Balance Transfer Help

ljrc

Hi,

I would be really grateful for some help on balance transfers.

I have a credit card which has nearly reached its £4000 limit and my interest free period ends in May. As well as obviously starting to pay back this amount I am looking into other so called "balance transfer" credit cards.

One with Barclays is currently offer 30 months on 0% balance transfers. Does this mean that if I transferred an amount to this card I would have 30 months of payments without interest being accrued on the total amount?

Secondly, From what I can see it seems rare to find a balance transfer credit card with a limit of £4000 so I'm now considering applying for multiple cards to switch all the debt over and extend my interest free period to make payments. Would anyone have any advice at all on whether this would be a good idea?

I have signed up to Noddle which has given me a credit rating of 3 out of 5 and I'm currently awaiting results from Experian through their free trial before taking next steps. Overall I think my credit score is average and I work in a £30k permanent f/t job.

Any help would be really appreciated as Im really conscious about potentially making some bad decisions here!!

Thank you,

grumbler

1)Yes
2)Every application leaves a credit search recorded in your credit file(s). Every credit search recorded negatively affects your next application: Credit Ratings

All so called 'ratings' that CRAs give you are pretty much meaningless as most lenders user their own scoring systems.

Experian_company_representative

Best to space out your credit applications as making quite a few together can be unhelpful to credit scores.

James