credit card management gone wrong - please help!

vickyh_2

Hi All

I'm new to this, although am an avid reader of the website and often get advice from here and act on it, although this time I've got it wrong. I have massive debts and mortgage, and basically have supported my family for years by just re-mortgaging my house, or moving and making money etc. (I'm a single mum). Anyway, I looked at all my credit cards, read somewhere here that best advice was to look at the interest being paid and if possible pay off and close the highest ones first...... so I did! I paid off and closed my Capital One card and my Halifax One card. Trouble is I have now discovered that MBNA are charging me a criminal 33% on a 9k balance! So, I took the advice on this site and applied for the HSBC card, I bank with HSBC and have a good credit rating, but got declined! Today I went into my bank to discuss it and they were very surprised and sugested that I put in another application, then if it was declined again they could talk to someone and find out the problem and sort it out as my credit rating with the bank is 76 (apparently that's good). Anyway, it was still declined! The branch was very embarrassed and appologetic but said they couldn't get the person to change their minds! So, I called Experian when I got home and they said that I've now got 5 searches which is too many, and my credit score has gone down from excellent to I don't know what! Stupidly I had 10k credit on my Capital One card, that I cancelled. Should I risk re-applying for a Capital One card which will further damage my credit rating, or should I just keep paying MBNA 33%??? I know its my own fault I'm in this mess, but I am trying to sort it out, just I find getting to grips with all the interest rates and what to do very challenging.
Any suggestions would be very welcome.
Sorry this post is so long.
Many thanks
Vicky

battyboimatt

In my opinion I would pay MBNA for a few months before trying to reapply else where as the five fresh searches that you have had may ring alarm bells wth them, they may think your trying to clutch at straws and are desperate to get credit and may think your beyond your means, I know 33% has a nasty sting in its tail but if you can hang on for a months I would personally do that

MABLE

I think alot of us forget that credit cards debts are for the short term and loans are for the longer term.

jonesMUFCforever

Have you tried phoning MBNA to see if they will reduce the interest or you could 'hint' that you may balance transfer away unless they do you a deal.

daniel_9

Hi there, just wanted to say I phoned MBNA a few months back to check my rate after reading on here. The guy I spoke to infomed me I was paying 29.9% (I was very shocked!) and without me even prompting he dropped it to 19.9% instantly. The conversation was about 2 minutes from start to finish so I would give them a quick call before doing anything else.

HTH