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Balance transfer for "fair" credit rating

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.
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Comments

  • forgotmyname
    forgotmyname Posts: 32,946 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
    Censorship Reigns Supreme in Troll City...

  • 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
    bsms1147 Posts: 2,277 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    £(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.
    Where does all your money go?
  • greensalad
    greensalad Posts: 2,530 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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
    greensalad Posts: 2,530 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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).
  • 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 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
    Nasqueron Posts: 10,942 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • 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.
    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.
  • 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.
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