We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
We're aware that some users are currently experiencing errors on the Forum. Our tech team is working to resolve the issue. Thanks for your patience.
To Balance Transfer or Personal Loan, that is the question?
Bluepeter14
Posts: 12 Forumite
Looking for some advice/suggestions please?
I have 2 credit cards, capital one (balance of £2700) and barclaycard (balance of £7200).
Neither are no longer on 0% interest so I'm paying minimum payments per month of £76 on one and £179 on the other.
I need to transfer to either another 0% card or loan.
My concern is that the chances of me getting one 0% card for the total outstanding sum are pretty slim, the chances of me getting 2+ cards reduce further dependant on my credit score?
My score is fair bordering good and a check on MSE eligibility checker comes back with a 70% chance on some cards however my hit rate is only 10%, confused?? YEP? , I just don't want to be declined on my first application!!
Any advice/suggestions would be very much appreciated please?
I have 2 credit cards, capital one (balance of £2700) and barclaycard (balance of £7200).
Neither are no longer on 0% interest so I'm paying minimum payments per month of £76 on one and £179 on the other.
I need to transfer to either another 0% card or loan.
My concern is that the chances of me getting one 0% card for the total outstanding sum are pretty slim, the chances of me getting 2+ cards reduce further dependant on my credit score?
My score is fair bordering good and a check on MSE eligibility checker comes back with a 70% chance on some cards however my hit rate is only 10%, confused?? YEP? , I just don't want to be declined on my first application!!
Any advice/suggestions would be very much appreciated please?
0
Comments
-
-
Do Barclaycard still send you 0% offers or are you too near your limit? If you are making your payments and sometimes a bit more and there is money left on your limit Barclaycard usually send offers including cash transfer offers.
Take the cash transfer offer e.g. 0% until Feb 2018 (2.9% fee) get it paid into your bank then when your statement comes due pay it off your card along with what you usually pay. Maybe 1k transfer at first if you have that available but as your balance owing reduces and you pay off big chunks (with the transferred cash and normal payments combined) you should be able to cash transfer 2 or 3K at a time until it is all on 0%
When the Barclaycard is all in 0% and there is plenty of remaining balance on it cash transfer from it to pay capital one. Keep the cycle going to keep it all on 0%.
Tlc0 -
Hi TLC
I don't get any offers from barclaycard I guess as you said too near the credit limit!!
Considering ringing them to see if there's anything they can offer me?? But will they as theoretically they'd be doing themselves out of £££'s!!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards