Think I might have knackered my credit rating - help!

digsy8

Ok, I'm new to these forums so please bear with me. At the moment I currently have £3900 personal loan, £2350 with HSBC Credit card and £3350 with Mint credit card. The mint card is hurting me the most so want to get rid of that. I've always been a transfer tart but I've just knackered that up by being rejected for a barclaycard and then a top up on my loan because I didn't realise I wasn't on the electorall roll at my new address.

I'm sorting the electorall roll thing out but just wanted to know how long I should now wait before trying to top up my loan - it's the best option to get 6.5% apr and get debt free in four years. At the moment I'm paying a stupid amount of interest on my cards.

Or, are there any other options that are better for me? Any advice would be really appreciated.

RAS

A statement of Affairs really helps people to help you.

See http://forums.moneysavingexpert.com/showthread.html?t=107280

And list the APRs

poppy10_2

If you do pay off your credit cards with a loan, make sure you cut up the cards afterwards - otherwise the temptation to build up more debt on the cards will be overwhelming.

RAS

preferably, do not get a loan, that is how you end up with more debt.

sallyx

digsy8 wrote: »

Ok, I'm new to these forums so please bear with me. At the moment I currently have £3900 personal loan, £2350 with HSBC Credit card and £3350 with Mint credit card. The mint card is hurting me the most so want to get rid of that. I've always been a transfer tart but I've just knackered that up by being rejected for a barclaycard and then a top up on my loan because I didn't realise I wasn't on the electorall roll at my new address.

I'm sorting the electorall roll thing out but just wanted to know how long I should now wait before trying to top up my loan - it's the best option to get 6.5% apr and get debt free in four years. At the moment I'm paying a stupid amount of interest on my cards.

Or, are there any other options that are better for me? Any advice would be really appreciated.

Who is the loan with that you are thinking of taking? Some loans have front loaded interest and therefore could cost you more in the longrun. Your best bet might be to post a SOA, save any of the spare money you have left and throw it at the high interest card. That way you haven't got to take out a further loan and you will be spurred on to pay it off quicker knowing you will pay more interest the longer you leave it. I think if you used the loan to pay of the card you would become less worried about paying it off and may run up the card again