Help clearing my CC to a new CC 0%

Righteous

Hello everyone...

I am new to all of this and I need some help!

1. I have a credit card of 7000, i have been paying interest on this card for ever at 21% ...I need to transfer this bad date to a 0% card.

I was offered more credit on my original card, with this extra money I would like to clear a car finance of 3000.

Should i put everything on the card and transfer the full 10K to a 0% card or should i clear the 7000 on a 0%. And then use my old card to clear the car finance of 3000?

Whats the maximum you can transfer on a 0% card?

Any advice would be welcome....

Thanks all

maas

Righteous wrote: »

I was offered more credit on the same card, which I would like to use to pay off a car loan of over 3000.
Should i put everything on the card and transfer it all to a 0% or should i clear the 7000.

If you try to put the loan on the credit card, you'll end up paying a credit card transfer fee twice, when you move it again to a new CC.

Presumably the interest rate on the loan is lower than the credit card. The priority is usually to pay off the debt with the highest interest rate first.

The biggest problem you face is whether or not you'll be able to get another credit card with a limit of what you need, once the new lender assesses you current debt level.

Personally, I'd apply for a new CC first and then take it from there. If you get another card with £10k limit on then its pretty straightforward from there. If you end up with a card with a smaller limit and then you'll have to juggle the money around for the best outcome.

Superscrooge

Righteous wrote: »

Hello everyone...

I am new to all of this and I need some help!

1. I have a credit card of 7000, i have been paying interest on this card for ever at 21% ...I need to transfer this bad date to a 0% card.

I was offered more credit on my original card, with this extra money I would like to clear a car finance of 3000.

Should i put everything on the card and transfer the full 10K to a 0% card or should i clear the 7000 on a 0%. And then use my old card to clear the car finance of 3000?

Whats the maximum you can transfer on a 0% card?

Any advice would be welcome....

Thanks all

Don't start from the assumption that you will definitely be able to get a 0% card. Many people apply and get refused.

If you are offered a 0% card I would be surprised if they gave you a credit limit as high as £10,000 I've always been successful applying for 0% cards but have never been given such a high credit limit on a 0% card.

You can usually balance transfer up to 95% of your credit limit.

Your credit card debt is at 21% APR I would expect the APR on the car loan to be much lower. So transferring the debt from the car loan to the 21% credit card would not be sensible.

I would start by concentrating on your credit card debt. If you can balance transfer it to a 0% card, excellent. If not it would be worth trying for a 'life of balance transfer' card where the interest charged is much lower than the standard credit card rate and is fixed until you have repaid the balance

Righteous

Thank you so much for your reply. Will try to deal with my c card first and take it from there.

Sharon87

Don't worry too much if you don't get a big enough credit limit to transfer all of your debt onto a new CC. Some is better than none. Just transfer the maximum you can.