diary of strugglin working mum

pavlovs_dog

BartGirl wrote: »

Something's happened that I'm undecided about - perhaps you could advise me.
I've received a 'letter' addressed to me from MBNA credit cards dept. Offering me a CC with 0% balance transfers till May 09. I have not got great credit - it said 'fair' last time i checked (summer 07) and the last thing i've applied for that required a credit check was the (one and only) Vanquis CC i currently have - with a horrific 30smthng%APR!! I'd also applied for a Goldfish one in May07 but was declined.

This is my question:
Should I apply for it anyway - and sod how it'll affect my credit rating - cos i currently have £800 on the Vanquis one - and am paying it off at £100/month at the moment.
Or hold fire and not apply at all ?

unless you had planned on getting credit in the short term future (say next 12 months) for something specific then i would say go for it. its been a year since you last tried for credit, you're more than meeting your minimum payments on vanquis, so what have you got to loose? worst they will say is no.

the only thing i would say to watch out for is the balance transfer fee. sometimes the cost of that will cancel out any saving you would make by paying lower interest on the balance. i think 3% is a fairly typical figure charged.


something you can do that may improve your credit rating - if you have credit cards etc that you no longer use, contact the companies to cancel. having too much credit (even if you arent using it) can stop you getting further credit.

how you getting on with your other debts?

BartGirl

Thanks for your advice Pavlov.
Was hoping you'd share your 2 cents with me as last time u gave me really helpful advice on what to do with my extra ££.
I need to sit down and do some maths re:my current debt situation - i'm planning on doing so towards the end of the month;cos ive upped my hours at work now, so i'm going to have to decide how this extra £ gets allocated -in terms of what gets thrown at debt and what's for savings.

Off the top of my head:

the computer's paid off (as you'd advised!)
About £130 left on Barclaycard
About £800 left on Vanquis :eek:
And i think £200 to Mr Provident man..

SarahNeedle1872

Hiya BartGirl..... what did u decide about the CC in the end?

BartGirl

I'm gonna go for it!!

SarahNeedle1872

Why not! If u get it then you can get rid of the evil Vanquis, and if u don't get it then you won't be any worse off than when you started..... Let us know how you get on!

Sarah x

Seaxwyn

Hiya bartgirl. Just to say, I would say yes, apply for that card. If your credit rating is bad already then you've got nothing to lose. But maybe it's improved a bit, and 0% for 13 months would be a big help in paying off the Vanquis debt. Go for it - and good luck!

BartGirl

Thanks everyone - its a little bit scary - but i'm going to take the chance..i just wanna get rid of that debt really. I was prepared to pay off the Vanquis one; bit-by-bit..but this could truly help out though..

I'll keep you all posted..it'll be in the post-box on Mon a.m.me thinks

Verbatim

I think Virgin has a 15 month 0% at the mo. Might be worth going for that if any as has a longer 0% rate. Good luck with whatever card you apply for. Check they don't charge interest on the handling fee too.

chevalier

glad to see that you are getting some help. And I am pleased that you are doing your own stuff off your own back. Maybe he will realise what a prize he is ignoring and grow up but I doubt it some how....

good luck with whatever you decide to do
chev

Seaxwyn

Hello again. I have just read your whole thread through for the first time. I don 't know how I've missed it til now.

I am so much in awe of you for how you manage things - budgetting, working, ebaying, being a great mum to your DS, all with zero support from OH. You are a star and I wish I could hire you to come and do my meal planning , you put me to shame.

I'm so glad you've got an appointment with Women's Aid, and counselling coming up too, I hope those are both really helpful.

I will read your thread with avid interest now and will be cheering on to ditch the OH and build a great new life for you and your son.