Prev bankrupt Advice please re transferring balance or getting new credit card

MrsPip84

Hi
I went bankrupt in 2010 and since then have been attempting to build my credit back up so I got a vanquis credit card 2 yrs ago and have managed it by paying it off every month to the point where they have increased my limit to 3.5k so I must have been doing something right!
I currently have approx 1k on it now However vanquis charge an excruciating amount of interest so I was going to try my luck and transfer to another credit card - one with a better rate for a start and possibly other benefits but I don't know whether it is best to keep the £1k balance and transfer it or pay the balance off and just apply for a new credit card without an existing balance - does one look better than the other when applying for a card???
Also can anyone advise which credit card company would be best to try - I don't want to get ahead of myself by applying for leading high street ones as my credit won't be that amazing but just want to move a notch up from vanquis really
Any ideas?
Thanks in advance 👍

[Deleted User]

If you pay it off every month, surely you don't have a balance to transfer?

If you clear in full each month, it would be wasteful to then spend 3% on a BT.

Fruit_and_Nut_Case

MrsPip84 wrote: »

Any ideas?

Have a look at the Balance Transfer Card Eligibility Checker. No guarantees but it could give you an idea of how the land lies.

bengal-stripe

MrsPip84 wrote: »

.....have managed it by paying it off every month.....so I must have been doing something right!

I currently have approx 1k on it now However vanquis charge an excruciating amount of interest so I was going to try my luck and transfer to another credit card

Why have you decided now (or are not able) to pay it off in full? You are willing to get into debt again!

If you're not careful, you'll end up in a few years time at he same point where you have been in 2010.

MrsPip84

Well as much as I appreciate your concerns re me getting myself back into debt I can assure you I am not getting myself into 'more' debt, maybe I didn't explain clear enough, I have the money there to pay the balance on my card (£1k) as I only use my card to pay for things that I would be paying for anyway so pay it off in full every month.
However I just thought that if I could maybe upgrade so to speak to a more reputable credit card company it would again do my credit history good and maybe give me a bigger limit so that I can show I can manage my finances well but was also asking would it be easier to be accepted for a different credit card with an existing balance or not or no difference? Because if it would be better then I won't pay it off this month and will transfer it then pay it off but if it makes no odds then I will just pay it off as normal and just shop around for a better card - get me???
It's just vanquis have a bad reputation & are known for helping people with bad credit so I am just trying to break away from this stigma to I'm prove my credit as I am currently saving to get back onto the property ladder and want to be in the best possible position I can be come that time

redpete

As you are paying it off each month the " excruciating amount of interest" Vanquis charge is irrelevant.

I don't think transferring a balance would be more likely to be successful than just applying to open a new CC account - balance transfers could imply that the applicant is struggling to pay off the balance, with the history of BR a lender could well see this as a reason not to issue the card or to do so with a low limit.

fozmcfc

Yes forget about transferring a balance and paying a fee.


It's unnecessary if you are paying off the balance in full each month, because if it is all purchases, there will be no interest. So in short APR of 0.1% or APR of 69.9%, paying off in full each month, means £0 interest.


However, it doesn't mean you shouldn't leave Vanquis or better still, keep it open, but try for another card such as Tesco which gives clubcard points, or M&S which give vouchers off to spend in M&S and occasionally other small gifts. Or a card which offers moneyback, such as AMEX.


Also then if you do need to pay it off over a few months, then the lower APR would benefit.