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[Deleted User]

eng1991 wrote: »

Therefore how do you mean maxed out?

Look at the very small remaining credit you have available on your limits.

foxy-stoat

eng1991 wrote: »

I am currently paying about £300 a month on the card with the bank and £200 on the virgin card.



So the best way may be a balance transfer card where I just transfer the current debt to that card and pay off on 0%?

Thats good that your way over the minimums. Try and get a BT card, pay the minimum + £50 on that and then whatever is left out of the £500 you currently pay and hit the highest interest card until its cleared.

Forget a loan, it probably wont help you. 0% BT is the way to go, if you can get it all on 0% then you will save on the interest.

foxy-stoat

Depends on the credit limit on the new card, which will be based on your circumstances.

You should aim to close both cards down if you can transfer the whole lot. You should be able to pay it all off before the intro period ends.

[Deleted User]

If you get another card, you utilisation will drop as your total timits will be higher, with the same debt.

You're still focusing on the pretend score though. Stop it. It's not a factor in lending.

foxy-stoat

foxy-stoat wrote: »

Forget about your score.

I would bring you back to my first line ^^^^^^^^^^^^^^^^^^

enmanuel.jeffren

eng1991 wrote: »

A few short questions if anyone can help/offer some advice:


Got 2 credit cards one with £5500 used of £6500 limit and one with £2700 used of £3000 limit. Have been struggling to reduce these recently.


Is it worth getting a personal loan of say £7000 to bring the credit card debt under control? As my credit score is going down due to me using over 50% of my credit limit.


If I get rejected for a loan will it affect my credit score?


Does having a personal loan affect your credit score negatively or positively?


Thanks for any help.

How much are you currently paying back?