Basic Credit Card Shuffle

nickyspider

Hi all

I have £20,000 of debt over 3 credit cards with 20% Interest

I applied for a 0% card and got it for 29 months but with a £6000 credit limit.

Do you think I'll be accepted for another card to transfer all or someof the remaining £14,000 or will it just damage my credit rating and not get me anywhere

Thanks for reading

Nicky

£24,680 in debt!!!!!!!!!!

Paully232000

You could always try another one and see if you are accepted, but if you are turned down once (possibly twice) then this then will lessen your chances of being able to get another one.

You should make use of what you have recently been given now to reduce interest asap, taking into consideration that you will probably only be able to transfer 90% of the credit limit to the new card.

Getting another card is also related to your income, so what is 24,680 as a % of that, as some suggest that as you get above 50% utilisation as compared to your income then this also has an effect on ability to get more credit.

and you say you have 20,000 on CCs, where is the other £4680?

Might also be worthwhile putting up what you owe and % rates and people may be able to give an idea as to what would be best to transfer, and where?

JimmyTheWig

Definitely worth trying for another one, I'd say.
Presumably other than debt reduction you're not applying for any more credit in the next 6 months? In which case even if it hurts your credit file you're not missing out on much.

nickyspider

Thankyou for your replies really helpful :-)

Angela84

Youve been given a great credit limit, with a very long interest free period. I would definately apply, I have just done this tonight and got instantly accepted for 2 different cards.
Thats me almost totally interest free now for long enough for me to clear my debts, woo.
Fingers crossed for you.

grumbler

On a pedantic note, 'shuffle' is cutting the cost without applying for new cards.

>> What is the credit card shuffle?

scott_lithgows

Is it enough to clear a card? If so do so and hopefully get an existing customer deal for 0% in the future.If not I would try for an Asda card(creation card-usually easier to get)
good luck

nickyspider

Thanks all, really helpful :-)