Balance transfer for "fair" credit rating

greensalad

I have a fair credit rating (improved on last year) and a barclaycard at 34.9% APR with £800. I also borrowed an additional £1000 off my Mum (very foolish, but what's done is done) on her Barclaycard at the same rate.

I'm looking to work towards paying these debts off and have been looking into any balance transfer available to me.

I found the only card for a fair rating with 0% interest is actually another Barclaycard, I called but they are unable to offer balance transfers to existing customers.

I've looked through other 0% interest cards on Google which gives an expected credit rating as well but I did not find anything else that is suitable for "Fair" credit ratings.

1) Any cards that I can apply for that would give me 0% for at least my £800?
2) If I did succeed in securing a card, is it possible to move any debt from my Mum's account to mine? I understand I can't do a literal balance transfer but instead I might be able to do some sort of payment to her card from my card? I feel very guilty about the debt and would rather have it on my shoulders, not hers.

I'm 23 with an annual income of £22,000 if that helps.

forgotmyname

If your close to your limit and not paying it off in full then i wouldnt bother applying for another card just yet. Where does all your money go?

Use your wages to pay the card in full and spend on it, Reducing the amount you spend each month?

After a few months of clearing the balance in full you maybe deemed a better risk.

jonesMUFCforever

If you have one Barclaycard IMO you won't get another, and you can't transfer a balance from a Barclaycard to a Barclaycard.

bsms1147

£(1)800 debt.

greensalad wrote: »

I'm 23 with an annual income of £22,000 if that helps.

You take home nearly £1500 a month.

forgotmyname wrote: »

Where does all your money go?

greensalad

forgotmyname wrote: »

If your close to your limit and not paying it off in full then i wouldnt bother applying for another card just yet. Where does all your money go?

Use your wages to pay the card in full and spend on it, Reducing the amount you spend each month?

After a few months of clearing the balance in full you maybe deemed a better risk.

Money goes on rent, bills, groceries etc. My disposable income is not enough to pay the card in full.

But do you think just paying less than half of it off in one month and spending would in anyway increase my credit rating?

greensalad

bsms1147 wrote: »

£(1)800 debt.

You take home nearly £1500 a month.

Here's my SOA

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1490
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1490

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 590
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 35
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Mobile phone............................ 12
TV Licence.............................. 9.4
Satellite, internet and phone...................... 41
Groceries etc. ......................... 100
Clothing................................ 50
Petrol/diesel........................... 20
Road tax................................ 16.6
Car Insurance........................... 54.25
Car maintenance (including MOT)......... 0
Other travel (cycle to work scheme x 8 months) .................... 43
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Presents (birthday, christmas etc)...... 24
Haircuts................................ 15
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1212.25


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
My CC..........................800.......0.........34.9
Mums CC........................1000......0.........34.9
OD Natwest.....................1800......0.........0
Student Loan overpay...........1400......0.........0
OD Barclays....................500.......0.........0
Total unsecured debts..........5500......0.........-


Monthly Budget Summary
Total monthly income.................... 1,490
Expenses (including HP & secured debts). 1,212.25
Available for debt repayments........... 277.75
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 277.75


I am currently planning to put my car up for sale ASAP. I'm working on a better grocery budget and have put myself on a new clothing ban (less a winter coat as I need something waterproof for my commute by bicycle).

jonesMUFCforever

Do you not pay water rates?
No provision for car maintenance/MOT for a car valued at £500?
TV Licence at £9.40 per month does not add up to yearly cost of licence.
Emergency fund of £50 - but no cash assets - where does this money go to?


Cut out the clothing and Entertainment for just 2 months and you have saved £220.


There is no way round this - you are overcommitted.
Any new credit facility would make things worse not better.

Darren87

I earn half that amount and I could prob pay that off in a few months. scrap the hair cut for a month:eek:, clothes £50pm? not really necessary I might splash out on some clothes once or twice a year. Emergency fund? there will be one if you don't pay your debt... scrap that. Change isp? 6months half price? bt are doing £130 sainsburys deal atm thats one months shop sorted and a cheaper bill for awhile. freesat? plus catchup tv on your newly acquired fibre broadband. Don't take me overly seriously but I will agree with the above on the over commitment. :cool:

Nasqueron

greensalad wrote: »

(less a winter coat as I need something waterproof for my commute by bicycle).

Go to wiggle and get one of their DHB (own brand) range - you can get a reflective waterproof one for £20.23 (ish, maybe a bit more as a new customer as that includes my loyalty discount) with free delivery

http://www.wiggle.co.uk/cycle/cycling-waterproof-jackets/?o=2

thebritishbloke

If you have an emergency fund saved up, use it to pay off your debts.

You don't need to spend £50 a month on new clothes. I think I spend £50 twice a year.

£41 for TV/Internet/Phone. Go for freeview and then move to TalkTalk. They have ridiculous cashback offers and then it's only £1.75 a month for 12 months + line rental. Use your mobiles minutes rather than your home phone.

Next big thing is getting rid of your car. It's costing you over £1,100 a year including MOT's etc, and you can't :really: afford to have it.

Then just try and cut down on little things. £60 pm for entertainment? If this is a few nights in the pub a month, try to drink at home instead etc. Even saving £10 a month helps.

greensalad

jonesMUFCforever wrote: »

Do you not pay water rates?
No provision for car maintenance/MOT for a car valued at £500?
TV Licence at £9.40 per month does not add up to yearly cost of licence.
Emergency fund of £50 - but no cash assets - where does this money go to?


Cut out the clothing and Entertainment for just 2 months and you have saved £220.


There is no way round this - you are overcommitted.
Any new credit facility would make things worse not better.

I am selling the car at the end of the week.
Water is included in the property.
Yes, I am on a new clothes ban now.