Should i try and get another credit card?

Toastie

I currently have 3 credit cards which of always atleast paid the minimum on.

However my DLA has finished now (because of the government reforms :mad: )
and i will strugle to meet the payments.

Should i open a new Credit Card? I've had debt for about 10years now.

I currently have;
Halifax
£1000 (0% for 5mth)
Morgan Stanley
£2135
Tesco
£2995


Should I have a new 0% balance transfer card to help with the payments or is it just going to affect my credit rating score?

Thanks.

skyrider007

Get a Virgin Card, it shouldn't affect your credit score. Just remember to close your old accounts.

Toastie

I've just taken out the Halifax card so will it affect my chances. Thanks.

skyrider007

Toastie wrote: »

I've just taken out the Halifax card so will it affect my chances. Thanks.

If you can, wait 3-4 months before you apply for another account. When a lender searches your credit file and see that you've recently applied for credit (in the past month), your chance of being accepted is low as they will think you're desperate for credit. Be patient and things will work out nicely!

dzug

If you are struggling to meet the payments already, then you shouldn't get another card. You can't afford it.

OK if you can juggle the balance and payments onto a card with a lower rate, and give up one or more of them, but not just to get more credit.

Toastie

skyrider007 wrote: »

If you can, wait 3-4 months before you apply for another account. When a lender searches your credit file and see that you've recently applied for credit (in the past month), your chance of being accepted is low as they will think you're desperate for credit. Be patient and things will work out nicely!

To be fair i am desperate. I see your point. Hopefully i will just be able to make the minimum payments and then look for a card in a few months, i might see if Quido have any offers on long balance transfer cards.

Thanks again

GeorgeUK

You've just got a Halifax card? And they offerred 5 months at 0%??

Or was this an existing card you had?

skyrider007

Toastie wrote: »

To be fair i am desperate. I see your point. Hopefully i will just be able to make the minimum payments and then look for a card in a few months, i might see if Quido have any offers on long balance transfer cards.

Thanks again

Good luck! Hope you clear your balance soon :j

Toastie

GeorgeUK wrote: »

You've just got a Halifax card? And they offerred 5 months at 0%??

Or was this an existing card you had?

Halifax is where my wages go in and they said they will give me 5 months interest free with no Balance transfer, at the exspense of one months interest free.

It worked out cheaper by £15 ish ...

But even with this offer i can't meat the minimum repayments on all the cards.

GeorgeUK

So you haven't just applied for a new card.

How many credit checks have you had in the last 6 months - can you check your credit report at experian?

With the virgin card, there is a BT fee and the first month is 3%, but each month after that is only £25. If you are struggling right now, this may be an option.

Have you contacted one of the free debt charities such as payplan or CCCS. They may be able to offer advice - even if you don't take it, it may be worth contacting them.