Confused re credit card options

PJC88

I have a barclaycard credit card, limit is over £2000 and I'm never far from reaching that. I'm paying over £50 interest every month on this and wondering if there's any options I may have?
I see threads about balance transfers but there's so much information that I'm not even sure if this is what could help me. I thought I'd be able to transfer all the balance from this card (as in rip this up) to another with 0% interest.

[Deleted User]

If you can get one, yes, you can transfer the balance to a lower rate card.

Failing that, pay as much as you can to the card, as early as you can (in addition to keeping to minimum payments).

PJC88

Thank you.
When saying if I can get one, then that means I need to apply and there's the chance I'll be refused. Also, does applying mean that this can affect my credit rating by possibly being refused?

[Deleted User]

Yes, you may be declined. Good BT cards are generally for those with a solid credit history.

With only a 2k limit on your existing card, I'm guessing that you're fairly new to credit, which will limit you.

Whether accepted or not, a search will show on your credit files - the decision isn't shown. Lenders will interpret that as they see fit - you don't have any kind of universal credit rating.

TadleyBaggie

PJC88 wrote: »

Thank you.
When saying if I can get one, then that means I need to apply and there's the chance I'll be refused. Also, does applying mean that this can affect my credit rating by possibly being refused?

Your credit rating (which only you can see and is basically meaningless), would only be affected by the search of your credit history by the lender, if they refuse there would be no further effect.

Superscrooge

PJC88 wrote: »

Thank you.
When saying if I can get one, then that means I need to apply and there's the chance I'll be refused. Also, does applying mean that this can affect my credit rating by possibly being refused?

Try the eligibility checker. It will give you an indication of your chances of being accepted/refused without you having to make an actual application.

https://creditcards.moneysavingexpert.com/?balance-transfer

If you get accepted for a 0% credit card with a credit limit of say £1,000. Don't turn it down as so many people seem to do when they don't get the limit they wanted. This would enable you to get half your debt reduced to 0% interest, then you can concentrate on throwing as much money as you can at repaying your remaining high interest debt (or alternatively try for a second 0% BT card)

PJC88

Yes only been back in the country a few years now so trying to get the rating up. The increase of credit card balance, as well as finance on a new car earlier in the year hasn't had a positive effect thus far in my rating (according to Clears core, who have it around 360).
Probably best to forget the option of the transfer then and focus more on bringing the balance down

Helvetica_Van_Buren

PJC88 wrote: »

Yes only been back in the country a few years now so trying to get the rating up. The increase of credit card balance, as well as finance on a new car earlier in the year hasn't had a positive effect thus far in my rating (according to Clears core, who have it around 360).

As has already been pointed out to you in this thread, your credit score is irrelevant - you're the only that sees it. Lenders don't see it and even if you printed it off and waved it in front of them it would make no difference to their lending decision.