a magic credit card solution? anyone know of one? 18 November 2022 at 8:36PM in Credit cards 10 replies 645 views

Matthew1279

Hi, any knowledge regarding obtaining a 'credit card' which allows me to shift £9000 worth of other creditcard debt ( 4 cards which im paying interest on ).  Looking really for 1 card, ideally a few months breathing space re interet free or even if not..anything out there - where i can collate my 4 creditcards into 1 - and ideally pay a little less interest than i am right now? 

Never judge someone until you walk in their shoes / bare feet in some cases! 

Matthew1279

..just to add to my post. Ideally would like a loan - to pay off the creditcards. Homeowner with mortage, used to get loans, never issue paying off etc, i think my 4 credit cards are the issue. This site is a little all over the place, a lot of info, but too much of it perhaps.

grumbler

Are you serious? £10K+ credit limit for any/every customer? Limits depend on individual circumstances. I remember in the past MBNA were known to give higher limits than other providers.

MSE:

• Credit Card Eligibility Calculator
• Balance transfer credit cards

grumbler

Matthew1279 said:

..just to add to my post. Ideally would like a loan - to pay off the creditcards. Homeowner with mortage, used to get loans, never issue paying off etc, i think my 4 credit cards are the issue. This site is a little all over the place, a lot of info, but too much of it perhaps.

The more credit you have, the more difficult it is to get extra. It is extra, even if you need it for shifting.

MSE:

• Loans Eligibility Calculator
• Cheap personal loans

DailyHail

Whatever shoes you do or don’t walk in, debt consolidation is rarely the answer to the issue that you describe.

grumbler

DailyHail said:

Whatever shoes you do or don’t walk in, debt consolidation is rarely the answer to the issue that you describe.

This is about lower interest rate, not just 'consolidation'.

cymruchris

What interest rates are you paying now?

What's your debt to income ratio? (i.e. Are you sitting on a £9k debt with a £20k/£50k/£200k income?)

If your debt is a large percentage of your annual income, then your likely offers will be less.

If you've also been carrying a balance for some time, and only paying minimum payments, again your likely offers will be less.

A number of banks provide eligibility checkers on their websites (not comparison sites) where you can get an indicative credit limit.

MBNA

Lloyds
John Lewis (New Day)
Santander
Nationwide

to name but a few.

Completing an eligibility check won't create a hard search footprint on your files.

You can certainly run the checkers on the different card provider websites to see what they might offer, and see how that fits.

If you are lucky enough to get an offer of say £4k on a balance transfer - that's still a decent option, as you can at least move some of your debt over and save money. 

Have a you a plan to reduce the debt in the coming months?

born_again

Matthew1279 said:

..just to add to my post. Ideally would like a loan - to pay off the creditcards. Homeowner with mortage, used to get loans, never issue paying off etc, i think my 4 credit cards are the issue. This site is a little all over the place, a lot of info, but too much of it perhaps.

If you get a loan to pay them off. CUT the credit cards up. 👍

Your issue is going to be how much income to debt you have, when looking for another card. Sadly there is no magic solution, especially now as lender will be looking to reduce their risk.

[Deleted User]

grumbler said:

DailyHail said:

Whatever shoes you do or don’t walk in, debt consolidation is rarely the answer to the issue that you describe.

This is about lower interest rate, not just 'consolidation'.

It's still consolidation at the end of the day, it's the problem of the OP's debt doubling even if the interest rates are lower - there is no guarantee that a new card wouldn't just be spent on as well, rather than doing a BT, ditto the loan could be used for other things. Even if the cards are correctly paid off, OP always has the option to run up the debt again, whether they cut the cards up or not - closing the accounts these dats. That is why lenders don't like consolidation as they know it will inevitably fail

grumbler

Deleted_User said:

grumbler said:

DailyHail said:

Whatever shoes you do or don’t walk in, debt consolidation is rarely the answer to the issue that you describe.

This is about lower interest rate, not just 'consolidation'.

  lenders don't like consolidation as they know it will inevitably fail

I disagree. Lenders give you credit or refuse. They don't need to know if it's consolidation or not. Yes, at some point, when total debt is too high, consolidation becomes a problem because lenders don't want to lend extra and cannot make sure that this extra will be used wisely for consolidation.

If there are some idiots that don't have willpower, this doesn't mean that all people are like them. The statement I addressed was "debt consolidation is rarely the answer to the issue that you describe".

I don't see any real description of the 'issue' - we can only guess. And consolidation at lower interest rate does address the issue of paying high interest rate. Anything else is far-fetched in this particular case.

[Deleted User]

grumbler said:

Deleted_User said:

grumbler said:

DailyHail said:

Whatever shoes you do or don’t walk in, debt consolidation is rarely the answer to the issue that you describe.

This is about lower interest rate, not just 'consolidation'.

  lenders don't like consolidation as they know it will inevitably fail

I disagree. Lenders give you credit or refuse. They don't need to know if it's consolidation or not. Yes, at some point, when total debt is too high, consolidation becomes a problem because lenders don't want to lend extra and cannot make sure that this extra will be used wisely for consolidation.

If there are some idiots that don't have willpower, this doesn't mean that all people are like them. The statement I addressed was "debt consolidation is rarely the answer to the issue that you describe".

I don't see any real description of the 'issue' - we can only guess. And consolidation at lower interest rate does address the issue of paying high interest rate. Anything else is far-fetched in this particular case.

Lenders ask a reason for it, lying may not get found out but equally opens up a potential future problem be it a cancellation of the loan and demand for repayment all the way up to a fraud marker.

The fact is, the loan board in particular is full of these "idiots" as you call them, who started with the best intentions and then things go wrong, maybe the dog gets sick, boiler breaks down, car needs replacing and the loan is gone and there are 2x the debts. 

When you have say 9k of debt and try and borrow 9k, the banks assume you won't use the money on the debt or will just run up the debt again and have 2x as much debt to repay, so that is what they do the loan calculation on (i.e. can you afford to pay off 18k), not whether 9k is affordable

Consolidation doesn't work. End of story. The banks know this, that is why they don't do debt consolidation loans and why OP needs to give up on this and go to the debt free pages for help.