Help choosing the right credit card

justanothergeordie

Hi –

I have 10k on an HSBC credit card which I'd like to transfer to another credit card provider so I can start to clear the debt. Currently I can only afford to pay the minimum amount which is roughly 200 per month at 18.9%.

Although I can't work at the moment, I am self employed with my own business and will start working again in the new year. I'd love to get some advice from anyone on the forum as to which card might be best for my circumstances.

Whilst the 0% for 12 months with no fee looks good, I'm wondering if in the long term a lower interest rate for the life of the card might be better given I may not be able to pay the card off within 12 months.

I've taken the card eligibility checker and it came out at 90% acceptance but I'm not sure if that number is good enough to apply without a fail affecting my credit rating?

Any help appreciated, thanks.

CLAPTON

justanothergeordie wrote: »

Hi –

I have 10k on an HSBC credit card which I'd like to transfer to another credit card provider so I can start to clear the debt. Currently I can only afford to pay the minimum amount which is roughly 200 per month at 18.9%.

Although I can't work at the moment, I am self employed with my own business and will start working again in the new year. I'd love to get some advice from anyone on the forum as to which card might be best for my circumstances.

Whilst the 0% for 12 months with no fee looks good, I'm wondering if in the long term a lower interest rate for the life of the card might be better given I may not be able to pay the card off within 12 months.

I've taken the card eligibility checker and it came out at 90% acceptance but I'm not sure if that number is good enough to apply without a fail affecting my credit rating?

Any help appreciated, thanks.

only the fact of a credit search is shown on your credit file and not whether it was successful or not.

Atidi

justanothergeordie wrote: »

Hi –

I have 10k on an HSBC credit card which I'd like to transfer to another credit card provider so I can start to clear the debt. Currently I can only afford to pay the minimum amount which is roughly 200 per month at 18.9%.

Although I can't work at the moment, I am self employed with my own business and will start working again in the new year. I'd love to get some advice from anyone on the forum as to which card might be best for my circumstances.

Whilst the 0% for 12 months with no fee looks good, I'm wondering if in the long term a lower interest rate for the life of the card might be better given I may not be able to pay the card off within 12 months.

I've taken the card eligibility checker and it came out at 90% acceptance but I'm not sure if that number is good enough to apply without a fail affecting my credit rating?

Any help appreciated, thanks.

I haven't a clue how the MSE calculator works it out , but I would have thought you would fail the affordability criteria for more credit, especially £10k worth, if you can only just manage the minimum payments on the existing credit agreement.

You may be best trying to negotiate something with HSBC. Perhaps a lower credit card rate, or perhaps a low rate loan to pay off (and close) your credit card.

Have a chat with them, I'm sure they could do something for you

CLAPTON

Atidi wrote: »

I haven't a clue how the MSE calculator works it out , but I would have thought you would fail the affordability criteria for more credit, especially £10k worth, if you can only just manage the minimum payments on the existing credit agreement.

You may be best trying to negotiate something with HSBC. Perhaps a lower credit card rate, or perhaps a low rate loan to pay off (and close) your credit card.

Have a chat with them, I'm sure they could do something for you

basically you are suggesting that he trash his credit rating ?

justanothergeordie

Thanks for your replies so far. Just to make it clear, I'm not after additional credit, I just want to transfer my 10k to get a lower rate then start paying it off.

Thanks

justanothergeordie

CLAPTON wrote: »

basically you are suggesting that he trash his credit rating ?

Could you explain what this means? It was something I was thinking of doing but would obviously avoid if this was t happen.

Can anyone else recommend the best way forward please? Thanks again.