Balance transfer for £12k

Malkytheheed

Deleted_User said:

Yes, if you can get accepted.  Your very good credit ratings aren't a factor in lending, but your history and earning are, so try an eligibility checker before you apply.  Your existing debt will impact your affordability.

Your credit score isnt a factor. Your credit "rating" surely is!? Your credit rating being how your credit history is viewed by a lender. i.e., how a lender "rates" your credit history. 

binaryuniverse

Malkytheheed said:

Deleted_User said:

Yes, if you can get accepted.  Your very good credit ratings aren't a factor in lending, but your history and earning are, so try an eligibility checker before you apply.  Your existing debt will impact your affordability.

Your credit score isnt a factor. Your credit "rating" surely is!? Your credit rating being how your credit history is viewed by a lender. i.e., how a lender "rates" your credit history. 

You, personally, do not have a credit rating. Each lender will judge you differently, and decide on your historical data whether or not they will lend to you. Yes, they may 'rate' you, but you will never see this to know that you have a 'very good credit rating'.

[Deleted User]

Malkytheheed said:

Deleted_User said:

Yes, if you can get accepted.  Your very good credit ratings aren't a factor in lending, but your history and earning are, so try an eligibility checker before you apply.  Your existing debt will impact your affordability.

Your credit score isnt a factor. Your credit "rating" surely is!? Your credit rating being how your credit history is viewed by a lender. i.e., how a lender "rates" your credit history. 

No, obviously it isn't.

Lenders will view you based on their own criteria.

That's not something visible to to either you or the OP.  Therefore the statement that the OP and partner have ' very good credit ratings' is irrelevant.

I'm sure we covered this in an earlier lesson.

adamp87

Have you contacted your lenders and told them your situation? They may stop interest charges whilst you pay back to reduce the amount for a while.

I use the term may.. but you never know 

PaulW922

livewire82 said:

I currently have 2 credit cards:
Card #1
Balance: £10,748
Interest Rate: 1.527%
Card #2
Balance £890
Interest Rate: 0.482%
I am having to make minimum repayments on both because I simply can't afford to pay any more off at the moment. Whilst I'm paying off around £175 per month, I'm being charged around £40 per month so i'm just burning money I don't have.
I need some recommendations please on the best option for a balance transfer that will have a low transfer fee and a long period on 0%. 
I understand applications are all dependent on a personal situation and I will inevitably been illegible for some but I just need to starting point.

I think you are going to continue having issues with affordability here, which is why you cannot get the card with a limit you want. As has been suggested you could ask the bank to freeze the  interest if you believe you have real financial problems. Alternatively look for cards that may offer lower APRs as well as 0%s and remember that you do not need to transfer the *whole* balance to benefit. 

Another point about just paying card minimums - you will never get anywhere. If nothing else, decide how much you can actually afford (which should be over the contracted amount) and ask the card company to make that the minimum amount they take on the DD - or set up a standing order. At least by paying more than the minimum even by a small amount you will begin to make progress on the debt