Money transfer cards

Janey1a

I currently have a money transfer card which I am due to repay for the next 9 months. I now need to borrow an additional £1000 but am unable to afford to repay any more than I am currently paying. I was therefore thinking about applying for a new money transfer card, adding the remaining balance on to the new £1000 and paying that back over the next 18 months, keeping my monthly payments the same. I will then pay off my original money transfer card in full and cancel it.
Just a quick question - am I damaging my credit rating by doing this or is it fine so long as I pay off and cancel my original card? Will it harm credit ratings if I've had more than one of these cards over the last few years?
Thanks.

[Deleted User]

If you borrow more, even at 0%, then your monthly payments will increase, unless you are moving to a provider with a lower min payment. However, 1% is the lowest you will get.

In terms of your credit rating, you don't have one. You just have credit history, so lenders willLsee the additional borrowing and new account.

Depending on the rest of your circumstances and the lender in question, that may be positive, neutral or negative. There would be no need to go dance!long cards unless you're really pushing affordability.