2 x Credit Cards 4k

chrisgxxx

Hi All,

After a little help, I have two credit cards with approx 4k (2 on each) i want to consolidate them into one to pay off quicker and hopefully get 0%.

My Experian score is 987, just looking for a little advice on what to do and how to go about it, clueless at this sort of thing.

Thank you in advance.

Chris

Browntoa

You probably need to post on the loans or credit card part of the forum

[Deleted User]

Step one is to ignore your male believe score and rating.

Use an eligibility checker to see what balance transfer cards you can apply for and go for the best one - you won’t know what limit you get until you complete the application, so that’s a risk, but at least you can transfer some of it off to a 0% deal and focus on clearing any remainder.

Don’t take a loan to clear it.

Willing2Learn

chrisgxxx wrote: »

After a little help, I have two credit cards with approx 4k (2 on each) i want to consolidate them into one to pay off quicker and hopefully get 0%.

If both cards are from the same company then you can consolidate into one card. Otherwise you will have to apply for a Balance Transfer card as previously stated

chrisgxxx wrote: »

My Experian score is 987, just looking for a little advice on what to do and how to go about it, clueless at this sort of thing.

A new card provider or lender does not see your Experian score and does not use it when making decisions. A lender scores you against their independent criteria and policies, using the data in your credit file added to the data you submit in your application.

Terry_Towelling

Whether you have one card or two doesn't really make much difference to how quickly you can pay them off - the total debt is the same and the amount of money you have to throw at them is the same.

What will make a difference is getting a lower interest rate. A 0% balance transfer for some or all of it will probably be best but, as stated by others, you can't be sure of getting one or of getting a high enough credit limit to accommodate both balances. See what you can get.

Taking a loan (if you have no better option) isn't ideal but isn't the worst idea in the world either, as long as you get one at a good rate of interest and pay it off as quickly as you can AND as long as you don't then run up more debt on the empty credit cards.

PRAISETHESUN

Ignore your scores generated by the CRAs; no-one but you sees them and contrary to popular opinion they do not in any way correlate to your ability to get good credit. Every lender generates their own score during an application based on the contents of your credit file so what matter most is your credit history.

As has been mentioned, you won't know the limit you'll get until you apply so there is a risk you won't be able to BT all the debt. That said, even some debt at 0% is better than no debt at 0% so you might as well try.

Make sure to check out a few eligibility checkers before you make an application - these will make only a soft search on your file (only visible to you) and will give you an idea on the likelihood of being accepted by a given lender, so you don't end up wasting applications for cards that you were never going to be able to get anyway.