Balance transfer?

Tonylesauteur83

Hi all!
I'm new to this site and have a question.
My credit history is not so good, but on the mend (stable) and have 3 credit cards that are for building my credit! I have racked up a debt of around £4500 between the 3 of them and as they are high interest the minimum payments are getting higher and I'm getting a little worried. My question is i want to balance transfer the lot for an interest free credit card . Although the ones i want i aint going to get accepted for due to my current status. Is it worth waiting for my credit score to improve so that I'm eligible ir do something else about it?
Please help!

eskbanker

Tonylesauteur83 wrote: »

I have racked up a debt of around £4500 between the 3 of them and as they are high interest the minimum payments are getting higher

Minimum payments always include an element of paying off balances as well as interest and other charges, so shouldn't be getting higher unless you're still spending on the cards to increase the month-end balances?

Tonylesauteur83 wrote: »

Is it worth waiting for my credit score to improve so that I'm eligible ir do something else about it?

No, as above, if your debt is increasing then your history (as represented by the fictional 'score' that lenders don't see) isn't going to be improving anytime soon, so if transferring to 0% isn't viable then you could try transferring to interest rates lower than what you're currently paying, but don't overdo the applications!

If refinancing your debt isn't practical then I'm afraid that only leaves the two less palatable options: earn more and/or spend less.

Perhaps worth posting your financial circumstances on the debt-free wannabe board?

MEM62

Tonylesauteur83 wrote: »

My credit history is not so good, but on the mend (stable)

That's not the end of the world. Prudent money management and time will improve how lenders view you.

Tonylesauteur83 wrote: »

and have 3 credit cards that are for building my credit! I have racked up a debt of around £4500 between the 3 of them

That may have been the original intention but, forgive me, it sounds like they are being used more for building your debt than your credit standing. Using and clearing each month will improve the way lenders view you - not racking up high balances.

Tonylesauteur83 wrote: »

Is it worth waiting for my credit score to improve so that I'm eligible ir do something else about it?

Your score is irrelevant (only your history matters) and, depending on your income, you may struggle to get any additional card - never mind a decent 0% deal.

Tonylesauteur83 wrote: »

Please help!

I would suggest that you look at your expenditure and see where you can cut back to free up extra cash the throw at these card debts. The DFW board ha great advice to offer if you post up an SOA. Work on snowballing to reduce your debt. With the gradual lowering of your current exposure better offers will be available in time.

Tonylesauteur83

Thanks for the reply !!!128513;