Zero to a hundred! (% interest)

Madmax1983

So I f**ked up, I fully admit I made a mistake, I accidentally cancelled my credit card payment using the banking app on my phone, I think I must have clicked the wrong one to cancel, at least I think I did, it was totally an accident, but I did it without realising and so I missed 2 credit card payments (over a 2 month period), I only really got the card to improve my credit rating, but now it is costing me a lot just to have it. So I want rid of it if possible.

Now there are all these penalty fee's on my account and interest payments of 100% :eek:

I am looking into consumer advice etc. But what I would really like to do is pay off the credit card with another loan or credit card at a zero or low APR (and just not make the same mistake again).

Do you guys recommend any credit/loans that would be able to do this? my balance is about £1000, I still have a pretty good credit score.

Caz3121

which card do you currently have?

[Deleted User]

Ignore your "score" and "rating" - these are not reasons to get a credit card.

Who is the card issuer?

How did you not notice it was unpaid for 2 months?

Dobbibill

What card is it?
Do you not have the money that was supposed to pay it initially still available to make the payments and catch up?
If you close the card now, it will just be shown as closed on your credit report - it will not show that you closed it or if the provider has closed it. With 2 missed/late payments on your report, the assumption 'may' be that the provider has closed it. Bring the payments back up to date, the longer in the past they are, the lesser the impact.

Don80

If you haven't already, sign up to the MSE credit club - it will show you which balance transfer cards you may be eligible for. You can then apply and do a balance transfer, usually at 0% for a fixed number of months. When I have done balance transfers in the past they show as a payment made to the old card.

If your credit history isn't great you may not get the £1000 limit you need, some start with something like £800, and you can usually only transfer 90-95% of the available limit on the new card. In that case transfer as much as you can, then pay off the rest on the old card as a priority - you usually lose the 0% if you miss a payment. Unfortunately they're unlikely to accept your accidental cancelling the direct debit :-(

boo_star

Don80 wrote: »

If you haven't already, sign up to the MSE credit club - it will show you which balance transfer cards you may be eligible for.

With 2 months of missed payments that will presumably be none.

cymruchris

If you have late markers on your file - you might find it challenging to get a zero interest card - but do your best to get the balance down as quickly as you can on this card - but as others have said, don't close it down - keep it open, and get back into maintaining it properly, and the impact of those late markers will lessen over time.

Sea_Shell

Dobbibill wrote: »

Do you not have the money that was supposed to pay it initially still available to make the payments and catch up?

This ^^^^ What's happened to the money that should have been taken by DD? Were you just making minimum payments?

dresdendave

Madmax1983 wrote: »

Now there are all these penalty fee's on my account and interest payments of 100% :eek:

What card is it? I've not come across a card with 100% APR.

If you only got the card to improve your history you would have been paying in full each month. The failed DD's should mean you now have spare cash in your current account, throw that at the card and you will just have a small amount in fees to clear. A bit of belt tightening for a couple of months will sort that.

stehouk

Looks like op has also forgotten to reply to questions.