my credit file, as obviously i have not been accepted, so was looking at what other options i have.

Thanks

SuperAllyB

Dowsett wrote: »

well i dont see how some of that effects my situation, as surely they will see i am not taking out more credit, just transfering it.

Not saying you would do it, but if the banks had a pound for everyone that said something similar then ran up more debt on the existing card after it was cleared, the economy wouldn't be in the mess its in!

[Deleted User]

Dowsett wrote: »

Im not asking for help with my credit file, as obviously i have not been accepted, so was looking at what other options i have.

Impossible to tell you if you're not prepared to share the info that will affect those options.

blitzboy

Dowsett wrote: »

balance transfer to a 0% whilst keeping my barclay card open

Dowsett wrote: »

well i dont see how some of that effects my situation, as surely they will see i am not taking out more credit, just transfering it.

Now those 2 sentences don't really go together do they?

Just because that is what you say you are going to do it doesn't mean that is what will happen. As far as the banks are concerned they are making EXTRA credit available to you. So if you are already up to your 'limit' with regards to income ratios etc then that is why you will struggle. That's why it is relevant.

Dowsett

blitzboy wrote: »

Now those 2 sentences don't really go together do they?

Just because that is what you say you are going to do it doesn't mean that is what will happen. As far as the banks are concerned they are making EXTRA credit available to you. So if you are already up to your 'limit' with regards to income ratios etc then that is why you will struggle. That's why it is relevant.

That would be my ideal situation.

If the account has to be closed, then so be it.

On the card is 6k. available credit is around 2 or 3k. which would make the total credit about 8 or 9k. its somewhere inbetween those figures without checking the exact number.

Interest each month is around £30. i am paying and have been paying more or slightly more than the min payment.

This is why i was after a 0%. ok i will have to pay a transfer fee but the extra £30 a month interest wont be mounting up which would take my min payment down.

Herbalus

Dowsett wrote: »

This is why i was after a 0%. ok i will have to pay a transfer fee but the extra £30 a month interest wont be mounting up which would take my min payment down.

0% would be useful for you. However a low minimum payment isn't necessarily a bad thing, because a high minimum payment pays off your debt more quickly. With £6k of debt I wouldn't settle for the minimum payment as that will take a long time to clear.

My advice, if you manage to get a 0% card, is continue paying the same as you are now (if you can't manage more). That way, the £30 in interest each month will gradually reduce the balance instead of lining the pockets of Barclaycard...

Dowsett

Herbalus wrote: »

0% would be useful for you. However a low minimum payment isn't necessarily a bad thing, because a high minimum payment pays off your debt more quickly. With £6k of debt I wouldn't settle for the minimum payment as that will take a long time to clear.

My advice, if you manage to get a 0% card, is continue paying the same as you are now (if you can't manage more). That way, the £30 in interest each month will gradually reduce the balance instead of lining the pockets of Barclaycard...

I agree, this is what im saying.

But, can anyone recommend a 0% card? i have been declined for the Lloyds one and have never heard of the other two companies mentioned above. Or maybe there is something else i can do? Im not too sure, which is why im asking the question.

Thanks

blitzboy

On the main site (link below) there is a fluid card advertised which is 15 months 0% and for people with 'not perfect' credit files which seems to be your case.

However you still haven't mentioned your income, so with 9k available already you'll more than likely have to be earning 25k+ to be accepted.


http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#bcardmiddlemarket

Dowsett

blitzboy wrote: »

On the main site (link below) there is a fluid card advertised which is 15 months 0% and for people with 'not perfect' credit files which seems to be your case.

However you still haven't mentioned your income, so with 9k available already you'll more than likely have to be earning 25k+ to be accepted.


http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#bcardmiddlemarket

Ok Thanks, thats what i was thinking as well. My income is slightly above the 25k mark.

Has anyone ever had any dealings with fluid? or have one of their cards? Ive never heard of them before.