BT Help

Philip1984

I balance transferred roughly £4500 from my Natwest credit card, which i was paying interest on, to a Virgin card with a 0% interest deal back in February.

I didn't close the natwest account, it's still open but has a zero balance.

Stupidly, i didn't set up a direct debit to pay the Virgin card, and missed a payment. I paid as soon as i realised, but Virgin have removed the 0% offer - which is fine - it was my fault after all.

I have a credit limit of £5800 on both cards. Nothing on the Natwest one and £4100 on the virgin one that i'm now paying interest on.

Is it going to be damaging to my credit score if i close the natwest account and BT from Virgin to a new 0% offer over the coming month or two?

[Deleted User]

Ignore the credit score. It's not 'a thing', as I believe is the vernacular of the youth.

Lenders will see that you've closed an account, opened one and have the same amount of debt. They would also see that you now have it on a promotional rate.

There's nothing there that would cause most lenders any concern.

molerat

Did you not try the grovelling "I am an idiot" approach to Virgin to try and get the 0% reinstated, usually works for a one off error.


Anyway, closing and shuffling will likely affect your score in the short term as there is likely to be some overlap in showing your available and utilised credit amounts. But as the score is meaningless there is nothing to worry about, the management of the cards is what is important and the damage is possibly already done if Virgin have reported that late payment.

Ben8282

The thing most likely to affect a new application for a new 0% card is the recent missed payment to Virgin.
Assuming that you can get a new card, then there should be no problem in doing a balance transfer to the Virgin card.
Don't really see the point in closing the Natwest account. It will take a while to show as closed on your credit files anyway. Does the Nartwest card not have any BT offers?
It may be a good idea to try to ask Virgin to re-instate the 0% offer. If it is a single isolated missed payment they may well do so.