Balance transfer advice

intothefire

Hi all

Just looking for a bit of advice re: balance transfers, apologies if this has been asked before but a quick search didn't show up anything helpful.

Got myself into a bit of a hole 3ish years ago which I'm serious about digging myself out of and have made good progress to date, having paid off nearly £16k so far.

I have just over £3000 outstanding on a credit card with MBNA. I've been paying the minimum on it as its a 0% balance transfer and I've been prioritising other debts.

In just over 3 months the 0% period ends, and although I could probably reduce it by a little more than the minimum 1% payments by then, I'll still be nowhere near paying it off.

Just wondering when the best time to apply to move the balance elsewhere will be? I don't want to leave it too late and get interest charges but equally my situation is improving month by month and I don't want to get a poorer deal by moving earlier than I need to.

For context my other debts are £1784 on a loan which will be paid off in February, and about £2500 on another low interest cc that my partner is paying for (took out credit to lend them money for a car). So my credit history probably isn't fabulous and I'm a bit nervous of having applications for another transfer turned down. (never had any missed payments or collections etc, am full time employed on an ok wage)

Any advice greatly appreciated :money:

SHill

You can put this on the debt free wannabe forum..

Have you checked you credit file?
Have you made any financial enquiries in recent month eg mortgage, car buying mobile phone contract..
Have you paid a credit card bill late?

You can use the MSE credit eligibility checker which guide you to a better answer to which card you may be approved for. Timing for your next credit card is what you need to do. Some cards come within a week while other take a little longer. Complete your request during the week and not at weekends in case the cc company need to contact you. Or issues with your application.
Hope this help