Should I apply?

moneymoron1

Hello everyone,

I am trying to recover my debts, I have 5 credit cards that I have had for a while and they are all charging me interest each month.

On the MSE Eligibility Checker I am showing as a 80% chance of acceptance for a Barclaycard Platinum balance transfer card.

My worry is this is a full 40% higher than any other likelihood of acceptance on any other card (other than capital one which is 90%)

I currently have a barclaycard which I know I couldn't transfer from but is it possible to have two cards from the same company?

Here are my figures.

I earn 47000 a year, I have 15000 of debt and am using 74% of my total credit (majority remaining is on a next store card that they keep ramping up the credit limit on (5000 now, balance of 1000)

I recently got out of a massive mess with payday loans without defaulting or missing any payments, I understand that these look bad even if paid off, I have been away from payday loans for over 6 months and haven't made any credit application in over 6 months

I have had all my credit for a long time with little affect on the total balance due to the interest.

I haven't had an income of so much for very long, recently received a substantial pay rise.

A couple of questions, will the high store card limit affect me because I'm near 50% of my income when that is included, and if I reduce the limit to 2000 how long would I have to wait as I understand changes take a while.

Secondly, can I have two barclaycards?

Thirdly, is it worth applying, I don't need credit anytime soon other than trying to reduce the interest I pay so a rejection may not be the worst thing

Long post, hopefully you get this far

Thanks

Gary

Moneysaverchris

yeah apply for it!

jonesMUFCforever

You say you earn £47k a year - start at the figure you are spending.
Apply for one card - if you get it great you can transfer some of the debt over and save money BUT you need a plan to clear it.

Pop over to the debt free wanabe board - draw up a statement of affairs detailing every penny of your spending and see how much you can save by Snowballing the higher APR debts.

moneymoron1

Just applied and have been accepted with a very good credit limit so that I can transfer the majority of the credit card balances over.

Feels too good to be true really, convinced myself they will reject my application after saying its approved because I've already got one with barclaycard all be it a different type of card.

Deru

I have 3 Barclaycards and 2 Cap Ones. It's not unusual to have multiple cards from one bank/company. Might be if they were the same type of card though.

Glad to hear you got accepted. Just make sure you remember to plan out how you'll repay before the end of the 0% period... Direct Debit for the minimum as well to be safe. Missing a payment can lose your 0% offer.

moneymoron1

Thank you,

I will be doing all of my balance transfers over the next week or two, once they are sorted I will be doing a fresh SOA and planning how to pay off my other things.

Now I've been accepted for this I can finally start to see an end to all this interest and all this debt.

Unfortunately other than my capital one card which I'm transferring to barclaycard my other card with the highest interest is actually a barclaycard so I'm going to have to keep paying the interest on that, the positive being I can pay the minimum on my new card and focus on clearing this one