Erasing credit card dept

KayJoy

Hi

I'm sorry if this has been posted before, but advice or a link to advice would be great fully recieved.

I'm trying to get me and my husband out of credit card debt. So far the credit cards are in his name (as he used to earn more than me). I have just got myself an interest free on balance transfer in my own name, so that when it arrives in the post I can transfer the money and not be charged HORRENDOUS charges each month.

The new credit card only covers about a third of the debt on the old card so I was wondering if I could get another credit card, with a different bank and similar deal to transfer the remaining debt to there. I would like to get the card in my name again as my husband now has a job which doesn't pay as much so I don't think he would qualify.

So my actual question is: when would the best time be for me to apply for my second credit card? Should I apply now, before the other card arrives and therefore less of a credit note, or after I have received the new card, transferred the money and paid off a month or two?

I don't want to apply and be refused as then this would not be good for my credit rating etc and I am really trying to sort out our debt in a sensible way.

Thank you in advance

KayJoy

MrsTinks

Once your card arrives and you do the transfer then put all cards in a tub of water and stick them in the freezer! Do not be tempted to use them!

You can apply for another card now - but use the MSE tool to see what you are likely to be accepted for. Stick up your full SOA (link in the sticky posts at the top of this forum ) and let us see where you can cut back and maybe snowball your debts to get these cleared as quickly as you can

bettyboo71

Hi Kay

I'm no expert, but I would have thought that you'd stand a better chance of being accepted for another balance-transfer card before the other one appears. If you've been managing to keep up with the payments on the original cards, and are earning a reasonable wage, you do stand a better chance of getting another card.

One thing I would stress, and although it is obvious, it is the one thing that often catches people out in this situation. Make sure that, as soon as you transfer the balance, you don't use the card that you pay the balance off on. If you pay off the balance in full, cut up the card so you can't use it. If you only pay off part of the debt, contact the company and get them to reduce your credit limit, so that you can't spend any more on it.

There is a tool on the site somewhere ( but as usual, I can never find things when I want them) that allows you to do a 'soft check' so you can find out the likelihood of being accepted for a card, without actually applying and having it show on your credit check.

I am sure there are others more knowledgeable on here, who will correct any of this if I am wrong.

Good luck.

sourcrates

There you go :

https://www.moneysavingexpert.com/eligibility/credit-cards/