Balance transfer question

HuggyHare

Hi All

I’m a courier van driver with a now unusable van so I need a new one to carry on working. I’ve tried applying for a £7000 loan from my bank and other creditors. All have declined despite my credit score which says excellent. I’ve had late payments on my Nationwide credit card in the past and I guess that’s the reason why.  My credit card is currently at £0 and I’m thinking of using that for the £7000 and pay the rest towards the van using my current account. This of course would be costly with the monthly interest. But if I use the card, would I then be able to do a balance transfer onto another card (which I don’t yet have) or are there reasons why I couldn’t do that?

Thanks in advance

Ebe_Scrooge

HuggyHare said:

Hi All

I’m a courier van driver with a now unusable van so I need a new one to carry on working. I’ve tried applying for a £7000 loan from my bank and other creditors. All have declined despite my credit score which says excellent - your score is meaningless, as you've just found out.. I’ve had late payments on my Nationwide credit card in the past and I guess that’s the reason why - highly likely.  My credit card is currently at £0 and I’m thinking of using that for the £7000 assuming the dealer will accept a card for that amount, many won't and pay the rest towards the van using my current account. This of course would be costly with the monthly interest. But if I use the card, would I then be able to do a balance transfer onto another card (which I don’t yet have) or are there reasons why I couldn’t do that?

Thanks in advance

A couple of thoughts highlighted in bold above.  The main thing to bear in mind is - yes, you could in theory BT to another card.  But can you guarantee to get another card?  Will you be offered a high enough limit?  The answer to both of those questions is "You won't know until you apply".  But given that you're unable to get a loan, this would indicate your credit history is less than perfect, so I wouldn't bank on being able to get a BT card.  You're then faced with £7000 sat on your current card and paying shed-loads of interest for the privilege.

If you should manage to get a BT card, just bear in mind that there will usually be a BT fee - although it's likely to be a lot smaller than the interest you'd be paying on your current card.

What's wrong with your current van?  £7000 pays for a heck of a lot of repairs.

HuggyHare

Ebe_Scrooge said:

What's wrong with your current van?  £7000 pays for a heck of a lot of repairs.

It's a 16 year old LDV Maxus which is literally falling to pieces and belongs in the scrap heap. I would’ve hung on to it somehow but living in London I'm getting less work because of the ULEZ charges which will expand to Greater London in October making work almost impossible.

ratrace

How about buying a people people carrier and take the seats out, my local hermes driver did this as van prices are fetching silly money due the the covid so it cheaper to go for a people carrier ford galaxy etc...