who to pay with my BT card

johnnyp1

Hi All,
New to the site and very long term cc payer!
my current cards are,
vanquis £2700 34%
barclays £8450 ?%
cap one £1750 32%
Halifax £2250 ?%
Just applied for a 0% card to BT the cards.
got accepted and only got £5600 from MBNA over 20 months
A question i'd like to ask is...
Who to pay off first?
Thanks in advance
J

YorkshireBoy

Assuming neither Barclaycard nor Halifax are >34% APR, you'd pay off Vanquis & Cap One.

Then use the rest of the available credit to pay off whichever of Barclaycard or Halifax has the highest interest rate.

chattychappy

Agree.

And I'd suggest you apply for a second BT card to pay off the other cards. You may be declined if there have been too many other searches recently, but worth a try.

BUT don't do this if the availability of additional credit will encourage you to spend more!

johnnyp1

Thanks for the replies,
I did a eligibility checker and MBNA came out at 90%, couldn't get the first card on offer but a second.
think the next one was about 70 or 80%.
Q. Do MBNA give you more than one card? or apply to another lender ? and would it hurt my credit score applying for two in quick succession ?

YorkshireBoy

johnnyp1 wrote: »

Q. Do MBNA give you more than one card? or apply to another lender ?

It is possible to hold more than one MBNA card, but think about it...if they were willing to extend you more credit they'd have done so on the first application wouldn't they?

and would it hurt my credit score applying for two in quick succession ?

You don't have a universally accepted credit score...each lender scores you against their own criteria. You've everything to gain and nothing to lose by making another application elsewhere. But do it quickly whilst there's only a search on your CRA file, and before the MBNA account finds it's way onto your file.

johnnyp1

and Barclaycard is 29.9% purchases and cash
Halifax is 26.95%

johnnyp1

good point on having two cards from MBNA!!
done a search this morning again
MBNA 95% (showed 2 different cards)
cap one 80% (already have this one)
HSBC 30%
virgin 0%
So may have to wait a few months to try again?

glentoran99

Your carrying large balances on large interest credit cards, I think you need to be looking at another solution to get yourself out of debt,

CLAPTON

johnnyp1 wrote: »

good point on having two cards from MBNA!!
done a search this morning again
MBNA 95% (showed 2 different cards)
cap one 80% (already have this one)
HSBC 30%
virgin 0%
So may have to wait a few months to try again?

do remember you haven't actually paid off any debt : you have merely transferred it:

you need to take full advantage of the lower interest burden to pay as much as possible off your debt and to take no new debt out.