£4000 credit card transfer needed

ginster

Hi, please can any one help. My sister in law has £4000 on a credit card which she has had for ages and charges her 26% interest! Outrageous. She as tried to move this to a 0% interest card but been rejected. Does anyone know one she can move this to which would accept her, without her having to try all of them and then risk damaging her credit score. Her credit score is alright, couple of missed payments but ok. Thanks in advance

jonesMUFCforever

Please tell her to be realistic - if her credit score is alright she would not have any bother finding a balance transfer card.
Are you sure she has told you everything - has she spent £2 to get a copy of her Experian (other CRA's are available) report and shown it to you?

ginster

I ran the report for her so know it is ok. We went through another website which says which cards are likely to accept you and most said they wouldn't. I feel she is being unfairly punished.

gb12345

ginster wrote: »

Her credit score is alright, couple of missed payments but ok.

Unfortunately the CRAs don't lend money to people, so their score is irrelevant.

The Credit Card companies obviously have a reason for not wanting to give her one of their better cards. Perhaps her salary is too low or she has too much other credit - or perhaps it is just down to the "couple of missed payments".

ginster

Thanks for info, think you might be right about too much credit, she has a loan too and another credit card and overdraft. It is just a dreadful rate and she is paying so much in interest which could be going towards paying off the debt. thanks

gb12345

ginster wrote: »

Thanks for info, think you might be right about too much credit, she has a loan too and another credit card and overdraft. It is just a dreadful rate and she is paying so much in interest which could be going towards paying off the debt. thanks

All of these will have been taken into account in assessing her (even if she is not fully using the other card and overdraft, it will be considered as available credit).

Is she just paying back the minimum on all her debts or does she pay more than that? If she's paying more then have you looked at the snowball calculator to make sure she's paying off in the most efficient way?

*Scarlett

If she wants to try another application (and possible deline!) she could try

http://www.tescobank.com/creditcards/compare.html

I had a new card accepted a few months ago with a reasonably high bt limit.

I do probably have a high credit available to income ratio but no recent late payments so this may be an issue. But it might be worth a try.

scott_lithgows

www.creation.co.uk or the asda card

jonesMUFCforever

ginster wrote: »

Thanks for info, think you might be right about too much credit, she has a loan too and another credit card and overdraft. It is just a dreadful rate and she is paying so much in interest which could be going towards paying off the debt. thanks

Which you omitted to say in your first post. To be kind to your sis you need to be brutal in telling her to spend less and pay back more. Swapping it around will not help (transfer fees will increase it for one thing). It sounds like she needs help with her budget - tell her to sign up for these boards and go to the debt free wanabe board.

ginster

Thanks all, never heard of creation so might be worth a try. Great suggestions thanks everyone.

marathonic

Creation Finance look like they charge a 5% balance transfer fee.

If you don't give her the advice in post 9, I can see you back here in a few months telling us that she transferred the balances and re-ran the old cards back up to their limits....