credit card debt.....need help if to shift to a loan

dkt_2

Hi.
I have 3 credit cards totalling £7'388.59 in debt and £1'005.00 on my boyfriends credit card that I have just transferred to try and improve my credit score as they won't except me for any other cards. I am then hoping I can apply for a 0% interest card.
Or would be better getting a loan for all this debt.
Unsure what to do, getting me down now as the cards are now adding interest.
Many thanks for any help

CherlokHomes

What's your credit history like.

Salary
Missed/late payments
Recent credit searches
Total debts
Credit limits on cards

dkt_2

Self employed so very up and down at moment.
Not done a credit search since last feb and no payments missed.
Those are my total personal debts

Cycrow

For self employed, you should look at what salary you had got over the last few years

When checking for affordability, lenders will use your total amount of credit (the limits, not just the debt) as well as how much you plan to borrow, and compare that to your salary.

ideally, for a loan, you would need a salary of around 30-35k, do you earn that much ?

CherlokHomes

ideally, for a loan, you would need a salary of around 30-35k, do you earn that much ?

Why would the OP need a salary of 35k to borrow 8k?

dkt_2

No way do I earn that much

dkt_2

I didn't know a loan depended on the amount u earn.
If I got that much I doubt I would be in this mess now

Cycrow

because ideally, you shouldn't have more than 50% of your salary in unsecured credit

Tixy

dkt wrote: »

I didn't know a loan depended on the amount u earn.

A bank has to consider your ability to repay the loan you apply for. How much you earn obviously has a massive impact on whether the bank think you are likely to be able to afford repayments.

Tixy

CherlokHomes wrote: »

Why would the OP need a salary of 35k to borrow 8k?

Based on a rough guide of it being harder to get new credit that will take you to more than 50% of your income.

They want to borrow £8k but already owe nearly £8k, so a bank looks at their ability to service £16k of debt (in case they don't use the money to repay the old debts).

Some people can borrow more than half their salary but as a guide it is generally harder to be accepted and even then often only at higher rates.

dkt_2

Oh yes I understand what u mean for paying payments.
But 30-36k.
The reason I am in debt with cards is because my job has slowed down and I dont always earn much, then ive used credit cards to pay for things