PLease help Confused over credit card transfers.

Phil272

:mad: I am looking to transfer my Balance from my Capital one Credit card. I currently have a balance of £ 7600 split between purchases and cash backs. On cash backs im paying 21% pa and 18% pa on purchases. I am very naive about Interests and charges so I don't know what cards are best for me. I am not looking to pay it off quickly but I am being cripled by the charges and interests. I need to get this sorted as the sooner I know im not being charged way over the odds the sooner i can stop worrying. please please HELP !!

thumshie

I would read the following article, and then ask questions for what you don't understand:

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

Also calculate how long it's going to take you to repay, and then see whats recommended above. The citibank card recommended for Life of Balance tranafer will take(credit limit and acceptance permitting) all your debt from 18%+ to 6%, cutting your interest charges to 1/3 of current.

Phil272

Mant thanks will look into this.

Phil272

I have been reading through most of the information. I think it would be best for me to become A credit card tart! I have read up and know this means being on my toes and keeping up to date with my card and transferring when need be. As my Balance is large I'm think Ineed two card or does anyone know of companies that would transfer the whole amount. Please can you give advice on what my next steps should be. I know this may sound simple to some but I 'm really naive and new when it comes to figures. Probably how i got into this mess.

thumshie

First things first then...

1.Do you know your credit history?? (missed payments,CCJs,defaults)
2.Whats your employment details..employed?salary? debts?


Again, check out the article here http://www.moneysavingexpert.com/banking/credit-rating-credit-score

You can sign up for one of the trials or pay £2 and get a copy within 7days.. Even if you 'think' you have a good history it may be prudent to get copies incase it shows cards you thought were closed still open etc...

After this you can see your likelyhood of getting a card. Bare in mind even if you get a 0% card this time, in 12months you may not(your credit file then will show atleast 1 more card), IF banks are offerening them then..

Personally, if there is no chance of you paying it off within the term, I would SERIOUSLY consider a LifeOfBalance