How should I split it?

PinkNeon

Hiya.
I have £6,500 on a Barclaycard. Managed to get 0% interest for about 6 months last year but over Christmas I extended the credit and now I am where I am. SO I am paying £143 a month atm. My credit rate is 'fair' (839).

My question is: I'm looking to transfer the debt to 0% cards.

What's the best way to do this? Transfer to 3? Will my medium credit rate allow me to do that?

Thanks in advance

[Deleted User]

Your medium credit rate is just a made up number, so ignore that.

Try an eligibility check to see if you can get a further 0% card. In the meantime, throw as much as you can at the debt.

Westminster

Your quoted number there is just the opinion of a credit reference agency who have no input in the decision making process for new credit. Essentially it is at best a very rough overall view and is not accurate.

Use an eligibility calculator which will indicate your best chance of being approved but unfortunately there is no way to predict what credit limit you will receive.

Also try to come up with a plan to start paying the debt off as constantly shifting to 0% is not great particularly on short deals as the transfer fees add up.

PinkNeon

Thanks for your replies. And to add, I have had my Barclaycard for years. Consolidated a lot of it last year with a loan. I've never transferred the debt to 0% interest cards. So wondered how/how much I split the debt to move it on to interest free CC's.

[Deleted User]

Why not all of it? And why the need to split it?

See what you can get from a single card. The more applications, the greater your chances of decline.

PinkNeon

Deleted_User wrote: »

Why not all of it? And why the need to split it?

See what you can get from a single card. The more applications, the greater your chances of decline.

OK - thanks. So you think I would be able to move 6,500 on to a 0% then? I thought it would be too much...

[Deleted User]

If you can't get a low limit like 6k, you probably have wider financial problems that need addressing, or a very low income.

And if they won't trust you with that limit on a single card, you're unlikely to get it across more.

PinkNeon

Deleted_User wrote: »

If you can't get a low limit like 6k, you probably have wider financial problems that need addressing, or a very low income.

And if they won't trust you with that limit on a single card, you're unlikely to get it across more.

Thanks.
Good wage but had to buy ex-hub out of house last year, take on mortgage, bills etc. Two young kids. Finances are OK just the credit interest rate has spiralled so don't really have extra cash to throw at it? That's why I'm looking to move the debt...

What is the max you should move to say MBNA? Or a low interest loan perhaps?

MallyGirl

there is no max - it depends how high a limit they are prepared to give you. Transfer as much as you can (usually 95% of limit) to 0% card and throw everything at the interest incurring ones.

Westminster

It all depends on how MBNA or any other company view your credit risk when allocating a credit limit (assuming acceptance).

For example I have a 20k limit with MBNA but only use a fraction of that.

It!!!8217;s impossible to predict your limit before applying currently - sadly.

Good luck

shiny76

PinkNeon wrote: »

What is the max you should move to say MBNA? Or a low interest loan perhaps?

Try the eligibilty checker. We have no idea what credit limit a card provider will offer you* but I was pleasantly surprised by my recent credit limit from Santander.

You can normally balance transfer a percentage (e.g.90%) of your credit limit.

*It will depend on your income v outgoings.