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Best Course of Action?
Broke_Kitty
Posts: 305 Forumite
Hi guys,
Haven't posted on here for quite some time for personal reasons - debt busting took rather a back seat for the past year or so, but have still been chipping away at it making at least £100 above minimum payments.
I'm currently in a position where I have four credit cards, with a combined debt of just under £8500 (as you can see in my sig) and at present all of these cards are on interest free deals.
However, I am coming to the end of a couple of these soon - My Virgin card stops being interest free in January, and my MBNA and Barclaycard are May and July although I can't remember which way around these are without my spreadsheet.
My Lloyds card can happily be left for now, as I had a 0% purchase deal which is paid off in December within the deal period, and the remaining balance is from a balance transfer which is interest free til 2017.
I did the eligibility checker for balance transfer cards on here this week to have a look for a card to shift my Virgin card on to as I obviously don't want to start paying interest - and the site said I had a 95% chance of acceptance on lots of great cards, so I went through Fluid's own eligibility checker... and it said I wasn't eligible.
Now my theories as to why this might be are that either: I have too much credit at present, and nobody is gonna want to lend me more
Or:
I have recently (August) moved house, and although I am on the electoral register at my new address etc, could it be that this has affected my credit rating temporarily? Might I have more luck if I try again in January?
I'm obviously eager to avoid paying interest, or if this isn't possible I may have to go down the unattractive route of taking one of the loans my bank is so keen to throw at me, as the interest rate of the Virgin card will jump to something horrible like 20%, and I guess a loan with a far lower rate would be the lesser evil.
Does anybody have a better insight into why it might be that I'm not able to get good balance transfer deals at the minute?
Haven't posted on here for quite some time for personal reasons - debt busting took rather a back seat for the past year or so, but have still been chipping away at it making at least £100 above minimum payments.
I'm currently in a position where I have four credit cards, with a combined debt of just under £8500 (as you can see in my sig) and at present all of these cards are on interest free deals.
However, I am coming to the end of a couple of these soon - My Virgin card stops being interest free in January, and my MBNA and Barclaycard are May and July although I can't remember which way around these are without my spreadsheet.
My Lloyds card can happily be left for now, as I had a 0% purchase deal which is paid off in December within the deal period, and the remaining balance is from a balance transfer which is interest free til 2017.
I did the eligibility checker for balance transfer cards on here this week to have a look for a card to shift my Virgin card on to as I obviously don't want to start paying interest - and the site said I had a 95% chance of acceptance on lots of great cards, so I went through Fluid's own eligibility checker... and it said I wasn't eligible.
Now my theories as to why this might be are that either: I have too much credit at present, and nobody is gonna want to lend me more
Or:
I have recently (August) moved house, and although I am on the electoral register at my new address etc, could it be that this has affected my credit rating temporarily? Might I have more luck if I try again in January?
I'm obviously eager to avoid paying interest, or if this isn't possible I may have to go down the unattractive route of taking one of the loans my bank is so keen to throw at me, as the interest rate of the Virgin card will jump to something horrible like 20%, and I guess a loan with a far lower rate would be the lesser evil.
Does anybody have a better insight into why it might be that I'm not able to get good balance transfer deals at the minute?
LBM moment Nov 2013
Barclaycard 0% [STRIKE]£2,719.64[/STRIKE] £1,575.22♦ Virgin 0% [STRIKE]£3,224.00[/STRIKE] £2,533.08♦ MBNA 0% [STRIKE]£1,994.72[/STRIKE] £2,473.53♦ Lloyds Card 0% [STRIKE]£1740[/STRIKE] £1,260♦ Loan 22.80% APR [STRIKE]£3,585.63[/STRIKE] GONE:j ♦ Invisalign 0% [STRIKE]£2,493.26[/STRIKE] GONE :jOriginal Total: [STRIKE]£13,120.17[/STRIKE] Now: £7,841.43
Barclaycard 0% [STRIKE]£2,719.64[/STRIKE] £1,575.22♦ Virgin 0% [STRIKE]£3,224.00[/STRIKE] £2,533.08♦ MBNA 0% [STRIKE]£1,994.72[/STRIKE] £2,473.53♦ Lloyds Card 0% [STRIKE]£1740[/STRIKE] £1,260♦ Loan 22.80% APR [STRIKE]£3,585.63[/STRIKE] GONE:j ♦ Invisalign 0% [STRIKE]£2,493.26[/STRIKE] GONE :jOriginal Total: [STRIKE]£13,120.17[/STRIKE] Now: £7,841.43
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