We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Balance transfer ( new address)
House.buyer.sarah
Posts: 114 Forumite
in Credit cards
Hi I have recently moved address ( previous address 16 years) but new one is not yet in credit files should be sometime in June according to Electrol people.
I have a really poor rate credit card with capital one balance being £2345 with apr I think 34%
I'm wanting to tackle this debt now but I'm currently doing new house up do not really having spare funds to blitz this debt quickly .
I'm thinking of transfering the balance onto a 0% card to give me a year to pay off ( manageable )
My concern is that with new address not showing on credit files would I be accepted for one to start with ? Would I be best going to bank I took mortgage out with ? But then they put conditions on mortgage offer to pay 2 of my debts off ( not this card though) so would they now give me credit card ?also due to getting mortgage, new house insurance etc there will be a few searches on my file , could this effect chance of getting card,my credit file is good other than this. I don't want to borrow more just transfer balance .
Many thanks sarah
I have a really poor rate credit card with capital one balance being £2345 with apr I think 34%
I'm wanting to tackle this debt now but I'm currently doing new house up do not really having spare funds to blitz this debt quickly .
I'm thinking of transfering the balance onto a 0% card to give me a year to pay off ( manageable )
My concern is that with new address not showing on credit files would I be accepted for one to start with ? Would I be best going to bank I took mortgage out with ? But then they put conditions on mortgage offer to pay 2 of my debts off ( not this card though) so would they now give me credit card ?also due to getting mortgage, new house insurance etc there will be a few searches on my file , could this effect chance of getting card,my credit file is good other than this. I don't want to borrow more just transfer balance .
Many thanks sarah
0
Comments
-
If you aren't on the electoral roll at your new address it will be very difficult to get a new card.
Worst case, if you can't get new borrowing is you could pay off the £2345 in full, wait until just after the next statement before buying what you need with the Capital One card so you maximize the interest free period on the card. Then apply for a new BT card once records are updated. Worst case is you get around 6 weeks reprieve from the interest on the Cap1 card which is about £100 saved in interest.
Fed up of final demands, whining relatives and Debtors' Prison?
Wonga - Your soul is ours! :mad:0 -
Paying off card in full not option currently due to house renovations . Will have to stick with it for now and balance transfer once new address shows on credit reports , thanks for your reply0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards