Credit Score

mick1234_2

Hi,

I am after a little advice, my current situation is not great with cards, I keep dipping in month on month as things always come up that are out of budget for example last month Tyre blow out £117, I know I need a fund but at the minute everything is so tight.

I am in MSE Credit club

Balance not with mortgage - £17,423.00

BARCLAYCARD Credit Limit £8,400.00 Balance £8,263.00 Available Credit £137.00 Percentage Used 98%

AccountsTESCO BANK Credit Limit £3,200.00 Balance £3,013.00 Available Credit £187.00 Percentage Used 94%

AccountsMBNA LTD Credit Limit £3,600.00 Balance £3,592.00 Available Credit £8.00 Percentage Used 99%

AccountsHALIFAX CREDIT CARD Credit Limit £1,450.00 Balance £1,360.00 Available Credit £90.00 Percentage Used 93%

AccountsBOS CREDIT CARD Credit Limit £1,400.00 Balance £1,195.00 Available Credit £205.00 Percentage Used 85%

AccountTotalCredit Limit £18,050.00 Balance £17,423.00 Available Credit £627.00 Percentage Used 96%

I know it is bad and I am addressing it with my budget and paying off my lowest card first - the reason for this is the highest interest one is just to big ( Barclays ) -


My credit score at the minute is low 593 and the only balance transfer cards I can get are the Aqua cards is it worth looking at these ? I am trying to lower my payments on the balances so I can get some new 0% cards and get them paid off, but the current situation does not give me much in terms of eligible cards.

thank you for any help.

[Deleted User]

Your score is made up. Ignore it.

You're not going to get any decent offers with those debts. Your priority needs to be to cut your costs and throw as much as you can at the highest rate balance.

Visit the DFW boards for help.

If you're able to get an BT offer, take it, unless it's very short and the go to rate is higher than what you are currently paying.

Sncjw

Tou should pay off the highest interest rate first as it will be costing you loads more than a smaller amount.

mick1234_2

thanks, I have called all my lenders and checked I now know which card I need to work on, Bank of Scotland is the highest at 27.95%

Plutonomics

As mentioned above, it would be a good idea to go to the Debt Free Wannabe section of the forum and start a thread.
Usually people there give some very helpful advice. The first thing they will ask for is a statement of affairs, looking at money coming in and what's going out. The main thing is tracking where your money actually goes, trying to cut back the waste where possible and channeling that money to the highest interest rates. As your debt ratio improves, your "score" will increase, which will hopefully allow you to switch some of this to interest free.
I know it's always easier said than done, but this forum is a friendly place full of useful advice.

National_Debtline

Hi Mick


I would agree with the posters above. You can complete a statement of affairs (SOA) here http://www.stoozing.com/calculator/soa.php and get some tailored advice by sharing it on the Debt Free Wannabe board. Good luck with it all.


Susie
@natdebtline