Here's my position.... opinions please

Legacy_user

Hello

I am just looking to canvass some opinion on what to do with regards to my financial position. I don't have masses of debt but would like to be able to balance transfer a few quid to 0% if possible.

Below is an outline of my position and credit history which I hope some clever person can cast an eye over and give me some advice!

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Credit history for last year:

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Current account 1 000000000000
Current account 2 000000000000
Credit Card 1 000000000000 (limit = £800, £600 used)
Credit Card 2 000000000000 (limit = £500, £200 used)
Credit Card 3 00S
Personal Loan 100000000000
Mobile Phone 1 0000000000S
Mobile Phone 2 000000000S
Car Finance 00000000
Catalogue 000000000000

0= payment made
1= missed payment
S= Settled

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Lived at current address: Just over one year
Employed with current employer: Just over six years
Time with bank: Just over one year
Salary: £38.5k
On the Electoral Roll
NO defaults
NO CCJ's
Not a homeowner - Private tenant
2 Credit searches on file in last 6 months

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So I've had one missed payment over the last year but have been otherwise very good. Over the last two years there are three missed payments. I used to be terrible and my credit file a few years ago was a right mess but I have steadily being trying to get it back on track.

Based on the above information:

- Should I apply for a credit card so I can do a balance transfer?
- Am I likely to be accepted?
- Should I just wait until I have got a couple of years clear clean history?

Hope someone can give me some advice.

Regards
UNDERGROUND

buttonmoon

I expect some others on the board will be able to give you more insight into this, but I thought I would let you know as my situation is very similar to yours. I have a number of credit cards, have been with my employer for under 1 year, moved house this year, but have no problems getting 0% credit cards. However, I have never missed a payment on anything but I have alot more debt than you do.

I don't think anything on your credit file would worry lenders apart from this missed payments.

Can anyone advise whether missing a payment would make a serious impact on your credit score or whether lenders are likely to give you a 0% deal?

System

I've answered my own questions!!

I applied for 2 credit cards and got declined for both

So guess I'll just have to wait - not such bad thing I suppose!

UNDERGROUND

GeorgeUK

I'd wait a few months (until one of your creditchecks is over 6 months old)

It may depend who you applied to as some banks seem to be tightening things up more than others. Have you tried one of the MBNA banks?

Can't really see much wrong from what you've posted. You've still got over a 3rd of your credit available. Is your credit linked to anyone elses? Not sure why you would have been turned down. Usually if you have about 3 or less credit checks within 6 months you are ok.

CLAPTON

without knowing how much your debts are or what the APRs are its obviously impossible to say whether transferring to other CC is good or bad

System

Well I decided to try just one more application and was accepted for a Halifax One card with 12 months 0% on purchases and balance transfers.

I've worked really hard to build my credit record back up so it's nice to see it is actually working!

UNDERGROUND