Transfer credit card

Hi all I’m new here,this is my first post,
after some expert advice.
I have 4 credit cards with roughly around £8500 debt,some are not interest free anymore,was wondering if i should apply for a loan or some new interest free credit cards,the issue is that I’m about to remortgage in April aswell,so need to know the best route to go down.
cheers .

Comments

  • eskbanker
    eskbanker Posts: 29,884
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    Shunting debt around won't affect your remortgage application, but paying it off would.

    However, you should be able to reduce your monthly interest bill if you're eligible for one or more decent balance transfer offers, so check out what may be available to you:

    https://www.moneysavingexpert.com/eligibility/credit-cards/search/?goal=CC_BALTRANSFERV2

    Any applications for credit will appear as searches on your credit files, so you need to keep them down to a minimum if you're planning to remortgage within the next six months.
  • Brie
    Brie Posts: 9,281
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    Is there any 0% deals on the cards you already have?  If you can shift the debt from A to B and C to D so you end up with all on 0% that might be best in my opinion.  For one thing it wouldn't mean a credit check and you won't have increased your overall available credit. 

    If you did apply for and get a new card then I would look to close one of the others to reduce the available credit by very early next year so you're ready for your mortgage renewal.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • as above what Brie says, look at debt shifts if there are any 0 per cent offers on existing cards.

    lloyds / halifax / mbna / tesco are some examples of cards where I have had offers after the end of initial promotions
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