Balance transfers ?

mumofthetwins

Hi guys .. since the end of may when I decided to debt bust (with loads of help from you lot !) I have managed to clear 4 cc .. whoop !
question is though .. I have one card with a balance so I'm thinking of trying to get a transfer to a 0% offer as currently a whacking 26%
I have cut up the old cards that I cleared but I was wondering if it's worth checking these for any BT offers ?
How long should I wait or am I better applying for a new one ?
I did the MSE eligibility check in June and didn't get any decent offers but since then I have ploughed all I have in and cleared the 4 cards

Thanks for any advice Lisa x

zenshi

Have you cancelled the cards you cleared or just cut them up?

If they're still open, then my first choice would be ring them and ask if they have 0% BT deals that they can offer you. I've done this in the past and usually had success. Saves applying for Extra credit

ETA sorry mis read, definitely ring and ask your current card

enthusiasticsaver

That is the way to clear debt. Well done. Yes if the cards are still open then try them first. You could threaten to close them and that sometimes brings the 0% deals out of the woodwork. That will save you having to make another application. Try a few and see how long a deal they will give you.

mumofthetwins

Thanks guys .. yes I just cut them up and never cancelled.
I'll give them a call tomorrow so fingers crossed.
The cards are barclaycard, mbna, TSB, and Halifax I'm sure BC did offer a BT a while ago but I hadn't had my LB moment then ☺️ .. do you think I'd be better trying this one first ?
I'm determined to sort myself out ... my two boys will be 15 in a month or so meaning I have to get rid of the debt to start saving for uni lol

zenshi

BC are always offering deals to my daughter. Maybe ring the others, then tell BC what they've offered and can they beat it!

Debtslayer

BC nearly always offer deals so I'd try them first
If not then I'd try MBNA next as they normally offer deals too.
I would also cancel the others so reducing available credit.

mumofthetwins

Thanks guys ..
I was planning on cancelling the cards but I wasn't sure if this would have a worse effect on my credit score. I don't want more credit but my mortgage is up for renewal next year and I'm in a pretty good position regarding equity so was hoping to get a good deal.
Am I better cancelling or just not using ?

Lisa

Debtslayer

You're better off cancelling as at the moment you have X amount of credit available to you that lenders would see you could potentially rack up.
To maintain a good credit rating havd 1 that you pay off in full every month.

fatbelly

mumofthetwins wrote: »

Thanks guys .. yes I just cut them up and never cancelled.
I'll give them a call tomorrow so fingers crossed.
The cards are barclaycard, mbna, TSB, and Halifax I'm sure BC did offer a BT a while ago but I hadn't had my LB moment then ☺️ .. do you think I'd be better trying this one first ?

Have a look at this thread

https://forums.moneysavingexpert.com/discussion/comment/72701435#Comment_72701435

Halifax and Barclaycard at least seem to be doing 0% deals (probably all 4)

mumofthetwins

Ah thanks guys .. that's fantastic ..

This month I've been saving every penny as my car is on the way out and I've managed a canny little sum (well for me) .. should be enough for the car I'm going to see tomorrow (not brand new but new. For me and will not be in debt) and insurance changes and a little bit for cc over payment (felt really bad not making as many ops but I know I need the car for work and wanted the cash to pay for it).
After this is should have a decent amount each month to throw at the cc and hopefully clear by the end of the year/early next year .. so would love the BT as that means it would be cleared closer to the end of this year ��

Lisa x

Debtslayer

Well done, debt busting and saving for car :TH
BC and MBNA will both be contactable today