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£140 interest every month Barclaycard, help!
jaybee1982
Posts: 18 Forumite
in Credit cards
Hi,
I've currently got around £7,000 debt on me Barclaycard at the minute and am just making me min payment of £160 every month of which I'd say around £25 is actually coming off the balance. Was in a bad way in recent years but cleared many other debts and just now need to try and reduce this one.
Me credit score has recently picked up from 2/5 to 3/5 and I'm wondering if I'd be better taking up a loan or balance transferring? Anybody got any advise so I just don't continue to bleed money? Any help would be appreciated!
I've currently got around £7,000 debt on me Barclaycard at the minute and am just making me min payment of £160 every month of which I'd say around £25 is actually coming off the balance. Was in a bad way in recent years but cleared many other debts and just now need to try and reduce this one.
Me credit score has recently picked up from 2/5 to 3/5 and I'm wondering if I'd be better taking up a loan or balance transferring? Anybody got any advise so I just don't continue to bleed money? Any help would be appreciated!
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Comments
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Use the MSE Eligiblity Checker to check if you might be eligible for a balance transfer card. Remember, you can't transfer debt from one BarclayCard to another.
What bank are you with? Might be worth looking if they have any deals on BT cards too.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
I bank with Barclays, who are offering me a loan close to the amount according to me online banking but not sure what rate, this worth looking at? Thanks for the link, will check it out.0
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The below seems the best I can get as all others are Barclaycard, but no chance I could clear by December.
Capital One for poor credit scorers
0% until December 2014 with 3% fee
34.9% APR0 -
Have a look at the Nationwide personal loan. They do a soft-check quotation, which will give you an estimated rate.
Just click on "Apply now" and go through until you get to the "Quote" page.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
Just did the Nationwide check and would save me over 2 grand paying this over two years. Wondering whether to go for this.
New loan amount: £7,100.00
Term: 24 months
Monthly repayment: £334.87
APR: 12.9%
Loan interest amount: £936.88
Total amount payable: £8,036.880 -
jaybee1982 wrote: »Just did the Nationwide check and would save me over 2 grand paying this over two years. Wondering whether to go for this.
New loan amount: £7,100.00
Term: 24 months
Monthly repayment: £334.87
APR: 12.9%
Loan interest amount: £936.88
Total amount payable: £8,036.88
Get another quote for £7,500. You can pay the excess straight back, but the APR will likely be lower. They go as low as 5.9% at the moment on 7.5k.0 -
If you do go down the loan route, make sure you reduce the barclaycard limit down to say 500 so you dont go spending on it again, you dont say if you have any other credit cards, if you do maybe close this one down.
john0 -
guesswho2000 wrote: »Get another quote for £7,500. You can pay the excess straight back, but the APR will likely be lower. They go as low as 5.9% at the moment on 7.5k.
Other thing to note, what's the threshold for Nationwides quotes that they don't make you an actual offer? I saw somewhere that if they're offering you above a certain APR, they probably won't give you it with a full check.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
thebritishbloke wrote: »Other thing to note, what's the threshold for Nationwides quotes that they don't make you an actual offer? I saw somewhere that if they're offering you above a certain APR, they probably won't give you it with a full check.
From what I've read on here (and my own personal experience) it's 19.9% and a limit of £500 to be automatically declined.
The rate Nationwide have offered OP would (subject to a full check) usually result in acceptance.
Sainsbury's are offering a rate of 4.5% APR currently for £7,500 and the same applies to Tesco Bank, too.It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.0 -
Gotta be worth at least one CC application. A BT will likely be cheaper than a loan. The fact you've only really got this debt left should help a credit check.0
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