virgin and r.b.s...transfer both?...help...

gordy1912

i have a virgin money credit card ...owe about 3 grand ...with mega interest now after having for just over a year....,..and also a bank of scotland credit card where i owe roughly 3400...with mega interst...im looking for help with whom i can transfer both these onto with best rates etc...thanks very much

GeorgeUK

Not sure you would be able to get credit of 7.5k on just one card.
May depend on your income and also your credit record (late payments etc)

First, i would go to experian and get a (free) copy of your credit report.
Look to see how many credit checks you've had in the last 6 months as well as late payments etc.
Is there anything else on your history that may go against you? CCJ?

If your are all paid up with nothing adverse and a reasonable salary, then you will probably be ok to get more credit.

The 2 options i suggest are:
* Get a new CC that offers 0% on Balance Transfers. If the 0% runs out before you have paid it all off, get another 0% when needed. (This is the option i am going with, but needed to get 2 cards to get almost the limit required).
* Get a Life of Balance (LOB) account and transfer the debt to that card. Interest is usually about 6%-7%. There are also some new products that are similar.
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#stable

gordy1912

cheers for the info etc mate,..never been late or anything with a payment...any ideas what is the best card that will take on 6 and a a half of debt...cheers

GeorgeUK

As i said, it probably depends on your income.

Unfortunately you don't know how much credit will be offerred until after you apply. You probably shouldn't have more than 2 applications in a 3 month period either - otherwise your credit score may be affected if lenders see you constantly asking for credit.

MBNA used to be quite good, but i as you already have a virgin card i would suggest either capital one or Egg.

Advice from others would be helpful before making any decisions too

Edit: If you are going for the 0% option, please note that you cannot do a BT to the same card provider - ie Virgin cannot transfer to any other mbna card such as A&L. This table should keep you straight for this.
http://www.stoozing.com/cards.htm

Also check out https://www.whatsthecost.com and the snowball calculator.