What should I do next?

lunar

Ive just got my first lot of credit card debt onto 0%, im wanting to get the rest transfered and wanted some advice on what my next step should be. my current cards are as follows;

nat west £4090 0% for 13 months limit £4200
Barclaycard Balance £1320 @ 19% limit £1500
Mint Balance £4500 @ 25% limit £4600
Egg Balance £9411 @17.9% limit £9500


I think i remember reading that virgin give quite good credit limits, i have had a couple of missed payments this year, accounts all brought up to date by june time. I also wanted to be able to sign up for the new card through a cash back site, any suggestions on what to do next will be greatfully recieved.

Moggles_2

Congratulations on making a start.

IME, cards issued by MBNA, such as Virgin, tend to give good credit limits

You can earn cashback if you sign up for Virgin via RPoints. Some other MBNA cards are available through Quidco.

lunar

just got rejected by virgin. does that mean i shouldnt apply for another card for a while. im really stuck now

Moggles_2

Have you considered a life-of-balance deal such as the Marks & Spencer &More card?

M&S offers fee-free balance transfers at 5.9% p.a. for the life of the balance. You can request your BT(s) at any time up to 6 months from account opening but, once done, remember not to spend on the card

pandapaws

Is there maybe something that you're putting on the application forms that makes them not like you?

Not suggesting that you lie as that's fraud, but you can be a little creative with your answers. e.g. when they ask me my mortgage payment, I answer 750 instead of 1500 as technically I pay half and DH pays half. Other things, like bank account can have a bearing as well - rather than putting details of my main bank account that I've only had for a few months, I'd put my other account which is with HSBC (the big banks score higher than the ex-building societies), and I've had for about 10 yrs, so extra credit score points - yay!

Income can be a good one too - if you've got self-employed income etc, so long as they ask for all income to be included, you can include that (I include Ebay and other things), but obviously without making things up that don't exist!

As I say, it isn't worth lying, but if you've got a few choices of 'truths' that you can use then its worth thinking about which is the best to use in each box!

It might be worth trying another completely different card - Morgan Stanley, or Marbles perhaps? From personal experience, I know that Am-Ex, Post Office (!), M&S & Marbles have rejected me, but even after all those searches & rejections, Egg gave me £3500. It difinitely damages your credit file to have too many searches, but I don't think one or two hurts, and all companies have got different criteria. Maybe one of the banks would be worth a try - do you have one with your own bank? HSBC have always been generous to us, as have Halifax.

Or maybe a low interest loan? I've always found it easier to get a loan than a credit card for some reason, and your own bank might be more willing to help out if the loan includes paying off any debt you already have with them.

Don't give up!!!

jay78

Lunar you have £32,089 of unsecured debt? It's going to be hard to get further credit.

Bokkens

lunar wrote: »

Ive just got my first lot of credit card debt onto 0%, im wanting to get the rest transfered and wanted some advice on what my next step should be. my current cards are as follows;

nat west £4090 0% for 13 months limit £4200
Barclaycard Balance £1320 @ 19% limit £1500
Mint Balance £4500 @ 25% limit £4600
Egg Balance £9411 @17.9% limit £9500


I think i remember reading that virgin give quite good credit limits, i have had a couple of missed payments this year, accounts all brought up to date by june time. I also wanted to be able to sign up for the new card through a cash back site, any suggestions on what to do next will be greatfully recieved.

Stop applying for cards,the more you apply for online within a short period of time i.e. a month will impact on your credit rating and future applications are likely to be rejected until the debt is reduced.
I would pay the minimum on your 0% Nat West card and channel the funds to your other cards with higher interest and concentrat on reducing the debt .
Have a read up on Martin's article on debt and using the "snowballing method" to reduce those debts as soon as possible.
Ther is a good chance that you will be able to apply for a another0% card in six months and another six months after that.I suggest it will take three years of hard work to reduce your debt.Seek more inspiration from the debt free wannabes forum.
Good luck.

lunar

Thanks Bokkens, ive pretty much decided that i will have to carry on paying interest for the next 6 months at least. im doing everything i can to pay off my debt, ive took a second job and my spending is down to hardly anything now. Thanks for the support, im determined to get rid of this debt before im 30!