Vanquished

whitey_singleton

I must confess I really don't have a clue about money and credit cards. It doesn't matter how much research I do it all just seems to go completely over my head!

Anyway, I'd like some advice. I have just consolidated my overdraft limit, loans and credit card with my bank (HSBC), so I will pay a more manageable monthly repayment, but obviously for a lot longer.

I also have a Vanquis credit card (£250 limit), which I know is wrong because I usually use it at the cashpoint and never get as much as I've paid off (I usually pay at least half the balance off per month).

The reason I took the Vanquis card in the first place was because of my bad credit rating, but I believe this is better now and I can probably get a more worthy credit card from a more reputable company. The thing is I'm not sure what to go for. Do I look for a balance transfer card to get rid of the Vanquis card or do I go for a purchases card. It's all very confusing!

I do have things i need to spend on, so It's likely I'll max the card out by the summer, and realistically I'll be looking to pay off around £100 per month, whilst not using it of course.

So what do I go for, and are there any decent offers around?

Please help...

Bokkens

Welcome to MSE and being so honest,
NEVER NEVER take cash from the ATM with a credit card.They charge you stacks of interest which is added to the money you owe them and takes YEARS to pay back.
It is tough but if you stop using the card in this way and try to work to paying the debt off you are more likely to be accepted for a new card as bank/card companies want to see people paying the debt back once they see you can do this they will lend you more and your credit rating/score will improve.
I would look to applying for a card from your own bank as they are more likely to lend to you.
It sounds like you going spending so a card with a long 0% period like Virgin would probably be a card to consider.
I am a little concerned about "i'll max the card out by summer" remember you have to pay it all back,dull I know but it is fact.
Good luck

Mozette

Get on the Debt Free Wannabe board and post your statement of affairs. Get some halp with living within your means.

UK007BullDog

Save then buy!

Zebedee69

You have come to the right place. Take the time to learn about money, the way it works and you'll soon find yourself shuning things you used to do because you now know how much they cost and how you can do it better............

Good Luck!

CannyJock

whitey_singleton wrote: »

I must confess I really don't have a clue about money and credit cards.

Don't be put off by the posters who seem to be financial Jedi's, every one of them has made mistakes in the past and learned from them

IT, accounts and law - the three professions that shroud their area in mystique, spin and jargon. I work in 2 of the 3 At the end of the day, once you strip the b.s. away, and break it down, it's actually surprisingly straight forward.

Read lots on the site articles and forums, note the bits relevant to yourself and you'll find it's nowhere near as difficult as it first appears.