Advice on Interest Free Credit Cards

rara92

Hi everyone!

I'm currently in a position where I need around £3000 credit on a short time scale. Unfortunately I do not have access to savings or overdrafts.

I have done a credit check which has come back as 'poor', though I am on the brink of reaching 'fair' and have taken steps to hopefully boost this rating a little.

Out of the cards I have looked into, the best purchase free interest cards which have been suggested for my personal needs, are the M&S '15 months 0%' and Tesco's '18 month 0%'.

I have read on this forum that I need to reduce my current available credit in order to increase my chances of being given additional credit. Therefore would it be advisable to cancel my current Halifax credit card, which has a standard 18% apr, and is therefore no use to me?

My current annual income is around £10k and the Halifax card has a limit of £1,200. I'm worried my 'available' credit is too high for lenders to approve credit on an interest free card.

Any advice or suggestions would be hugely appreciated

Thank you!

CLAPTON

why is your credit rating poor?

in any event, if halifax is your only CC then you would be most unwise to cancel it in case you couldn't get an alternative

rara92

I'm not overly sure, I did a credit check through Equifax which in the breakdown is majority 'excellent' scores with a couple of 'good' and one 'fair' rating.

The 'good' ratings are on current credit agreements; I have two in my current address and two at my previous address, which have now been updated. The 'fair' rating comes from having been at my current address for under one year where Equifax advises lenders generally prefer 3-4 years.

Otherwise I see no other issues?

The problem with the Halifax card is the rate of apr.

Thanks Clapton